Word: aol
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...RESIGNED. ROBERT PITTMAN, 48, chief operating officer of AOL Time Warner (owner of Time) and one of the architects of the spectacular rise of AOL prior to its merger with Time Warner in 2000; in New York City. Pittman was viewed as a formidable force within the media giant, but has been widely criticized lately as AOL's growth has stalled and the stock has imploded. "It's time to take a break," Pittman said...
...complex media waterworks from what was once a simple French water utility, acquiring a hodgepodge of cross-border assets, from phone companies to film studios, that at some point were supposed to connect seamlessly and gush money. But he was late to the Big Media theory. Firms like Disney, AOL Time Warner, News Corp. and Viacom had already spent billions connecting content with distribution. To catch up, Messier became a serial acquirer, buying the Bronfmans' Seagram Co. and its Universal movie studio, theme parks and music group for $34 billion in stock. Last year, in the U.S. alone, he agreed...
...Vivendi's turn to lead, in what some predict will be a cycle of disaggregation among media companies--if not much of corporate America. Shares in media concerns have been eviscerated by an advertising recession, high debt loads and, in AOL Time Warner's case (down 55% this year), slowing Internet subscriber growth. AOL Time Warner shares have also been hit by investor aversion to companies with complex accounting stories, in the wake of bookkeeping scandals at WorldCom, Qwest and Adelphia Communications...
DIED. DANIEL CASE III, 44, who, as head of the high-tech banking firm Hambrecht & Quist, and later chairman of J.P. Morgan HQ, helped fuel the Internet explosion of the '90s; of brain cancer; in San Francisco. Case, brother of AOL Time Warner chairman Steve Case, financed such Silicon Valley pioneers as Apple Computer, Adobe Software and Netscape Communications...
...entities? Vivendi's holdings are more disparate than most; they include the water company, a movie studio, a telecom provider and a book publisher. While the company is by some measures outperforming its competitors (the company reported 17 percent revenue growth last quarter, compared with 7 percent growth at AOL and a 2 percent decline from Disney), it has also had some very bad news. In March Vivendi reported 2001 losses of 13.6 euros - the largest such loss in French history...