Carl Icahn has learned yet again that a little saber rattling can offer very rich rewards.
Though the billionaire activist investor was unsuccessful in his efforts to break up media giant Time Warner, he got himself a sweet consolation prize in the form of nearly $880 million, a regulatory filing shows.
Icahn earned that sum by the end of last year when he pared down his holdings in TW by selling roughly 35 million shares, or 65 percent of his total stake, in the world's largest media company.
The financier still holds 20 million Time Warner shares valued at $433 million based on yesterday's $21.65 close.
When Icahn launched his campaign against TW on Aug. 15, 2005, the company's shares had gone three years without touching $20, closing that day at $18.50.
Icahn's antagonism, which included claiming that Time Warner CEO Dick Parsons wasn't a media guy, provided just the jump start that the company needed.
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