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Hofstra University School of Law
Legal Studies Research Paper Series
Research Paper No. 05-21
AOL Time Warner and the
Matthew T. Bodie
False God of Shareholder Primacy
August 2005
AOL TIME WARNER AND THE FALSE GOD OF SHAREHOLDER PRIMACY
Matthew T. Bodie∗
The merger between America Online (AOL) and Time Warner is
almost universally regarded as a disaster.1 Announced at the beginning of
2000, the combination was heralded as ushering in a new era of Internet
dominance. After all, AOL – a company only fifteen years old – was taking a
majority stake in the merger with perhaps the preeminent entertainment and
media company of the era. AOL had bought Time Warner! If further proof of
the triumph of clicks over bricks had been necessary, the merger sealed the
deal.
But only two months later, the tech market......
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Approximate Word Count: 13153
Approximate Pages: 51 (260 words per double-spaced page) |