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Not so much a revelation, but more of tying-up a loose end. As expected, Time Warner’s board of directors have approved the spin-off of AOL–sans the dial-up division.

Time Warner hopes to conclude the spinoff, which requires an SEC review, by the end of the year. The company also expects to buy back Google’s 5 percent stake as part of completing this transaction but there is no confirmation that Google has agree to the terms or whether a agreed-upon valuation has taken place.

I’m sure AOL CEO Tim Armstrong is licking his chops at the news. Now we’ll get to see what he’s made of.

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