2001

AOL

The AOL–Time Warner merger closed on January 11, 2001, and the internet bubble had burst. The share price of AOL had dropped, at the time of the merger the joint stock was valued at $47.23. The 3,500 AOL stock options I received when I joined AOL were worthless. With the merger complete, my work at AOL became significantly busier. One of the cost-saving goals of the merger was to consolidate the Time Warner computer systems into AOL datacenters. By 2001, having a website on the Internet was becoming standard practice for companies. Time Warner had hundreds of websites for all their different divisions and brands, of which there were many.

Steve Case, the CEO of AOL and now AOL Time Warner said in a press release:

This is an historic moment in which new media has truly come of age. We’ve always said that America Online’s mission is to make the Internet as central to people’s lives as the telephone and television, and even more valuable, and this is a once-in-a-lifetime opportunity to turn this promise into reality. We’re kicking off the new century with a unique new company that has unparalleled assets and the ability to have a profoundly positive impact on society. By joining forces with Time Warner, we will fundamentally change the way people get information, communicate with others, buy products and are entertained – providing far-reaching benefits to our customers and shareholders.

Internet Services