Ted, Jane Split

11/17/1998 at 12:00 AM EST

That ultimate power couple, Oscar-winning actress Jane Fonda and media mogul Ted Turner, announced Tuesday that they are separating after eight years of marriage. "While we continue to be committed to the long-term success of our marriage," they said in a statement, "we find ourselves at a juncture where we must each take some personal time for ourselves." The marriage was the third for both Fonda, 62, and Turner, 61. In addition to owning the Atlanta Braves and the Atlanta Hawks, Turner created CNN in 1980 as part of Turner Broadcasting System Inc., which in 1996 was purchased for $7.57 billion by Time Warner (which is also the parent of PEOPLE).