
When America Online bought Time Warner in 2000, it was not only the largest corporate merger in history but also the much vaunted marriage of new and old media. Questions began, however, on the day the merger was announced. The stock price started a long decline; and the Federal...

In January 2000, America Online and Time Warner announced the largest merger in U.S. history, a deal that would create the biggest media company in the world. It was celebrated as the marriage of new media and old media, a potent combination of the nation's No. 1 Internet company...