Word: mergers
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Winning over Wall Street will require a prolonged process of--pick your noun--either education or spin. Music-business executive Danny Goldberg, a former head of Warner Bros. records, says the merger both "validates the Internet and validates the value of content." But it also forces the invention of a new currency to reflect it; as the AOL and TWX stock prices yo-yoed up and down last week, it was clear that investors had no idea how to put a price tag on something that was neither an Internet highflyer nor an old-economy cash-flow locomotive. AOL lost...
Along the way, there's business to be done. New media buccaneers refer to their easiest challenges as "low-hanging fruit," and in the merger announcement the two companies listed a series of efforts that would launch immediately: CNN.com programming featured on AOL services; AOL discs stuffed into Time Warner product shipments; cross-promotion of Warner Bros. movies on AOL-owned MovieFone. If none of these seems especially delicious, that's because low-hanging fruit rarely...
...hope that these nerd nuptials might join the ranks of other great pocket-protector romances: Hewlett and Packard, Allen and Gates. But there was also a worry that these two might somehow turn their partnership into a knife fight. "This is," both men kept insisting last week, "a merger of equals." People thought they were talking about their companies. They were talking about each other--for better or worse...
...flack. But Levin's legacy also includes a number of sharp, Net-speed pivots when his business has demanded them. He considered, for instance, selling Time Warner's stake in Turner Broadcasting just months before deciding it was actually in the best interest of both firms to arrange a merger...
...couple of days after the merger, Levin flew down to AOL's offices on one of the Time Warner jets for a meeting and a Case-led tour of the firm's network operations center. As Case walked Levin through the NORAD-like setup, he couldn't resist a dig. "How many simultaneous users did we have last night?" he shouted to one techie. "One point five million," came the answer. Case: "Hey, that beats CNN." Wink. Case explained to Levin how--and why--AOL's networks are built to be faster than regular Internet service providers...