By Nina Munk
Every period has its merger; each period has its tale. For the recent Media age it used to be a much bigger catastrophe: the AOL-Time Warner deal.
At the time AOL and Time Warner have been thought of a matchless blend of previous media content material and new media distribution. yet very quickly after the deal used to be introduced issues began to cross bad—and then from undesirable to worse. under 4 years after the deal used to be introduced, each major determine within the deal -save the politically astute Richard Parsons—has left the corporate, besides ratings of others. approximately a $100 billion used to be written off and a inventory that after traded at $100 now trades close to $10.
What occurred? the place did all of it get it wrong? during this deeply sourced and deftly written publication, Nina Munk supplies us a window into the minds of 2 of the oddest males to ever run billion-dollar empires. Steve Case, the boy ask yourself who equipped AOL one loose floppy disk at a time, used to be looking for a fashion out of the hot Economy. in the meantime Jerry Levin, who'd made his popularity as a visionary while he placed HBO on satellite tv for pc distribution, used to be trying to find a enormous deal. those males, extra drawn to their position in historical past than their own fortunes, every one inspiration they have been out-smarting the other.
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Extra resources for Fools Rush In: Steve Case, Jerry Levin, and the Unmaking of AOL Time Warner
Sample text
She thought that my mind had gotten poisoned by all this stuff, and she never quite understood it,” said Levin. When he graduated from Haverford in 1960, Levin was named class valedictorian and elected to Phi Beta Kappa. Newly married to Carol Needleman, the girl he’d met back at Camp Kweebec, and with his first child on the way, Levin decided to pursue a practical and lucrative career. In 1963, he graduated first in his class at the University of Pennsylvania Law School. By the time he entered his new situation at Time Inc.
How should they re- 38 F O O L S RU S H I N spond to Davis’s hostile bid? It was chaos. It was pandemonium. Who could have anticipated this turn of events? Nicholas, overwhelmed by the pressure, flipped and flopped. Munro, the war veteran, was shocked; he’d read about wily corporate raiders, of course, but he’d never imagined that Time Inc. would be sabotaged like this. What’s more, Munro kept repeating, Davis had pretended to be his friend! Only a few months earlier, according to Munro, Davis had promised not to bid for Time Inc.!
It had a nice wide yard and a finished basement. As Samuel Levin put it, it was “a big step up,” so big that David Levin had resisted the move. For one thing, he was nervous about financial pressures; for another, by personality, he resisted change. But his wife and children were eager to move to a bigger house in a better neighborhood, and finally they wore him down. To cover the mortgage on the new house, David Levin worked punishing hours, spending twelve to fourteen hours a day, often seven days a week, at A.