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Time Warner The AOL / Time Warner Merger

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... (e.g. Warner Bros.) Publishing Unit (Largest in World), including Time, People, Fortune, and others Others: including Atlanta Braves, Real Estate properties. – PowerPoint PPT presentation

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Title: Time Warner The AOL / Time Warner Merger


1
Time WarnerThe AOL / Time Warner Merger
  • Closed Jan. 2001
  • Largest Deal in history at this time
  • Worlds largest ISP and Worlds largest Media
    Conglomerate
  • AOLs Steve Case became Chairman
  • TWs Gerald Levin became CEO
  • Control
  • AOL Shareholders 55
  • Time Warner Shareholders 45

2
AOL / Time WarnerPost Merger
  • At time of merger, value (market cap) of
    AOL/Time Warner was 280 Billion
  • Compare this Market Cap to some of the biggest
    companies today
  • 290 B - Microsoft
  • 145 B Google
  • 123 B Intel
  • 113 B Hewlett Packard
  • 432 B Exxon (largest in world)
  • 375 B GE (2nd largest in world)

3
AOL / Time WarnerPost Merger
  • Business Units
  • Time Warner Cable (2nd largest cable co. in US)
  • Cable Networks (e.g. HBO, CNN, TNT, others)
  • Filmed Entertainment (e.g. Warner Bros.)
  • Publishing Unit (Largest in World), including
    Time, People, Fortune, and others
  • Others including Atlanta Braves, Real Estate
    properties.

4
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5
AOL / Time WarnerPost Merger
  • 2001 merger almost precisely coincided with the
    burst of the dot com bubble.
  • NASDAQ started its multiyear slide of roughly 80
  • Many dot coms became dot gones
  • The AOL component of the AOL/Time Warner entity
    also dropped in value.
  • In 2002, AOL/Time Warner lost 100 Billion due to
    impairment of assets and other expenses related
    to the AOL component of the company. This was
    the largest corporate loss in history at the
    time. However, Cash Flow from Operations was 7
    Billion!

6
Time WarnerChange of Leadership
  • May 2002 Richard Parsons elected to CEO
  • Company eliminated AOL from its name
  • May 2003 Steve Case removed from Chairman of
    Board. Richard Parsons elected to Chairman of
    the Board and CEO.

7
AOL / Time Warner2007
  • Industry Media Congolomerates
  • Sales 45 Billion
  • Mkt Cap 86 Billion
  • Employees gt80,000
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