NEW YORK (Reuters) - Billionaire investor Carl Icahn on Tuesday blasted Time Warner Inc. (NYSE:TWX - news) for selling assets on the cheap and spending extravagantly on its new headquarters as he stepped up pressure on the media conglomerate to shake up the board of directors.

In an open letter to the company's shareholders, Icahn criticized past moves at Time Warner, such as selling Warner Music Group and Comedy Central at discounted prices and its failure to acquire MGM, according to a filing with the U.S.
Securities and Exchange Commission.

"Unless this legacy of poor decision-making is fully recognized and the Board is held accountable, the dismal record of mistakes and inaction will continue to the detriment of shareholders," the letter said.

Full Story