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AOL began in 1983, as a short-lived venture called Control Video Corporation (CVC), founded by William von Meister.Its sole product was an online service called GameLine for the Atari 2600 video game console, after von Meister's idea of buying music on demand was rejected by Warner Bros. [8] Subscribers bought a modem from the company for $49.95 and paid a one-time $15 setup fee.
Due to the larger market capitalization of AOL, their shareholders would own 55% of the new company while Time Warner Entertainment shareholders owned only 45%, [46] so in actual practice AOL had merged with Time Warner Entertainment, even though Time Warner Entertainment had far more assets and revenues. Time Warner Entertainment had been ...
He also removed the AOL from the merged company’s name, restoring Time Warner’s dominance of the corporation, Parsons would step down from the company as CEO and chairman, respectively, in ...
America Online CEO Stephen M. Case, left, and Time Warner CEO Gerald M. Levin listen to senators' opening statements during a hearing before the Senate Judiciary Committee on the merger of the two ...
Gerald M. Levin (May 6, 1939 – March 13, 2024) was an American media businessman. Levin was involved in brokering the merger between AOL and Time Warner in 2000, at the height of the dot-com bubble, a merger which was ultimately disadvantageous to Time Warner and described as "the biggest train wreck in the history of corporate America."
Parsons was widely credited with the turnaround of Time Warner after its botched $165 billion merger with AOL, CNN reported. With Parsons as CEO, Time Warner slashed its debt by roughly half as it ...
Prior to the AOL Time Warner debacle, Levin was an attorney who became a programming executive in 1972 at a regional pay-TV channel called Home Box Office. He was promoted to CEO a year later and ...
In 2002, AOL Time Warner reported nearly $100 billion in losses, at the time the largest annual loss in history, according to the 2003 Fortune 500 list. The company never fully recovered after the ...