Posted on 11/21/2009 8:22:46 PM PST by bruinbirdman
AOL and Time Warner have finally called it quits. James Quinn looks at the souring of the dotcom match that appeared to have been made in mergers and acquisitions heaven
It was an auspicious occasion, the business titans of the West standing shoulder to shoulder at the dawn of a new century. On the stage of the Shanghai International Convention Centre, in late September 1999, the crème de la crème of business achievement smiled at the hundreds of delegates, both Chinese and from around the world, who had gathered for the Fortune Global Forum.
From AIG's Hank Greenberg to Viacom's Sumner Redstone, from Yahoo!'s Jerry Yang to General Electric's Jack Welch, the three-day gathering was a veritable who's who of corporate America.
Among the high-powered throng were two other men, perhaps less well known to the crowd. Gerald "Jerry" Levin, chairman of Time Warner, the media giant which had been formed 10 years earlier from the $14bn (£8.4bn) combination of Time Inc and Warner Communications; and Steve Case, chairman of AOL, the dotcom darling which had effortlessly swallowed Netscape for $4.2bn just months earlier.
It was at this rather grand gathering that the first seed was sown. Case pulled Merv Adelson, a long-time Time Warner board member, to one side, and asked him whether Time Warner's board had thought about merging with AOL. Adelson went straight to Levin, who shrugged and initially dismissed the suggestion. But within three months – after a series of clandestine meetings in New York and Boston and a dinner at Case's home – the two men announced the $360bn combination of AOL Time Warner on January 10 2000.
One of the world's biggest media content companies was to merge with one of the largest distributors of internet content – a
(Excerpt) Read more at telegraph.co.uk ...
I used to call it Internet For Dummies.
I’m pretty sure that AOL is the one part of the internet that Al Gore DID invent.
Go light on the turkey...
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