There Must Be a Pony in Here Somewhere: The AOL Time Warner Debacle and the Quest for the Digital Future

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Enjoyable account of the AOL Time Warner deal

This is not just about AOL

The story of people behind the rise and fall of AOL

Crash of the Titans

Wonderful, Easy to Read Perspective on AOL-Time Warner Deal

There Must Be a Pony in Here Somewhere: The AOL Time Warner Debacle and the Quest for the Digital Future
Kara Swisher
Manufacturer: Three Rivers Press
ProductGroup: Book
Binding: Paperback

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ASIN: 1400049644
Release Date: 2004-10-26

Book Description

“AOL had found itself at the edge of disaster so frequently that one of its first executives, a brassy Vietnam veteran and restaurateur named Jim Kimsey, had taken the punch line of an old joke popularized by Ronald Reagan and made it into an unlikely mantra for the company. It concerned a very optimistic young boy who happened upon a huge pile of horse manure and began digging excitedly. When someone asked him what he was doing covered in muck, the foolish boy answered brightly, ‘There must be a pony in here somewhere!’” —From the Prologue

If you’re wondering what happened after “a company without assets acquired a company without a clue,” as Kara Swisher wryly writes, it’s time to crack open this trenchant book about the doomed merger of America Online and Time Warner. On a quest to discover how the deal of the century became the messiest merger in history, Swisher delivers a rollicking narrative and a keen analysis of this debacle that is a must-read for anyone who wants to understand what it all means for the digital future. Packed with new revelations and on-the-record interviews with key players, it is the first detailed examination of the merger’s aftermath and also looks forward to what is coming next.

It certainly has not been a pretty picture so far—with $100 billion in losses, a sinking stock price, employees in revolt, and lawsuits galore. As Swisher writes, “It is hard not to feel a bit queasy about the whole sorry mess...It felt a bit like I was watching someone fall down a flight of stairs in slow motion, and every bump and thump made me wince. It made me reassess old ideas and wonder what I had gotten wrong. And it left me deeply confused as to what had happened and, more important, what was coming next.”

For Swisher, finding the answers to what went awry is important because she remains a staunch believer in the digital future—maybe not in the AOL Time Warner merger, but in the essential idea at the heart of it that someday the distinction of old and new media will no longer exist. Borrowing from Winston Churchill, Swisher calls it “the end of the beginning” of the digital revolution. “By that, I mean that it is from the ashes of this bust that the really important companies of the next era will emerge. And that evolution will, I believe, be shaped by what happened—and what is happening now—at AOL Time Warner.”

To figure it all out, Swisher takes her reader on a journey that begins with a portrait of two wildly different corporate cultures and businesses that somehow came to believe, in the crucible of the red-hot Internet era, that they could successfully join forces and achieve unprecedented growth and success. When the merger was announced in early 2000, the irresistible combination was hailed as the new paradigm and its executives—Steve Case, Jerry Levin, Bob Pittman—as popular icons of the future. But after the boom so spectacularly turned to bust and the visions of New Media Supremacy lay in ruins, Swisher searches for clues about where the merger went wrong and who is to blame.

More important, she looks to the future of both AOL Time Warner and the Internet as she seeks to answer the key question that the noise of the disaster has all but drowned out. Will the demise of the AOL Time Warner merger be the final and inevitable chapter of the dot-com debacle or will it herald a new paradigm altogether? This book, then, is a primer for the time to come, using the story of the AOL Time Warner merger as the vehicle to show the troubled journey into the future.

“Swisher narrates human foible and brilliance, a train-wreck tale brightened by plenty of personality—including her own, sparkling through in laugh-out-loud observations on almost every page.” —Boston Globe

“Swisher displays a finely honed hogwash detector and maps AOL’s inevitable fall with the perfect amount of cynicism and whimsy.” —Newsday

“Swisher delivers a readable account of the gigantic merger and why it didn’t work. She mixes in distinctive humor with hard-core reporting to expose a monumental exercise in ineptness.”—Dallas Morning News

“[Readers] will be entertained by Swisher’s barbed wit and carried along by her expertly constructed narrative.” —Forbes.com

“Swisher moves her narrative along swiftly and adopts a pleasingly irreverent tone...Better yet, Swisher diligently reconstructs the optimism with which many Time Warner officials (including Ted Turner) greeted the merger. The merger was not a total loss...Swisher has produced an enjoyable book about it.” —Washington Post

“Swisher explains in her excellent new book why the merger turned out to be a rotten egg...Pony is a wickedly funny, insider-y tale...Swisher deftly paints the characters of the top executives, then exposes all the bickering and backstabbing.” —San Francisco Weekly

“Swisher has a wicked sense of humor and a keen eye for human foibles and folly.” —Chicago Sun-Times

“[An] entertaining and sharply written analysis of the fateful AOL Time Warner merger.” —Variety.com

Customer Reviews:

Enjoyable account of the AOL Time Warner deal.......2006-12-15

Swisher's account is lively and engaging. The only quibble I have with it is that she injects herself into the story at several points, inappropriately, it seems to me; she's supposed to be a journalist, isn't she? The story is really not completely objective. But that's a small quibble; the basic facts are fairly presented as they occurred. I did enjoy reading the book.

This is not just about AOL.......2005-11-18

Swisher is a remarkable writer. She is able to capture the personalities, hubris, technological hype, and all the other elements that went into one of the worst merger deals in history. She has a remarkable ability to capture both the substance of the deal points, how both entities came to the position that they did and yet offer larger lessons on corporate America. The book is entertaining and instructive. It would be a great read if you are interested in any of the following topics - the internet bubble, corporate egos, corporate finance, the new versus the old media or if you simply want to read a very entertaining book.

The story of people behind the rise and fall of AOL.......2004-10-30

This book chronicles the saga of the much maligned merger between AOL and Time Warner. A deal that exemplifies the era of dot.com speculations, shady accounting, and wealth created by the absurd free-for-all that was the mid to late `90's. When the bottom dropped out of the dot.com boom the merger left few standing and the biggest single financial loss in corporate history.

The book looks at the storied and unlikely emergence of AOL, through an often dizzying and phoenix-like rising from the ashes of one failed concept after another. Throughout, the narcissistic antics of the leaders of the company are legendary. David Colburn, the famed deal maker at AOL, used particularly colorful language in his wholesale assault on those he sought to best (Page 46), never content to merely close a deal but demoralize people in the process. He is but one of the many examples.

Time Warner head Jerry Levin, who took most of the blame for the disastrous merger, was himself a study in what happens when leaders insulate themselves from feedback. The sections on Levin are perhaps the most interesting. Devastated by the murder of his son, and the events of 9-11, Levin occasionally demonstrated "jerry mcguire-esqe" moments of humanity, including a plea for the organization to dedicate itself to serving the public good. (Page 207) A plea that was met by outright hostility as it was timed with the release of the admission that the new AOL-Time-Warner would miss all of its projected financials. Steve Case, himself a unique individual, is profiled as an enigma. Both eventually take the fall for the financial debacle.

Throughout the book the author provides powerful, yet subtle, glimpses of how real life values and meaning intercede in the "hamster on a wheel" joke that is the true character of many corporate executives. Despite the money and the power, it is clear that many of these leaders were disillusioned and left wondering what life really means.

Of particular interest here is perhaps the best example ever assembled of the power of culture. The culture clash between Time and Warner was never resolved even prior to the even worse clash of the AOL deal. An executive describing the cultural issues existing at Time Warner prior to the deal underscores the magnitude of the gap: "At Warner, if you didn't make mistakes you'd be fired because you were not taking enough chances; At Time the attitude was - don't make mistakes". (Page 73) The clash with AOL was even more severe.

The AOL executives were hated with a passion usually left to sports rivalries and terrorists, and often employees compared the merger to the "Nazi's invading Paris". When several key AOL leaders were ousted it was compared to the fall of the Taliban! There are simply way too many examples of failed due diligence, obviously on the financial and contractual aspects of the deal, but also on the total lack of insight into the devastating impact of the culture clash and poor integration and leadership. Blame flies unabated off of nearly every page on whose fault it was; the brash arrogance of AOL or the stodgy lack of vision at Time Warner, but regardless it is a textbook case study on how important culture and creating shared vision is to success.

I recommend this book highly. There are many lessons to be learned here, and it is an engaging and fun book to read. Well done.

Crash of the Titans.......2003-11-22

Much of Kara Swisher's lively chronicle of the biggest media merger in history is focused on two visionary company leaders: AOL's Steve Case, who made the company into the 800-pound gorilla of cyberspace but could never seem to turn that power into genuine respect; and Time Warner's Gerald Levin, whose efforts to take the venerable media company into a Net-based future met with one failure after another (FSN, Pathfinder). In theory, the merger should have given both partners what they wanted. So what went wrong? Swisher counts the ways, from bad timing (the tech boom of the late 90's was already starting to wane when the merger was first announced) to tumultuous ego clashes between the "young turks" of AOL and the feudalistic "old school" hierarchy of Time Warner. And then, of course, there's the money. Swisher details AOL's "creative" accounting practices, Time Warner's less-than-diligent due diligence (possibly a product of Levin's determination to make the merger happen, no matter what), and the desire on both sides to create a "synergy" of old and new media, with no clear idea on how to make it happen. Synergy was AOL-Time Warner's Holy Grail, all-important but ever-elusive, and when the company failed to get it, the stock price tumbled. Swisher's prose style is accessible and informative. When she offers personal anecdotes or opinions, they are never intrusive or self-important; instead, they add dimension and context to the narrative, fleshing out the how-high-can-we-go? headiness of the late 1990's. My only complaints are minor ones. First, I wish the book contained a "cast list" of the major players for quick reference; when the surnames start flying around (Pittman, Parsons, Colburn, Crawford), it would have been nice to have a reminder of what positions each person held. Also, and this is no fault of Swisher's, the book went to press before the ideal ending could be included: the decision to drop AOL from the company name. (In fairness, Swisher did predict the name change would happen, and she expected it sooner rather than later. Perhaps the paperback edition will feature an extended coda.) When the merger was first announced, Ted Turner, a major stockholder and Warner board member, compared the experience to "that night when [he] first made love some forty-two years ago." By the end of There Must Be a Pony, readers may have much earthier metaphors in mind.

Wonderful, Easy to Read Perspective on AOL-Time Warner Deal.......2003-11-22

I would get this book prior to any trip...it is well-written with an irreverent, breezy style and an eye to the clever phrase or interesting anecdote. It is fun to read. The author, Kara Swisher, not only chronicles the AOL-Time Warner transaction but also provides interesting perspective on the late 90's and early 00's. One could ask why my comments and why this particular book? The book has value in that the author lived through this period, understood the genesis of the acquiring company, AOL, and importantly, was a keen observer of Time Warner (including its key players, Jerry Levin and Ted Turner among others) and the transaction that took place. To give you a sense of her style and perspective, she describes the merger as " a company without any assets acquiring a company without a clue."

What makes the book worthwhile is the author, her style and most importantly, the relationships she established with almost all of the main players. She had extraordinary access to them over time and they were comfortable enough with her to provide their own perspectives in something other than a self serving manner. There are no heroes only fools, some more gullible than others.

Buy it, you'll enjoy it and you will remember to look for Kara Swisher's by-line when you next read the Wall Street Journal.

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There Must Be a Pony in Here Somewhere: The AOL Time Warner Debacle and the Quest for a Digital Future
Kara Swisher , and Lisa Dickey
Manufacturer: Amazon Remainders Account
ProductGroup: Book
Binding: Hardcover
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"Rebuilding KBW is eloquent testimony to the strength, spirit, and will of the people of our city."
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"There are no management manuals for rebuilding a firm after the tragedy that KBW suffered on 9/11. KBW's success in their restoration is a testament to the skill and determination of the people at the firm and the deeply felt need of their friends and supporters throughout the country to help them succeed. That business success was matched by their concern for the families of those who did not survive the 9/11tragedy. As a member of one of those families and a longtime friend and client of the firm, I am deeply moved by its story. KBW is, at the same time, but one example of the strength and spirit of Americans and New Yorkers who cannot be defeated by the forces of evil."
-Thomas S. Johnson, Chairman and CEO, GreenPoint Financial

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Triumph Over Tragedy tells the powerful and compelling story of KBW's destruction and rebirth. Firsthand accounts from dozens of staff members at all levels describe the horrifying events of September 11, recall the devastation and suffering in the aftermath of the tragedy, and explain how, in the face of overwhelming destruction, they found the will and resources to survive and thrive.

The people of KBW set a new standard for disaster recovery and redefined our understanding of how much loss one company can endure and still rebuild. Their story offers lessons of hope and renewal that will inspire anyone struggling with personal or professional loss due to unforeseen tragedy.

Customer Reviews:

An Inspiration for All.......2007-03-17

John Duffy's Triumph Over Tragedy documents the most painful day in American history. He shares his suffering from not only the loss of his Wall Street firm, but the loss of his son on 911. John is a natural born leader and an inspiration for all. Since the tragedy his firm, KBW, has once again become a powerhouse focusing on Wall Street's Financial Services Industry. Readers will walk away thanking John for sharing such an incredible and uplifting story.

Triumph Over Tragedy.......2002-10-08

The book not only documents the terrible events of that tragic day but provides a balanced historical prospective of the firm's philosophy and a description of the business itself that helps to understand how the firm has been able to triumpth over the tragedy. It is a particularly timely book in these times of great public mistrust of corporate culture.

A Must Read, On or Off Wall Street.......2002-09-13

The title explains it best. Reading this book will give anyone the drive and inspiration to move forward through even the worst of circumstances. Although the loss of nearly 70 employees and the death of fathers and sons may have brought this boutique firm to its knees, the entire office fought back to secure even a stronger position in the investment banking world. There have been thousands of stories that have come from the disaster of September 11, none have been told as well as this one.

Triumph Over Tragedy : September 11 and the Rebirth of a Business

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Book Description

Exploring the full scope of processes and challenges involved, this book helps you develop outstanding kiln operations for drying softwood of all kinds.

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