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Home > Business & Economics > Corporate & Business History > Fools Rush In-eBook
Fools Rush In
by Munk, Nina
 
 
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Fools Rush In

Every era has its merger; every era has its story. For the New Media age it was an even bigger disaster: the AOL-Time Warner deal.

At the time AOL and Time Warner were considered a matchless combination of old media content and new media distribution. But very soon after the deal was announced things started to go bad—and then from bad to worse. Less than four years after the deal was announced, every significant figure in the deal -save the politically astute Richard Parsons—has left the company, along with scores of others. Nearly a $100 billion was written off and a stock that once traded at $100 now trades near $10.

What happened? Where did it all go wrong? In this deeply sourced and deftly written book, Nina Munk gives us a window into the minds of two of the oddest men to ever run billion-dollar empires. Steve Case, the boy wonder who built AOL one free floppy disk at a time, was searching for a way out of the New Economy.  Meanwhile Jerry Levin, who'd made his reputation as a visionary when he put HBO on satellite distribution, was searching for a monumental deal. These two men, more interested in their place in history than their personal fortunes, each thought they were out-smarting the other.



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Title of ebook: Fools Rush In
ISBN: 9780061743740
parent-ISBN: 9780060540357
Publisher: HarperCollins e-books
Published: 09-2007
Released online for download: 09-25-2007
Author of eBook: Munk, Nina

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Fools Rush in

Steve Case, Jerry Levin, and the Unmaking of AOL Time Warner

Excerpt

Chapter One

By all accounts, Henry Robinson Luce was endowed with moral certainty at birth. Born in 1898 to American missionaries in Tengchow, China, Harry, as he was known, was a precocious and serious-minded child. At the age of five, as a diversion, he delivered religious sermons to his playmates. Later, turning to journalism, which he referred to as a "calling," he wrote: "I believe that I can be of greatest service in journalistic work and can by that way come nearest to the heart of the world." His father had devoted his life to proselytizing; likewise, Harry Luce would set people on the highway to truth. Making money was not his goal, as the terms of Luce's will would later make clear: "Time Incorporated is now, and is expected to continue to be, principally a journalistic enterprise and, as such, an enterprise operated in the public interest as well as in the interest of its stockholders."

When he was fifteen Luce arrived in America to attend Hotchkiss School. From there he went on to Y ... read full excerpt from: Fools Rush In ebook



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