Carl Icahn, the billionaire corporate raider who launched his first hedge fund last year, has teamed up with SAC Capital, one of the world's largest alternative asset managers, and two other investors in a bid to break up Time Warner, the media conglomerate.

Franklin Mutual Advisors, a subsidiary of Franklin Templeton, and hedge fund Jana Capital have joined Icahn Partners and SAC to heap pressure on Time Warner to buy back $20bn (€16.2bn) in stock and spin off the cable business.