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Showdown at Time Warner


NOT ABOUT ADS? In March, 2001, Bertelsmann needed cash. It exercised its option to sell and tried to persuade Time Warner to pay in cash instead of stock. Time Warner agreed but demanded that the German company buy a large quantity -- $400 million worth -- of AOL ads in return for the more valuable cash payment. Bertelsmann agreed, and ads promoting its products began appearing online immediately.


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