Word: mergers
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Time Warner's planned merger with AOL will create a corporation that is even bigger and more complex. But the principle that guides our journalism is just as simple as it has always been. A respect for journalistic independence has been part of our company's values for so long that it's encoded in our DNA, and the only way our magazine can remain successful is if we continue that approach. If there are failures in judgment, it will be the fault of the editors and journalists here, as it has always been, not of the corporate structure...
There has been a lot of coverage of this AOL-Time Warner merger, but none of it has really pinpointed how it will affect me. Not only did the Time Warner share price jump on Monday to $90.06, making my portfolio worth $180.12, but I also suddenly had a whole new group of co-workers to hit on. I wasn't sure what the Securities and Exchange Commission rules are about waiting periods, but I figured I should get right to it so I could get the jump on Ted Turner...
...investments in the cable industry. On yet another hand, Microsoft and Time Warner are co-investors in a high-speed cable-Internet connection business called Roadrunner. On a fourth hand, Microsoft owns a chunk of AT&T, which owns a chunk of Time Warner, which means that after the merger, Microsoft will own a chunk...
...which is owned by AOL Time Warner. What's more, the editor in chief of MSNBC.com the cable channel's affiliated website, is my mother's brother's wife's aunt's husband's nephew, which obviously makes it difficult for me to evaluate objectively the merits of a merger between a company (AOL) that recently bought the company (Netscape) that makes the Internet browser that competes with the browser of the company that employs me, and a company (Time Warner) that owns a studio (Warner Bros.) that made the movie Wild Wild West, which I saw on an airplane...
Here, then, is the guts of the issue. If Jack Welch of GE, whom I've never met, were nonetheless to appear at my door and say, "I hear you're writing about the AOL-Time Warner merger. I hope you'll keep in mind that I'm CEO of the company that co-owns a cable channel and a website with the company that writes your paycheck, and the company you're writing about owns a magazine that published a damned fine picture of me recently," would I have the ethical backbone to say, "Obviously that occurred...