Within a few months, the economy fell into recession, the dot-com bubble burst and the deal was being called 'the worst merger in history'
Time Warner then-CEO Gerald Levin and AOL founder and then-CEO Steve Case celebrated the merger in 2000.
One anniversary that surely won't be celebrated in Burbank in 2020 is the one that marks 20 years since Warner Bros. merged with America Online.magazine — was bought for $182 billion by AOL, which had 30 million subscribers using its dial-up service to access the internet and email. The union combined the world's largest media conglomerate with the world's largest internet provider.
What happened to Turner happened to many shareholders and staffers on a lesser scale. "It was incredible hubris and shortsightedness that destroyed the lives of employees who saw their retirement accounts wiped out," says"The smartest people on the planet didn't recognize a stock bubble when they saw it."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opinion | A Lesson for Today’s Tech TrustbustersFrom WSJopinion: Calls to break up today’s leading tech companies may one day seem as quaint as the alarm over AOL’s acquisition of Time Warner, writes Thomas W. Hazlett
Read more »
Class Is in Session: 15 Secrets About Zoey 101The Nickelodeon show that made Jamie Lynn Spears a household name premiered 15 years ago
Read more »
The stock market has not been this richly valued or avidly loved in two yearsStocks are almost back to where they were two years ago when they hit 'peak happiness.'
Read more »
'The Irishman' & 'Once Upon a Time in Hollywood' Among Guild of Music Supervisors Awards NomineesMary Ramos, a 2020 Grammy nominee for her work as a music supervisor on Once Upon a Time in Hollywood, now finds herself among the nominees for the 2020 Guild of Music Supervisors Awards for her work on that Quentin Tarantino film. She is nominated for best music supervision for film: budgeted over $25 million, along with Tom MacDougall for Frozen II, Matt Sullivan for Aladdin, Ted Caplan for Ford v Ferrari and Randall Poster and Robbie Robertson for The Irishman.
Read more »