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• W3125867833 abstract "I. INTRODUCTION 975 II. THE PRECEPTS OF SHAREHOLDER PRIMACY 977 III. THE AOL-TIME WARNER MERGER: A TALE OF TWO ORTHODOXIES 982 A. Time Warner and Protection of Corporate Culture 982 B. America Online: From Internet Evangelism to Profit Maximization 985 C. The Merger 989 D. After Merger: The AOL Crash and Time Warner Ascendance 992 IV. LESSONS: THE PERILS OF PRIMACY AND THE CONSTANCY OF CULTURE 994 A. The Perils of Primacy 994 B. The Constancy of Culture 998 V. CONCLUSION: A CAUTIONARY NOTE 1001 I. INTRODUCTION The merger between America Online (AOL) and Time Warner is almost universally regarded as a disaster.1 Announced at beginning of 2000, combination was heralded as ushering in a new age of Internet dominance. After all, AOL-a company only fifteen years old-was taking a majority stake in merger with perhaps preeminent entertainment and media company of era. AOL had bought Time Warner! If further proof of triumph of clicks over bricks had been necessary, merger sealed deal. But only two months later, tech market took its first major hit and never recovered. in particular, was a serious casualty. At end of 2003, shareholders in AOL Time Warner had lost over $200 billion in equity value.2 By then chief architects of deal-Time Warner's Gerald Levin and AOL's Stephen Case-had left company, along with most of former AOL executives who had initially run combined company.3 Fines paid to sec for accounting improprieties topped $300 million,4 $3 billion will be paid to settle civil class action suits,5 and in 2002 company suffered a historic $99 billion write-down in goodwill. Even name was changed-starting out as AOL Time Warner, company's board later elected to drop AOL, as if to purge stigma.6 It is no wonder that merger has been called catastrophic,7 the worst deal in history,8 and the champion of all failed mergers.9 A deal this big and this bad is bound to have dramatic effects. However, little has been written about what deal and its failures mean for corporate law. In my view, cultures of companies, both pre- and post-merger, present a great opportunity to discuss what actually means in context of corporate America. Although by no means universally held, consensus among prominent corporate law scholars is that corporation must be run to maximize shareholder value. This conclusion is so strongly held that two preeminent scholars have declared that there is no room for further debate on subject.10 However, notion of shareholder primacy in practice is something that commentators have left largely unconsidered. What exactly does it mean to run a company for sole benefit of shareholders, and what effects would this focus have on life of company? The AOL Time Warner merger offers a unique case study for examination of this question. As journalistic accounts from books and articles about merger demonstrate, executives at AOL believed in faith of shareholder primacy. They focused their efforts almost entirely on stock price and believed they had a moral obligation to maximize shareholder value. Time Warner, on other hand, had a culture that placed institution above shareholder, and journalistic ethics above any requirement to make short-term profits. …" @default.
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• W3125867833 date "2005-01-01" @default.
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• W3125867833 title "AOL Time Warner and the False God of Shareholder Primacy" @default.
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