The Washington Post announces news of Icahn reaching an agreement with Time Warner:

Investor Carl C. Icahn and Time Warner Inc. announced an agreement yesterday under which Icahn will drop his bid to seek control of the company and Time Warner will do some of the things the dissident shareholder has recommended.

The agreement calls for Icahn not to contest the company’s slate of directors at its shareholders meeting in May. In return, Time Warner will increase its share repurchase program from $12.5 billion to $20 billion, matching a figure proposed in a report Icahn released last week calling for a major restructuring of the media giant.