After a 14 percent decline in profits in the first quarter of 2008, Time Warner announced today that though the board of directors has not made a final decision, it “currently anticipates that it would initiate a process to spin off one or more parts of the businesses of AOL to Time Warner’s stockholders, in one or a series of transactions.” For years AOL has been on a steady decline owing to drops in its Internet-access services, and this move, if it happens, will have been long anticipated. [DealBook/NYT]