Icahn cuts Time Warner holdings by 65%
Disclosures show that activist investor more than tripled his stake in Federated Department Stores.

WASHINGTON (Reuters) -- Billionaire investor Carl Icahn cut his stake in media company Time Warner to 20 million shares in the fourth quarter from 55 million shares, according to a regulatory filing on Wednesday.

Icahn through his investment firm Icahn Management disclosed in a Securities and Exchange Commission filing that he also raised his stake in Federated Department Stores (Charts), the parent of Macy's and Bloomingdale's, to 6.8 million shares in the last three months of 2006 from 2 million shares.

He also disclosed owning 2.8 million shares of drugmaker MedImmune (Charts) and 4.8 million shares of Talisman Energy, Canada's No. 3 independent oil explorer, as of December 31.

Time Warner (Charts) is the parent company of CNNMoney.com