Reports suggest that the unnamed directors may seek Case's ejection as early as a board meeting in New York on Thursday. Case is fighting back and it is thought unlikely that he will be kicked out in the very near future. However, these early moves could bring about a shareholder vote.
A vote to oust Case must be supported by two thirds of the board, meaning that he only needs three supporters out of the 14-strong board.
The move to oust Case comes as AOL Time Warner's troubled online division continues to drag the company down, with stalled growth and advertising revenue badly hit.
Investors are also worried about the investigations by the Securities and Exchange Commission and the Justice Department, which are looking at whether AOL inflated its results before the merger, misleading shareholders in Time Warner.
Investors have been dismayed as they have seen their shares lose 70% of their value and the merger is steadily looking like less and less of a good idea. Executives at AOL Time Warner have continually scotched talk that the company will demerge. However, it remains an issue as the benefits of bringing old media and new media together have spectacularly failed to pay off.
Case has already lost one of his closest supporters, following the departure of AOL chief Robert Pittman who paid the price for AOL's poor performance.
Reports suggest that those looking to oust case have some powerful supporters. John Malone of Liberty Media is one of AOL Time Warner's largest shareholders and he is said to support Case's removal. Ted Turner, the CNN founder, is also said to support removing Case, despite previously supporting him.
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