Steve Case apologizes for AOL Time Warner merger
And in other merger news today... that former America Online chairman Steve Case stated in an interview with Charlie Rose that he is "sorry" for having merged his company with Time Warner in 2001.
In an interview broadcast on Friday, Case, who was shoved aside as chairman in 2003 and who left the board entirely in 2005, said, "Yes, I’m sorry I did it," referring to the 2001 merger of Time Warner and AOL.
The deal, known as one of the worst corporate mergers in history, destroyed some $200 billion in shareholder value.
Reuters did not say whether the interview was for Rose’s PBS show or for CBS News’ 60 Minutes. Ironically, the comments now place Case and former AOL Time Warner vice chairman Ted Turner in the same bracket of history after all.
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