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."
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