From Publishers Weekly
In an always lively, sometimes glib style, Swisher, writing with Dickey, recounts the forces that led to the biggest media deal in history and then traces the downward spiral of the combined AOL Time Warner. In the late 1990s, executives of AOL, led by Steve Case, were looking to capitalize on AOL's sky-high stock price by completing a transforming acquisition with a major media company. At the same time, Time Warner, burned by several failed online ventures, was looking for a way to make sure it didn't become an anachronism in the new age of the Internet. So when Case met Time Warner CEO Gerald Levin, the combination seemed like a sure winner. A preliminary merger agreement was announced in January 2000 with great fanfare, but within a year, and before the deal was even officially completed, there were signs of the problems that would lead to the ouster of nearly every one associated with the merger. The Internet bubble, which had driven up AOL's stock price to unsustainable heights, burst, dragging down its share price. And the skidding price exacerbated what was already a difficult task of meshing AOL's corporate culture with that of Time Warner. Swisher (AOL.com), a columnist with the Wall Street Journal, doesn't take sides in deciding who is to blame for the merger's failure, but provides the perspective from both AOL and Time Warner on why the merger failed to click. Swisher uses her access to most top AOL executives and Levin to deliver a story that races along in Internet time about one of the seminal events in media history.
Copyright 2003 Reed Business Information, Inc.
Copyright 2003 Reed Business Information, Inc.
From AudioFile
Time Warner's Gerald Levine thought he had to merge with smaller but more 'Net-savvy AOL to keep from having to eat AOL's dust in the battle for media customers. In this tightly written documentary about the creation and cataclysmic failure of the resulting merger, a WALL STREET JOURNAL columnist uses her considerable knowledge of both companies to create a fascinating portrait of what happened and why. The stories of Steve Case and others involved in the deal are textured with personal information that puts their decisions in human perspective. It's essential history on the growth of the Internet, enlightening and entertaining to hear--whether or not you were clobbered financially when the value of the joint venture tanked. T.W. © AudioFile 2004, Portland, Maine-- Copyright © AudioFile, Portland, Maine
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