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The mainstream newspapers didn't just cover the front page – the New York Times had 14 articles on the day, the Washington Post had 15 articles, and the Wall Street Journal had 21 articles.

As a result, every detail of the concept, brewing, and birth of M&A is under the watchful eye of a microscope and is analyzed comprehensively and thoroughly.

This is a "merger of the century", "a terrible super-large merger", "a combination of courage and brilliance", "a super marriage between the earth and cyberspace", and so on.

At the same time, AOL's Time Warner Turner's merger and acquisition also appeared on the cover of all major weekly magazines.

The cover article of Business Week reads that the new digital media will develop faster than the traditional old media and eventually surpass the latter, and that the leaders of the online economy will become the dominant group in the 21st century. And this merger is a testament to the fact that a new world order is taking shape.

AOL Time Warner's own Time magazine naturally has a voice, but it is more in the form of a seemingly objective interview with third-party professionals.

For example, Roger Melna, a well-known Silicon Valley investor, said, "This is the biggest transformation event I've seen in my career." ”

There is even a kind of exclamation -- Tang may have foreseen the current super merger and acquisition when he let AOL, which has a strong head, move its headquarters into Rockefeller Center! If he still wants to satisfy AOL's appetite, it is estimated that Tang can only buy Wal-Mart.

Of course, there are those who agree with it, and there are certainly skeptics -- but interestingly, most of them come from the losers or frustrations of Time Warner's political struggle.

Nicolas Nicholas, who briefly served as CEO of Time Warner, told Wired magazine about the AOL Time Warner Turner acquisition -- a brilliant acquisition for Steve Case, who used the inflated dot-com economy to buy real assets, but from the perspective of a Time Warner Turner shareholder, I don't know how to describe it.

There are also some so-called neutrals, with a calm attitude, who analyzed the financial figures that were ignored under the red-hot surface of the AOL Time Warner Turner merger and acquisition.

Or from Time Warner Turner, whose senior editor-in-chief of Fortune is one of the boldest critics.

Coming from an accounting major, she unceremoniously pointed out that AOL Time Warner Turner's rise in value to more than $300 billion is just a trick and has no meaning, like pushing a boulder up a mountain.

However, these voices of dissent are also of little significance in the context of the favorable situation, except for the sense of existence in an unconventional way.

After all, most people don't get obsessed with investing in the fact that stock market value has to be based on real financial numbers and a bottom line of value.

Unless one day in the future, AOL Time Warner Turner's merger proves to fail, Nicol Nicholas, Carlo Loomis and the like will be remembered and pushed to the altar of foresight.

But the crux of the matter is that this "foresight" is currently in Tang Huan's hands.

If the trajectory of history does not change, then AOL Warner Turner will have the golden two years of the dot-com bubble approaching its peak to suppress and whitewash all kinds of contradictions, including the distribution of power, and the next third year will be enough to use as a buffer time.

In this case, if Time Warner can't be wiped out, Mr. the richest man with many soldiers would rather admit it!

You must know that this is an era of capital madness -- just in early April, when the Hang Seng Index on the Xiangjiang side was still struggling between offense and defense, the Dow Jones Industrial Average on the US side had historically rushed above 9,000 points.

And it is not only the telecommunications, IT, and media sectors that are in the limelight, but Wall Street is also taking action -- also in early April, Citigroup merged with Traveler Group to form Citigroup, becoming the first financial group in the United States to integrate commercial banking, investment banking, insurance, mutual funds, securities trading, and other financial services.

The combined Citigroup has total assets of $700 billion, net income of $50 billion, 100 million customers in 100 countries, and 60 million credit cards for consumer customers.

As the saying goes, a mountain is even higher -- compared to the value of more than $300 billion blown out by AOL Time Warner Turner, it pales in comparison.

The reason why it has attracted so much attention is nothing more than the inherently star attributes of media, entertainment, and the Internet, as well as the transformation of the form of marriage.

What is more important is that AOL, an Internet company with a history of more than 10 years, has bought Time Warner, which has more than half a century of seniority, which is really envious, jealous and hateful; moreover, the people of Time Warner have to vent their grievances accumulated over Gerald Levine's long-term dissatisfaction.

When Tang Huan left New York, he deliberately got together with Steve Case, chairman of the board of directors of AOL Time Warner Turner, Robert Pittman, and Michael Kelly, co-chief operating officer, to advise on the "digestion" problem after the merger.

In this new group, AOL and the original Turner broadcasters belong to the same faction, and Time and Warner are the targets of "digestion".

Tang Huan said: "The next year is the most critical period for AOL to digest the fat in its mouth. ”

"For the time being, we can breathe a sigh of relief that the external environment is relatively loose – the Federal Trade Commission, the Federal Communications Commission and other review bodies will be allowed to do so one after another, and competitors in the industry are also busy with digitalization and networking ......."

"As for internal resources, it is very difficult to integrate - whether the traditional business can smoothly move to the Internet and attract traffic that contributes to advertising benefits will become a hard indicator to evaluate the success of the merger. ”

Steve Keys glanced at Robert Pittman with a smile and said confidently: "Robert has become the second man under Gerard Levine and has gained enough control of Time Warner." ”

Tang Huan also glanced at Robert Pittman, who was full of spring breeze, "Of course I am relieved of your execution ability." But the key to digesting Time Warner is not Gerard Levine, but the corporate culture. ”

"I saw firsthand many years ago how Microsoft and IBM, which are in the midst of a PC operating system collaboration, can see each other in the same way that the engineers on both sides are not looking at each other, which seriously affects their work. ”

For example, with the popularity of the Internet economy, AOL managers either sit in first class or simply charter a plane when they go on business trips, while the management of Warner Turner, who "follows the rules", can only go to economy class. ”

"Believe it or not, in Time Warner's eyes, AOL is just an upstart at the right time. ”

……

The following is the anti-D part.,Update it tomorrow.,Just ignore it.。

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It has to be said that digital games are not exclusive patents - whether to play or not depends on whether there is a profit drive.

What Gerard Levine said about "in the interests of all" is nothing more than - AOL, which has a market value of nearly $160 billion, occupies 55% of the shares of AOL Time Warner Turner, which is equivalent to making the value of this new group more than $300 billion.

There's too much confusion in this.

On the other hand, AOL's market capitalization is almost twice that of Time Warner Turner, but it only occupies 55% of AOL's shares in Time Warner Turner - this phenomenon itself shows to some extent that although Gerard Levine is eager to enter the digital media field through AOL, he is not as blindly optimistic about the value of AOL as it seems on the surface.

Of course, the richest man is not going to be unreasonable—it is enough to be able to establish this principle, and the resources saved are used to compete for more important new positions in the company.

"Then ......" Tang Huan waved his hand: "Let's take advantage of the victory to determine the management structure of the new company." ”

As soon as he mentioned the issue of the distribution of power that had been disputed before, Gerard Levine, who was originally quite amiable, suddenly showed his cunning nature and suggested: "Since AOL occupies 55% of the shares of the new company, then Steve will be the non-executive chairman, and I will be the CEO." ”

Steve Case immediately objected: "I would love to be the chairman of the board of directors of the new company, but I can't accept being put in a false position where I can only do honorary work. ”

Gerard Levine painstakingly advised: "It is completely predictable that the integration of resources in the new company will be an extremely complicated process - you have little experience in the field of traditional media, so don't waste brain cells." ”

Steve Case complained: "Don't you mean that I am young and junior - don't forget who brought out AOL, which is now ranked tenth in market capitalization?" ”

……

Looking at the scene of "every inch of land must be contested" in front of him, Tang Huan couldn't help but raise his eyebrows - he was still arguing so without any new ideas, and the toss to the Year of the Monkey may not have any results!

So the richest man coughed lightly and interjected: "The position of the chairman of the board and the chief executive officer should be decided as such, and as for the type of chairman of the board of Steve, whether it is executive or non-executive, it is better to put it aside for the time being and discuss the rest first-for example, I propose to create a co-chief operating officer position under the CEO to better facilitate the merger of the future largest media group." ”

"Let's settle down on the easy things to solve first!" Gerard Levine, who was as good as a stream, turned his eyes to Richard Parsons beside him, "Time Warner Turner's side, let's recommend Richard." ”

Richard Parsons was introduced to former Time Warner CEO Steve Ross through Lawrence Rockefeller, the third generation of Rockefeller, and entered Time Warner in the early 1990s.

Don't look at the black people on the TV news who often confront the police, which seems very violent, and the black people in Hollywood movies often chatter endlessly, like a mother, but the black elite who can enter the executive circle is still quite gentle and steady.

Tang Huan has such an experience of employing people - such as Chuck Smith, CEO of Pacific Telecom, Condoleezza Rice, political ~ political adviser, and so on.

Looking at the humble and low-key Richard Parsons, the richest man bowed slightly without objection.

Steve Case said, "AOL, here, has nominated Robert as co-COO. ”

Gerald Levine looked at Robert Pittman and couldn't find a reason to object. After all, the other party is now the CEO of AOL, and he is doing a very good job, so he can't even get into the position of president in the new group.

Mr. The richest man continued to push the agenda forward, "Next, let's talk about the CFO candidate. ”

Gerard Levine quickly picked up: "I think the form of the joint position is very good......

"No!" Tang Huan raised his hand to interrupt the other party: "The position of co-COO was established because it is completely foreseeable that the new group in the future will have an extremely busy peak stage in the operation of integration, and the co-COO can reduce the burden on the CEO, as for the more professional financial management field, there is no such need." ”

Speaking of which, Mr. The richest man looked directly at Gerard Levine, "After all, AOL and Time Warner Turner are mergers, not partitions, right?"

"Okay. Gerald Levine looked away at Zee Rip, the chief financial officer of Time Warner Turner, and was about to make a recommendation, only to be interrupted by Steve Case.

"AOL is currently stockpiling $3 billion in inventory for Internet advertising revenue alone, and in terms of cash flow, AOL is far better than Time Warner Turner. ”

Steve Keys waved his hand and said in an accentuated tone: "I think it is most appropriate for Michael Kelly, the chief financial officer of AOL, to be the chief financial officer of the new group!"

Gerard Levine looked at the look on Steve Case's face, revealing the meaning of "I have a lot more cash in my hand than you, so naturally we will be in charge of the financial management of the new group", his lips moved, but he was speechless.

The CEO of Time Warner Turner was determined because of "information asymmetry".

In terms of seniority, Gerard Levine is a veteran, who worked for HBO, a paid cable and satellite network under his command, back in the days of Time Group, until he rose to the position of CEO of HBO.

During the marriage between Time Group and WarnerMedia, Gerard Levine began to be appreciated by Steve Ross, and it is not an exaggeration to say that he is a noble person with the grace of support.