Profits that are paper-thin

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America Online's takeover of Time Warner is in the books as the biggest corporate acquisition ever. ...

America Online's takeover of Time Warner is in the books as the biggest corporate acquisition ever. Its value was $187.1bn when the deal between the largest internet service provider and the largest media company was announced a year ago. When the deal was announced are the telling words. By the time the deal closed this month, the value had declined by 39% to $115bn. Chagrined Time Warner shareholders who initially dreamed of getting $110.63 in AOL stock for each of their Time Warner shares had just $69.71 worth on 12 January when the takeover was completed. On 23 January the value was $8...

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