Time Warner has no plans to spin off AOL

Time Warner Chief Executive Richard Parsons told CNBC Friday that his company has no plans to spin off America Online, saying "AOL is our one business most in a turn-around."

Calling the Internet service provider Time Warner's "most undervalued business" Parsons said "we're going to hang onto this jewel and make it shine," suggesting that its performance might surprise Wall Street.

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Parsons also said the unit's subscriber losses are moderating, and advertising revenue is coming back.

Time Warner is keeping itself open to potential acquisitions, Parsons added, noting that the company strengthened its balance sheet last year, but will be "smart" with any purchases.