All of that, hopefully, would convince investors that the meandering media conglomerate had a plan, momentum, etc. And then they would finally lift Time Warner (TWX) shares out of the high teens, where they had been mired for many years.

But now an AOL-Yahoo (YHOO) deal seems stuck in neutral, the rest of the Time Warner empire is in cost-cutting mode, and a stock price in the high teens must look pretty good to investors, whose stock is currently worth about $9 a share.

Hence, a proposed 1-2 or 1-3 stock split, which Time Warner management wants shareholders to approve next month. From the SEC filing: “The Board of Directors believes that effecting a reverse stock split, resulting in fewer shares of the Time Warner Common Stock being outstanding, is likely to increase the market price and improve the marketability and liquidity of the Time Warner Common Stock.”

Translation: You got a better idea?