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AOL,Time Warner Merger Approved
America Online's $100 billion purchase of Time Warner cleared its final government hurdle and closed Thursday, spawning an unprecedented powerhouse of old and new media. The Federal Communications Commission approved the biggest merger in U.S. history with conditions aimed at protecting rival instant-messaging providers and small Internet service providers.
Time Warner is the world's biggest media company. Its vast arsenal features CNN and HBO, People and Time magazines, Warner Music artists Madonna and Warner Bros. films such as Batman.
AOL dwarfs its nearest competitors, with 26 million Internet subscribers and 150 million instant-messaging users. Instant messaging lets users exchange missives that immediately pop up on the screen.
"This is a historic moment for consumers," says Steve Case, chairman of AOL Time Warner.
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