……

Eastern Time, March 30, 1998. At 3:20 a.m. www.biquge.info Dow Jones Newswires' website, an eye-catching headline appeared -- the news that Time Warner Turner would merge with AOL.

Two minutes later, two other headlines followed – "AOL's Steve Case to become chairman of the new company's board"; "Time Warner Turner's Gerard Levine will serve as CEO of the new company."

NBC Europe picked up the story almost immediately; The Bopen news agency also reported on it 22 minutes later.

Shortly after 4 a.m., Peter Gabel captioned the headline, and the article appeared on both the Dow Jones Newswires and the Wall Street Journal websites.

In addition to the title of the determination, it also adds that AOL shareholders will hold a majority stake in the new company after the merger.

While the more specific circumstances are unclear, it is certain that even if AOL's market capitalization is about twice that of Time Warner Turner, the terms of the merger are unlikely to overvalue AOL, and the new company will account for just over 50% of the shares after the merger.

Fortunately, you won't be confused for too long - in a few hours, Time Warner Turner and AOL will officially announce the merger of the two companies, and I believe that more detailed information will be disclosed at that time.

……

The current era of the Internet wave is a very special period of frenzy.

For example, on the one hand, many traditional large media companies are trying to explore ways to truly control the Internet as a tool; On the other hand, Internet companies are constantly looking to bring entertainment and other content to their websites to attract more customers.

There is no doubt that among the many .com companies, AOL is one of the best and most successful Internet companies, so much so that many other companies are secretly learning its market-approved routine.

In this case, the merger and acquisition of a significant media company and a leading online company will inevitably have a significant impact.

This is not only limited to the high stock prices of the two companies, but also the threat to other competitors in the industry after the strong combination, which will inevitably lead to a major change in the pattern.

So it's not hard to imagine that when the whole of America wakes up from the morning of Monday, March 30, everyone will be greeted by the crazy news that more than $300 billion worth of Internet media and entertainment giants will be born. Shocked!

Among this shocking group are employees of AOL and Time Warner Turner – the vast majority of whom are at the grassroots level of information asymmetry, after all.

As for the reactions, there are no more than two categories - AOL is extremely excited, and Time Warner Turner is slightly disappointed.

Henry Luce III, the son of Time Magazine's founder, Henry Luce, was also the one who realized it later.

On the way to Manhattan, Henry Luce III received a call on his cell phone and learned that his father's company in the 1920s was about to be bought by an Internet rookie.

This news was as tragic for him as the assassination of US President John F. Kennedy and the explosion of the USS Challenger to pieces.

But that's the reality, and Henri Luce III isn't even qualified to point fingers!

Wall Street is equally shocked – perhaps sensing a hint of wind and grass, but such so-called omens are innumerable every day, and only when the dust settles will they have real value.

When the London stock market opened first, the stocks of Time Warner Turner and AOL rose sharply; The same is true when the New York stock market opens.

But whether it is shocked by the news or pursued by the stock market, in the final analysis, it depends on whether the two protagonists, Time Warner Turner and AOL, will officially announce the merger.

……

At 10 a.m., the official press conference of "the first global media communication company for the Internet century" was held at the AXA Justice Center, which is connected to Rockefeller Center.

With a multi-purpose auditorium that can accommodate nearly 500 people, it can easily host a variety of events including product launches, corporate meetings, live TV, broadcasts, award ceremonies, and more, which were officially announced here in the merger of Time Group and Warner Media, and the merger of Time Warner and Turner Broadcasting.

Media reporters who received the notice, holding laptops, crowded the auditorium; Photographers are scrambling to find the best spots to get a clear shot.

The atmosphere of this press conference was not the solemnity of the imagined entangled in serious financial issues, but more close to a well-planned and lively awards ceremony.

Gerard Levine, Richard Parsons, Steve Case, Robert Pittman, Michael Kelly, Ted Turner, Tang Huan...... Wait, all the participants who promoted this merger and acquisition have all come to the stage.

Of course, the protagonists in the middle are AOL Time Warner Turner Chairman Steve Keys and CEO Gerard Levine.

Many of the details of the press conference were very interesting – for example, in terms of dress, Internet rookie Steve Keys wore a conservative black suit, and Gerard Levine wore a very recognizable Silicon Valley suit - a crumpled khaki uniform and an open-collared shirt.

It is in response to that sentence - life is like a play!

One of the most ironic things is that two hours before the vote on Time Warner's Turner board, Gerard Levine and Steve Case, who were close to breaking up over a power distribution dispute, were now intimate — hugging each other excitedly in the reflection and the ever-flickering spotlight.

At this time, these two people tacitly explained to the gathered crowd that this was an equal merger and acquisition, and the cooperation between the two parties was also a match made in heaven, a love matched by fate.

Steve Keys has repeatedly said: "Gerald Levine and I have always been good friends. ”

Gerald Levine, with pride on his face, replied approvingly: "Journalists, you can look at the body language here, and the interaction that we already have - we have long since become a company with excitement and hugs." ”

Of course, it wasn't just Gerard Levine and Steve Keys singing duets, and the others sitting in a row of wooden canvas chairs had to work together to express their opinions.

Ted Turner, who made it clear that he fully supported the merger, bragged: "At nearly 9 o'clock last night, I had the honor of signing the paper for the final vote." ”

"You know, this vote almost means that I have 100 million shares. The passion and enthusiasm I had when I did it was almost the same as when I first loved~ more than I did it more than 40 years ago, maybe more than then. ”

Ted Turner is done rambling at a moment's length, and Mr. Richest Man must blow a few cowhide words with the crowd!

"I still think -- as Henry Luce, the founder of the times, famously said—that the twentieth century was America's century; And the next century will be the century of the Internet! Work, Play, Socialize, Shop ...... and so on, with the ubiquitous Internet, new ways of application will evolve. ”

Speaking of this, Tang Huan said in an accentuated tone: "Even, as a network terminal, everyone can become an information publisher, and then a new form corresponding to traditional media will emerge - We_Media, that is, self-media." ”

"AOL, for example, will soon use a technology developed by Zheru Software to launch a service called 'Blog' -- 'Blog', so that every Internet user can experience that he is a publisher of information."

"Therefore, at the dawn of the new millennium, all companies, large and small, must undergo a digital, networked transformation; Otherwise, they will face a cruel demise. ”

"In this case, Time Warner Turner is clearly very forward-thinking and ahead of the curve."

"This is a great turning point in history! I am honored to be one of the witnesses like all of you. ”

……

With Ted Turner's "Jewel in front", Tang Huan's statement, although deafening, is inevitably a little "plain".

So the reporter dug up: "We all know that before, Ted Turner was the largest individual shareholder of Time Warner Turner, and you were the largest individual shareholder of AOL; So, who is now the largest individual shareholder in this new AOL Time Warner Turnnery? ”

The richest man replied quietly: "It's me!" ”

Another reporter asked: "We noticed that AOL Time Warner Turner spans three major fields: media, entertainment, and the Internet; As a significant shareholder of Luen Mei, MGM, and 20th Century Fox, how will you deal with the conflict of interest in the entertainment industry between your Yanle Entertainment Group, which owns three major Hollywood brands: Luen Mei, MGM, and Twentieth Century Fox? ”

"I don't believe there is a conflict of interest between Yanle Entertainment Group and AOL Time Warner Turner." Tang Huan smiled faintly, "You should also know that in addition to the three major Hollywood brands of Luen Mei, MGM and Twentieth Century Fox, Yanle Entertainment Group also has Golden State Warriors, Oakland Raiders, and Oakland Athletes in the sports field; EA in the field of video games; Companies such as Hasbro in the toy field. ”

"This investment strategy shows that Yanle Entertainment Group is committed to providing a full range of entertainment content, and has been relentlessly exploring digitalization and networking over the years, and confidently occupies a unique advantage."

"As a shareholder of Yanle Entertainment Group and AOL Time Warner Turner, I will continue to promote complementary strengths between them - just like the content cooperation with Turner Broadcaster and AOL before."

The other party continued to ask: "Is it possible that there will also be mergers and acquisitions between AOL Time Warner Turner and Yanle Entertainment Group in the future?" ”

"The world is unpredictable, and I can't give you an affirmative answer – can you imagine how the Internet will grow so rapidly in just a few years?" Mr. The richest man shrugged his shoulders, "However, Yanle Entertainment Group has its own development strategy and has recently been talking about an acquisition. ”

A beautiful female reporter, taking advantage of her own advantages, asked curiously: "So, can Tang reveal the content of the acquisition of Yanle Entertainment Group?" For example, the amount of acquisition. ”

"Sorry, I can't disclose too much information in advance. But the lady always has to make an exception......" Tang Huan casually pointed to the eye-catching banners and nameplates at the scene, "The acquisition amount must not be comparable to AOL Time Warner Turner, that is, more than 10 billion US dollars." ”

The beautiful female reporter covered her mouth with her hands and made a look of discoloration, and Ted Turner, who looked at the side, laughed without regard to her manners, "Don, I thought you would be taken by them all the way off topic!" ”

……

The richest man has finished bragging, and it is once again the turn of AOL Time Warner Turner CEO Gerard Levine to point the finger in high spirits.

Faced with a sharp question about how could Time Warner Turner accept AOL stock as legal tender, Gerard Levine replied with the audacity: "I accept market capital in cyberspace because I think something significant is happening right now." Most people may not be very receptive to these values; But actually, for me, it's really simple – it's a belief that the future flow of money now, the value is important; That's the question of how you can defend it! Justifying the future with the future, the stock market value of new media is real, and the value of AOL is also real......"

As if realizing that what he said was a bit cloudy and obscure, Gerald Levine waved his hand to Tang Huan, who was deliberately sitting on the edge in a low-key manner, "Now I can prove this - didn't the Forbes Global Rich List just refresh Tang's net worth to more than 200 billion US dollars--If you look at the data analysis in detail, it is not difficult to understand the real value of the Internet." ”

……

In the next day, the major mainstream media began to officially report -- "the first global media communication company for the Internet century" -- the American online Time Warner Turner, worth more than $300 billion, was born!

Among the newspapers, even the traditionally conservative New York Times used a three-line headline that reached 12.7 centimeters high.

"AOL agreed to buy Time Warner Turner for $165 billion."

"This media M&A is the richest M&A."

"The richest man in the world, Tang, has become the largest individual shareholder of AOL Time Warner Turner."

The New York Times even took a rare look at the rendering – using a single page to publish three photographs of four people under the bold headline "You're going to merge."

One of the pictures in the middle is Gerald Levine and Steve Case, happy as a couple;

A photo in the lower left is Ted Turner who made the metaphor of "better than life ~ sex";

A photo in the lower right is Tang Huan, who gives the conclusion that "the next century will be the century of the Internet". The meaning of "you have to live a good life" is so profound that it can be revealed through the paper.