Showing posts with label merger. Show all posts
Showing posts with label merger. Show all posts

To the End of Time: The Seduction and Conquest of a Media Empire Review

To the End of Time: The Seduction and Conquest of a Media Empire
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"To the End of Time" is about the merger between Time Inc and Warner Communications during the eighties written primarily from the Time Inc. perspective. Richard Clurman worked for Time for over twenty years so has a lot of inside knowledge of the company, people and history. He reviews the background of the two companies and for the Warner side focuses on Steve Ross as the man that built Warner Communications into a successful entertainment company. The main themes in the book are the impact on the merger of the two very different cultures of the two companies, the merger process itself, Steve Ross's ability to charm and persuade in a way that made it seem like it was the other person's idea and finally the beginning of the diminishing of print journalism. The last one is even truer today then it was 18 years ago when the book was written.
Richard Clurman even with strong ties to Time provided a fairly objective view of both sides although it was clear that he was more familiar with the Time side and to be fair his thesis was the impact on Time. Connie Bruck's "Master of The Game" is a good book to get the opposite perspective from the Warner side. At the time the book was written the author could not know if the merger would be successful and in fact at that time Wall Street had a very unfavorable opinion. However knowing what we know now the real value in Time Warner is the content (movies, HBO, network and cable programming, DC comics/Batman). The plumbing (cable companies) are being spun off and the print side still has an iconic aura but the readership has continued to decline and is more dependent on on-line presence. AOL was a bad bet but that came after the subject of this book. So one could say the content side of both sides of the merger are doing very well and therefore support the original instincts of the architects of the merger.


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Fools Rush In : Steve Case, Jerry Levin, and the Unmaking of AOL Time Warner Review

Fools Rush In : Steve Case, Jerry Levin, and the Unmaking of AOL Time Warner
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This was the biggest of them all. In the madness for tech stocks where millions rushed in to make a fast buck, as is the case with all such crazy manias starting with the legendary tulips , billions of dollars were generated out of thin air, virtually, and in the most recent decade , perhaps digitally. Suddenly, reality strikes, gravity starts acting and the rest is history. Sadly, history repeats itself.
This book is the story of AOL using virtual money to buy real assets. If the real story is interesting, Nina Munk has made it exciting. Grass on the other side is greener, the old saying goes. AOL wanted something real to latch on in its digital world while Time Warner was craving for digitization. A merger, would be a perfect marriage, as it appeared to the CEOs of the two companies. Three years since then, over $ 200 billion of stock valuations have evaporated back into where they belong - cyberspace. It is said that greed, optimism and herd mentality are the three drivers of capitalism . Need a better example ?
A repetition of these obvious facts is not what makes this book a good read. Nina Munk has diligently tracked the business histories of the companies involved, listed the key players and their biographies and then integrated this background into the main story of the merger and its problems.
Easy to read, and light on technical aspects. At the end, I personally feel that Time Warner in its new form has the capacity to come back. After all it is this true spirit of free enterprise that keeps America going. When the going gets tough, the tough get going.

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