America Online Inc. and Time Warner Inc. today announced plans to merge in an all-stock deal the companies value at US$350 billion.
The new company, to be called AOL Time Warner Inc., will have combined revenues of over $30 billion, the companies said in a joint statement.
AOL Chairman and Chief Executive Officer (CEO) Steve Case will serve as chairman of the new company, and Time Warner Chairman and CEO Gerald Levin will be CEO of AOL Time Warner, the companies said.
The merger will give AOL a new broadband distribution platform for its services, as well as new subscribers through access to Time Warner's media outlets, the companies said.
More details to follow.
An audio feed of the America Online/Time Warner press conference at 11 am EST will be available to the media by calling +1 888-469-1386 (US) or +1-712-271-0747 (international). The password is AOL.