AOL founder is "sorry" for Time Warner merger Posted 7/24/2006 12:12 PM ET
By Kevin Wolf, AP http://www.usatoday.com/tech/news/2006-07-24-aol-sorry_x.htm NEW YORK (Reuters) — Steve Case, co-founder of the one-time biggest online service AOL, apologized for the company's merger with media conglomerate Time Warner (TWX) in an interview with journalist Charlie Rose. In the interview broadcast on Friday, Case, who was shoved aside as chairman in 2003 and who left the board entirely in 2005, said, "Yes, I'm sorry I did it," referring to the 2001 merger of Time Warner and AOL. The deal, known as one of the worst corporate mergers in history, destroyed approximately $200 billion in shareholder value. Last October, Case argued in a Washington Post article that AOL should be split from Time Warner, echoing sentiments shared by billionaire investor Carl Icahn, who earlier this year sought to break up the world's largest media company to boost shareholder value. Although Case called the deal's aftermath a "disappointment," he said he still believed it was "a good idea," according to the interview with Rose. "I'm disappointed and frustrated that it hasn't developed in the way that we all hoped at the time it could," Case told Rose. Time Warner is expected to discuss a new strategy for AOL on Aug. 2, after it reports its second-quarter financial statement. Sources have said the company is exploring a plan to give away AOL services for free to users who already have Internet connection but it does not plan to give away dial-up Internet service. Reply with a "Thank you" if you liked this post. _____________________________ MEDIANEWS mailing list [email protected] To unsubscribe send an email to: [EMAIL PROTECTED]
