Stories by Jonathan Rabinovitz, Greg Dalton and Miguel Helft

It's an M&A World

Only a few years ago an Internet pure-play like America Online would have touted its absence of brick-and-mortar operations - magazines, television stations and cable operations - as a sign of its superior value. In those days, a move to merge with a traditional "real-world" company would have meant risking the company's high stock value.