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Due to the larger market capitalization of AOL, their shareholders would own 55% of the new company while Time Warner Entertainment shareholders owned only 45%, [46] so in actual practice AOL had merged with Time Warner Entertainment, even though Time Warner Entertainment had far more assets and revenues. Time Warner Entertainment had been ...
Richard D. Parsons, a pioneering Black business executive who led Time Warner after its disastrous merger with AOL and had a hand in untangling some of the media industry’s knottiest dilemmas ...
Gerald M. Levin (May 6, 1939 – March 13, 2024) was an American media businessman. Levin was involved in brokering the merger between AOL and Time Warner in 2000, at the height of the dot-com bubble, a merger which was ultimately disadvantageous to Time Warner and described as "the biggest train wreck in the history of corporate America."
After the merger, creating AOL Time Warner, factors like the dot-com recession greatly affected the company, leading to a historic $100 billion write-down. Levin resigned in 2002.
AOL began in 1983, as a short-lived venture called Control Video Corporation (CVC), founded by William von Meister.Its sole product was an online service called GameLine for the Atari 2600 video game console, after von Meister's idea of buying music on demand was rejected by Warner Bros. [8] Subscribers bought a modem from the company for $49.95 and paid a one-time $15 setup fee.
In 2001, AOL merged with Time Warner to become AOL Time Warner. Due to the larger market capitalization of AOL, it gained ascendancy in the merger, with its executives largely displacing Time Warner's despite AOL's far smaller assets and revenues. AOL was spun off as its own independent company from Time Warner in 2009.
From the trailblazing product that was Instant Messenger, merger with Time Warner and multiple rebrandings, AOL has faced a long road as it continues to navigate the ever-evolving world of the ...
When Levin died on March 13, though, obituaries primarily remembered him for his central role in the “worst merger in corporate history”: The $350 billion AOL-Time Warner deal, which served as ...