As Reuters reported, on Thursday Time Warner’s bondholders had agreed to change the conditions of their debt contracts. That means that the restrictions on a sale or spin-off of its Internet unit AOL will be removed. Time Warner's portfolio includes HBO, Warner Bros film studios and the Time publishing unit.

For the long period of time AOL has been one of the weakest Time Warner’s units as it led to recession at online advertising market, reflecting assets value decline.

Previously, Time Warner required its bondholders to change terms on around $12.3 billion in outstanding debt, in a move to prepare a base for potential separation of the Internet unit. In turn the company pledged to pay out $61.5 million in total to its bondholders.

Jeff Bewkes, Time Warner’s CEO, is studying the options of the AOL’s future structure. Last week Bewkes managed to attract Tim Armstrong, former Google executive, to lead AOL with the possibility of leading a spin-off.