Time Warner bought back Google’s 5 percent stake in AOL in a transaction that values the Internet unit at less than $5.66 billion.

The $283 million purchase price also includes Google’s share of cash distributions from AOL during its investment, New York-based Time Warner said in a regulatory filing. Google completed the sale July 8. Time Warner plans to spin off AOL later this year into a separate, publicly traded company.

When Google bought a 5 percent stake in AOL for $1 billion in 2005, it valued the unit at about $20 billion.