Corporate raider Carl Icahn is backing away from his plan to take control of Time Warner after lukewarm interest from investors.

Icahn now plans to offer a smaller slate of directors, which could be as low as just five candidates for Time Warner's 14-person board. The news came yesterday as the Icahn camp was in discussions about a possible settlement with Time Warner management.

Being that he was unable to penetrate the mighty Time Warner wall of Dick Parsons loyalists, who will Carl Icahn target next?
[NYP]