Word: levins
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Dates: during 2000-2009
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...Time Warner chief executive Gerald Levin and AOL boss Steve Case, the common experience of groping through a rapidly mutating economy made this deal in some ways inevitable. In AOL, Case had built a brand, a customer base and (by Internet standards) healthy profits. But he faced a future that may see Internet access become a commodity, and he lacked access to the leading source of broadband--the fat, fast pipes of cable television that could carry vast amounts of Internet content. And Case didn't have much in the way of content either. Time Warner's cable-television system...
...Levin's company had remained inextricably mired in its own past, a dinosaur lurching its way through a world that would soon belong to swifter creatures, almost pathetically unable--like all the major media companies--to make the Great Leap Forward into the new Internet economy. The company's stock price had plateaued in a year in which Net stocks soared, and there was little excitement about the plans being developed in its recently hatched digital division, despite projected outlays this year of $500 million. "We had a big uphill job as a corporation" to catch up with the established...
...Levin reasoned that Time Warner without an Internet connection was still valuable, but its value to an Internet buyer was greater. So he arrived at 1.5 AOL shares to be exchanged for each TWX share. In real money, that was 70% more than Time Warner's $65 price the Friday before the deal was announced, but it would still give AOL shareholders 55% of the company. Conversely, Time Warner was providing 80% of the cash flow. Says Levin: "If some people think that AOL has been sold at too much of a discount or Time Warner has been sold...
...This ambitious plan for science and engineering is a crucial element in Yale's strategy to remain among the very small number of universities that are considered the finest in the world," said Yale President Richard C. Levin in a press release...
...deal was this: Time Warner shareholders will be given 1.5 shares in the new entity, while AOL's will get a one-for-one swap. That gives AOL stockholders 55 percent of the new company, which will be headed up by Time Warner CEO Gerald Levin, and gives Time Warner equity a shot in the arm. After all, before the merger AOL's market capitalization had been $163.4 billion, nearly double Time Warner's $83.3 billion. Levin acknowledged there had been some tough bargaining on valuation, given, as he delicately put it, "the way the market's behaving right...