AOL Buys Time Warner

Online giant AOL picked up the world's largest media company for the comparative reasonable sum of $190 billion. America Online will hold a 55 percent stake in the new $350 billion conglomeratea merged company with fingers in nearly every media pie. The deal grants AOL access to all of Time Warner's brands, including CNN, Looney Tunes, HBO, and Time, as well as the chance to offer AOL services to Time Warner Cable's 20 million customers. The merger is subject to closing conditions, not least of which is shareholder approval, and is expected to be complete by the end of the year. Time Warner and America Online are going ahead with a series of new partnerships in anticipation, one of which is the offering of AOL services to subscribers of Time Warner's Road Runner high speed internet service.