Word: warners
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...night we met, Forbes came to the back of his chartered Gulf Stream turboprop and asked me, of all people, the inside story on the AOL-Time Warner merger. When I told him I had hoped to ask his take on the whole mess, along with his advice on what to do with the stock, he said sell. "Nobody ever lost money taking a profit," he said. Two days after I didn't take his advice, God punished me. The stock had dropped 25 points...
Just what exactly was transformed? America Online, the newbie-friendly smiley face of the Web that just three years ago was an operational mess, had engineered the largest merger in American corporate history. Time Warner, the immense media conglomerate that had sprung from the loins of the magazine you are now reading--having failed to beat the Internet upstarts with its own efforts--had decided to surrender to them for the best price it could get, about $162 billion in AOL stock. The companies valued the combination at $350 billion...
...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...
...Tonight drive me positively nuts," says Orecklin, who nevertheless perseveres (except on those rare occasions when Jeopardy's siren song proves too strong to ignore). For this week's People page, Orecklin reports on the breakup of Ted Turner and Jane Fonda. Although Turner is vice chairman of Time Warner, [parent of TIME's publisher] and a certified big shot, he'll not be spared Orecklin's sharp needle. "Just to be sure, though, I'd like to take this opportunity to say, 'Good luck...
...Warner Bros...