Book Description
In January 2000, America Online and Time Warner announced the largest merger in U.S. history, a deal that would create the biggest media company in the world. It was celebrated as the marriage of new media and old media, a potent combination of the nation's No. 1 Internet company and the country's leading entertainment giant, the owner of such internationally renowned brands as Warner Bros., HBO, CNN, and Time magazine.
But only three years later, nearly all the top executives behind the merger had resigned, the company had lost tens of billions of dollars in market value, and the U.S. government had begun two investigations into its business dealings.
How did the deal of the century become an epic disaster?
Alec Klein has covered AOL Time Warner for The Washington Post since the merger. His reporting on the company led to investigations by the Justice Department and the Securities and Exchange Commission. In Stealing Time, he takes readers behind the scenes to show how a clash of cultures set the stage for a spectacular corporate collapse. AOL's Steve Case knew it was only a matter of time before the Internet bubble of the late 1990s would burst, grounding his high-flying company. His solution: Buy another company to keep his own aloft. Meanwhile, Time Warner's Jerry Levin was enamored of new technology but frustrated by his inability to push his far-flung media empire into the Internet age. AOL and Time Warner seemed like a perfect match.
But the government forced the two companies to make concessions, and during the yearlong negotiations technology stocks tumbled. AOL executives lorded it over their Time Warner counterparts, who felt they were being acquired by brash, young interlopers with inflated dollars. The AOL way was fast, loose, and aggressive, and Time Warner executives -- schooled in more genteel business practices -- rebelled. In the midst of clashing cultures and conflicting management styles, AOL's business slowed and then stalled. Worse yet, AOL came under government scrutiny, and when the company conducted its own internal investigation, it admitted that it had improperly booked at least $190 million in revenue. The Time Warner rebellion gathered momentum.
This is a riveting story of ambition, hubris, and greed set amid the boom-and-bust years of the technology bubble. It is filled with outsized personalities -- Steve Case, Jerry Levin, Bob Pittman, Ted Turner, and many more. Based on hundreds of confidential company documents and interviews with key players in this unfolding drama, Stealing Time is a fascinating tale of the swift rise and even swifter fall of AOL Time Warner.
Download Description
"In January 2000, America Online and Time Warner announced the largest merger in U.S. history, a deal that would create the biggest media company in the world. It was celebrated as the marriage of new media and old media, a potent combination of the nation's No. 1 Internet company and the country's leading entertainment giant, the owner of such internationally renowned brands as Warner Bros., HBO, CNN, and Time magazine. But only three years later, nearly all the top executives behind the merger had resigned, the company had lost tens of billions of dollars in market value, and the U.S. government had begun two investigations into its business dealings. How did the deal of the century become an epic disaster? Alec Klein has covered AOL Time Warner for The Washington Post since the merger. His reporting on the company led to investigations by the Justice Department and the Securities and Exchange Commission. In Stealing Time, he takes readers behind the scenes to show how a clash of cultures set the stage for a spectacular corporate collapse. AOL's Steve Case knew it was only a matter of time before the Internet bubble of the late 1990s would burst, grounding his high-flying company. His solution: Buy another company to keep his own aloft. Meanwhile, Time Warner's Jerry Levin was enamored of new technology but frustrated by his inability to push his far-flung media empire into the Internet age. AOL and Time Warner seemed like a perfect match. But the government forced the two companies to make concessions, and during the yearlong negotiations technology stocks tumbled. AOL executives lorded it over their Time Warner counterparts, who felt they were being acquired by brash, young interlopers with inflated dollars. The AOL way was fast, loose, and aggressive, and Time Warner executives -- schooled in more genteel business practices -- rebelled. In the midst of clashing cultures and conflicting management styles, AOL's business slowed and then stalled.
Customer Reviews:
History and a Whole lot More.......2007-06-30
First, the style of this book makes for a great and enjoyable read.
The story begins with the background of an eccentric entrepreneur who has a tendency to have great ideas with a lot of flash, but a terrible habit of spending all of the money he borrows and asking for more. The idea he has come up with now is to have video games on subscribtion to people's homes. Knowing he will soon run out of money he hires his banker's brother to come on board (if we hire his brother he'll give us more money later). The banker's brother was working at Pizza Hut in marketing. His duties entailed tasting the pizza in various stores and his name was Steve Case!
Through this book you can watch Steve Case go from shy and unsure business plebe to a high powered and fast moving CEO who was groomed over many years to become one of the most iconic executives of the late 20th century.
There are also other details that are very interesting such as the insider trading schemes that made the AOLers very rich; investing in companies they were about to close deals with and then selling their shares as soon as the press release hit and that company's stock went up. There are stories of abusive power among the ranks and the major rivalry that came of the merger which disgruntled the Time Warner employees.
This is a great book for anyone interested in business stories, and this is one most who are, are familiar with.
The downfall of a great company (Time Warner).......2006-12-20
AOL Time Warner has been one of the most disastrous mergers of the century but it had the glimpse of the future in it. Overpriced AOL used to stock to buy a company with tons of equity but a low stock price. AOL sought the content of Time Warner to drive their website and failing business which was stemming from lack of content. When the tech bubble burst Time Warner was left holding a virtually useless company. The battle of egos and more realistically the collapse of AOL left this company in desperate shape. This is a great start to understanding how the company failed. It also is instructive in showing what search engines need to do. They need to get content and give people a reason to search AOL over Yahoo over Google or the other way around. The struggle for content is well shown here and is worth further consideration.
Good story, Poor writer.......2004-12-18
I really wanted to learn about this fascinating story: the dynamic personalities, the diametrically opposite companies, and their highly publicized $170b(?) merger. And I am willing to overlook a prejudiced author delivering a biased tome as long at he puts forth a good story. But this guy simply cannot write. The book is, at best, boring. Klein gives us inessential speculations on the characters' childhoods while never developing any of the real players. I like to be able to glean some insight as a result of reading a book like this but the author serves up absolutely nothing. Of course there are many lessons to be learned from this dot-com merger folly -- just not any from THIS book. Whatever positive reviews this book has received must have come from other `reporters' who mistakenly think that they too can cash in on their own utterly worthless 3-400 page book. In fact, read all the 5-star reviews and ask yourself if they were written by the author's friends.
If you enjoy well-written books of this type try: "Taken For a Ride" by Bill Vlasic & Bradley Stertz, "The One Best Way" by Robert Kanigel, "Goldman Sachs" by Lisa Endlich, "Inside Intel" by Tim Jackson, "When Money is King" by Richard Hack, "Consulting Demons" by Lewis Pinault, "Wireless Nation" by James B Murray, "Oil & Honor" by Thomas Petzinger, "Dark Genius of Wall Street" by Edward J Renehan, or "Steve Jobs & the Next Big Thing" by Randall Stross.
thoughts.......2004-12-11
good book that provides an interesting snap shot of the late 90s. Drags a bit in the third quarter and never quite rebounds.
Compelling Tale of Corporate Malfeasance.......2004-11-06
"Stealing Time" is a riveting saga told succinctly by Washington Post reporter Alec Klein. Depending on your point of view, it either comes across as a thriller or a Greek tragedy (perhaps both) chronicling the rise and fall of the AOL - Time Warner corporate merger. Klein is ideally suited to tell this story, since he spent two years covering the merger and its aftermath for the Washington Post. He discloses much of what went on behind closed doors at both AOL and Time Warner, recounting especially the spectacular rise and fall of AOL's corporate elite. Indeed, his reporting led eventually to Federal government investigations and the subsequent retirement of Steve Case, Jerry Levins, Bob Pittman - the primary architects of the merger - and the dismissal of several senior AOL executives.
Klein offers a fascinating portrait of these figures, the erratic Ted Turner, and last, but not least, Dick Parsons, Levin's annointed successor at Time Warner, who would emerge relatively unscathed by the firm's declining financial fortunes and internal corporate mudslinging. He also features some of AOL's top executives, most notably the infamous David Colburn, whose aggressive negotation style was responsible for AOL's financial woes. All of these portraits shed new light on the motivations of those responsible for the corporate merger.
Without question, Klein's book is a revealing examination of what went wrong with the AOL - Time Warner corporate merger. He shows why the merger was doomed to failure; it was quite literally a shotgun marriage orchestrated by Case and Levin which pitted the brash, exuberant dot.com corporate culture of AOL with against a more muted - if not less contentious - corporate culture within Time Warner. Klein's saga is one of the most important in recent business history, and may be the finest I have come across.
Book Description
A book that every employee should have in hand--a practical, no-nonsense guide to what sexual harassment is and what each manager, supervisor and employee should do about it. Companies will learn about limiting liability, training guidelines, and future trends. Managers and supervisors will learn a six-step program on how to stop harassment, the 10 factors for assessing an incident, and how to conduct an investigation. Employees will learn 25 things to do if sexual harassment happens to them.
Customer Reviews:
A great tool!.......2000-07-08
A great tool and resource for everyone in the workplace. Supervisors and workers can all benefit from the practical approach presented by Ms. Webb. Be prepared, every Human Resource Office and supervisor should have a copy. Don't think it won't happen to you, I'm living proof it can. I'm assertive and confident - I never dreamed it could happen to me. Educate yourself as a worker add Step Forward: Sexual Harassent in the Workplace to your personal library. Be well Linda
Average customer rating:
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Crisp: Sexual Harassment: What You Need to Know (Legal Issues in Business Series)
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Crisp: Sexual Harassment in the Workplace: A Guide to Prevention (Crisp Fifty-Minute Series)
ASIN: 1560523123 |
Book Description
It is imperative that employers correctly identify sexual harassment, know what preventative and remedial actions to take, and what liability is involved if no action is taken. This book details the legal implications of workplace sexual harassment, along with providing the knowledge and skills managers need to cope with this complex subject.
Book Description
This digital document is an article from Industrial Management, published by Institute of Industrial Engineers, Inc. (IIE) on March 1, 1999. The length of the article is 2580 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: The elements that constitute same-sex sexual harassment from a legal point of view are analyzed and suggestions for dealing with this behavior in the workplace are offered. The necessary background is provided by explaining legal aspects of sexual harassment. Two court cases involving same-sex sexual harassment, namely the 1997 Doe vs. City of Belleville and the Oncale vs. Sundowners offshore Services Inc, are also analyzed. The implications of these cases are discussed.
Citation Details
Title: What you need to know about same-sex sexual harassment.
Author: Ross L. Fink
Publication:
Industrial Management (Magazine/Journal)
Date: March 1, 1999
Publisher: Institute of Industrial Engineers, Inc. (IIE)
Volume: 41
Issue: 2
Page: 22(4)
Distributed by Thomson Gale
Book Description
The complete coverage of this book makes it an ideal companion for students of genetics. The core material is presented in outline form, to more easily digest and review key concepts. The coverage of the basic phenomenology of inheritance, genetic analysis, and genetic logic and rationales will be appropriate for every student taking a course in genetics. Additionally, review questions and problems appear at the end of each chapter, with answers included in the book.
Customer Reviews:
Gist of Genetics.......2005-05-09
I've had Dr. Davis as a professor and he used this book as a reading for the course. It is very helpful and straight to the point, will help you see the big picture, as well as providing the important details.
Really the gist of genetics.......2002-11-09
In my sophomore genetics class we used two textbooks. One is a 600 pages textbook filled with colorful pictures, the other one is the this book. After I spent hours reading and comprehending a chapter in the 600-pages tiny-font textbook, I turned to the 200-pages large-font Gist of Gennetics. And there it is, truly the gist of genetics. I regretted that I didn't read this book first but instead wasted my valuable time reading useless [junk]. The only problem is that this book is entirely black and white, with little to no picture (only has genetic diagrams). But unless you are the type who fall asleep reading b/w textbooks, this is a great book for quick understanding of basic genetics.
Excellent book...explains major concepts very clearly........1997-12-06
The Gist of Genetics
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Breakout
Sara Williams
Manufacturer: Hamish Hamilton Ltd
ProductGroup: Book
Binding: Hardcover
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Average customer rating:
- indispensable education for those who want to make it
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Equity Finance: Venture Capital, Buyouts, Restructure and Reorganizations
Joseph W. Bartlett
Manufacturer: John Wiley & Sons
ProductGroup: Book
Binding: Hardcover
Corporate Finance
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ASIN: 0471014648 |
Customer Reviews:
indispensable education for those who want to make it.......1999-02-03
The most comprehensive work ever written in this subject. Throughout reading it or learning from it one feels that the author has not only learned it from textbooks but mastered it through tough deals, negotiations. Reccommend to every aspirant who wants to become a player in this field. This is a treasure for those non US based applicants who lack the business environment which is natural in the States but still want to make it to a US Stock Exchange
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Investing in venture capital and buyouts
Manufacturer: Dow Jones-Irwin
ProductGroup: Book
Binding: Paperback
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ASIN: 087094682X |
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Management Buy-Outs and Venture Capital : Into the Next Millennium
Manufacturer: Edward Elgar Publishing
ProductGroup: Book
Binding: Hardcover
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General
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Investing
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| Bonds
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ASIN: 185898999X |
Book Description
This book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.
It addresses venture capital at the industry/market and firm level and provides full coverage on both informal and formal venture capitalists, management buy-outs, and competing and complementary sources of finance including bank finance and trade credit. The contributors also discuss issues not widely covered in the existing literature on the nature of venture capitalist-investee relationships and the revelation of knowledge, the costs of information searches, the development of appropriate forms of managerial and financial control systems, the role of the entrepreneur and bargaining models of contract negotiation. It uses case study examples from the US, the UK, and West and Eastern Europe.
This book will be of interest to practitioners, researchers and policy makers in the area of the financing and management of firms as well as academics and students interested in management buy-outs, venture capital, entrepreneurship and finance.
Book Description
This digital document is an article from San Diego Business Journal, published by CBJ, L.P. on August 20, 1990. The length of the article is 554 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: Ventana helps fund major buyout. (Ventana Growth Fund one of three firms involved in buying Kendall McGraw Laboratories)
Author: Sandy Hock
Publication:
San Diego Business Journal (Magazine/Journal)
Date: August 20, 1990
Publisher: CBJ, L.P.
Volume: v11
Issue: n34
Page: p5(1)
Distributed by Thomson Gale
Average customer rating:
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Venture Capital and Buyouts (Financial Risk Management. Corporate Finance)
A. Graham
Manufacturer: Routledge
ProductGroup: Book
Binding: Hardcover
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ASIN: 1579582567 |
Book Description
The Glenlake Series in Risk Management strives for simplicity, clarity, and ease of application on the complex subject of risk management. As every business academic and professional knows, risk management--whether for new products/services, transaction, interest rate, currency, cashflow, credit, or market risk--is now regarded as the most important business tool. This series involves time-tested training tools--whether for classroom application or individual study. Each title in the series makes extensive use of case studies, adapted specifically for a sophisticated international audience.
The topics covered in this title covers include: venture capital and its role in financing and risk management; industry overview; buyouts through venture capital; the investment process; role of the business plan in securing financing; sources and structures of financing; leveraged buyout financing; venture capital portfolios and portfolio valuations; glossary of terms.
Customer Reviews:
Depends Who You Are.......2003-03-26
If you are someone who is new to the private equity industry, then this book will be perfect for you. It lays out all of the basic concepts of private equity in easy-to-understand language.
If you already have more than a working knowledge of the industry, then this book will be far too basic for you.
Average customer rating:
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Equity Finance, Volumes 1-3: Venture Capital, Buyouts, Restructurings & Reorganizations
Joseph W. Bartlett
Manufacturer: Aspen Publishers
ProductGroup: Book
Binding: Paperback
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ASIN: 0735548528 |
Books:
- Technopoles of the World: The Making of 21st Century Industrial Complexes
- The 2007 Report on Beet Sugar: World Market Segmentation by City
- The 25-Day Financial Makeover: A Practical Guide for Women
- The Davis Dynasty: 50 Years of Successful Investing on Wall Street
- The Idea of Global Civil Society: Ethics and Politics in a Globalizing Era
- The Investor's Guide to Hedge Funds
- The Mortgage Kit: Select the Right Loan, Lock in the Lowest Rate, Negotiate the Best Terms (Mortgage Kit)
- The New Economic Analysis of Multinationals: An Agenda for Management, Policy and Research (New Horizons in International Business Series)
- The New York Times Dictionary of Money and Investing: The Essential A-to-Z Guide to the Language of the New Market
- The Price of a Dream: The Story of the Grameen Bank
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Fools Rush In : Steve Case, Jerry Levin, and the Unmaking of AOL Time Warner
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