|
AOL And Time Warner Confirm Mega-Merger
Internet service provider America Online (AOL) and global media giant Time Warner have this morning confirmed plans to merge operations creating “the world’s first fully integrated media and communications company.” The merger, which will result in an AOL Time Warner Inc. company, is valued at $350 billion (£219 billion).
In a joint statement the companies said that their combined businesses will command revenues of more than $30 billion (£19 billion). “By merging the world’s leading Internet and media companies, AOL Time Warner will be uniquely positioned to speed the development of the interactive medium and the growth of all its businesses,” the groups said.