Millennium mega-merger: AOL buys Time

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Millennium mega-merger: AOL buys Time

It’s the largest merger in U.S. corporate history: America Online has moved to acquire media giant Time Warner.

The merged company would be valued at more than $350 billion.

Expected to close by the end of 2000, the deal will give AOL shareholders about 55 percent of AOL Time Warner. Time Warner investors will hold the remaining 45 percent.

AOL chief Steve Case will reign as chairman of the combined media goliath, with Time Warner chief Gerald Levin acting as CEO. Ted Turner, vice chairman of Time Warner, will remain vice chairman of the merged company.

The full story is online at

Streaming audio of the press conference is available at