A New Net Equation
First came the explosion. After America Online Inc. and Time Warner Inc. announced plans to merge on Jan. 10, their combined market capitalization plunged by $10 billion in three days. AOL shareholders howled that they would be saddled with a slow-growing old media company, while Time Warner stalwarts questioned the value of shares in a brazen young company that not so long ago was derided as America Offline. The collision of Internet believers and skeptics was a little like the interaction of matter and antimatter: blammo.
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