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The name change process, which is expected to be completed within the next few weeks, will also see the readoption of the "TWX" ticker symbol on the New York Stock Exchange, used by the company before the January 2000 merger with AOL.

Explaining the decision, chairman and CEO Richard Parsons said: "We believe that our new name better reflects the portfolio of our valuable businesses and ends any confusion between our corporate name and the America Online brand name for our investors, partners and the public."

The decision to drop AOL from the name also signals the final break with the dotcom era and the recognition of the importance of other parts of the business, although it is not a precursor to the sale of the America Online ISP business.

"Today, all of our businesses -- from America Online, Warner Bros Entertainment, New Line Cinema, TBS and CNN to Time Warner Cable, HBO, Time Inc, The WB and Warner Music Group -- are making important contributions to the whole company," Parsons said.

Reports first emerged that the company was to change its name earlier this year. Then it was suggested that it was America Online and not Time Warner that was pushing for the change.

An internal memo sent to staff at America Online by chief executive Jonathan Miller revealed that AOL had become shorthand for describing AOL Time Warner in the media and that the association had damaged the America Online brand.

"Any controversy or criticism involving the corporate entity has actually hit our consumer brand. I believe it's time to get our brand back," Miller said in the memo.

However, while the most recent push to change the name came from the ISP itself, the move has been warmly welcomed by Time Warner executives and staff.

Parsons said: "I have been extremely gratified to find that our people are working with renewed energy, enthusiasm and collegiality. We're more prepared than ever to make progress toward achieving our strategic priorities for the rest of this year and into 2004."

Much has changed since the merger first brought America Online together with Time Warner, which was heralded as leading the way for convergence between new and old media.

Back then, AOL was seen to be in the driving seat, leading the charge of digital media, but the dotcom boom and bust put paid to and scaled back many digital ambitions.

AOL has seen subscriber numbers drop, founder Steve Case ousted and lawsuits filed, while Time Warner has proven to be the engine that has driven the AOL Time Warner business.

The AOL Time Warner merger led to spiralling debts of $30bn (£18.74bn), now reduced to $24bn, which Parsons has said he wants to reduce to $20bn by the end of 2004. The company further reduced its debt recently with the $1.05bn sale of its DVD manufacturing division to Cinram International.

It is planning to further reduce the debt with a planned sell-off of its other non-core assets, including the basketball team Atlanta Hawks and the Atlanta Thrashers ice-hockey team.

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