Compilation | April 2007

AOL/Time Warner: To Merge or Demerge?

by David J. Collis and Troy Smith


This is a compilation of four analyst reports about the AOL/Time Warner merger of 2001. The first half cites three reports released in 2000, around the time the merger was announced, which give the logic and justifications for the merger. The second half is taken from a report by Lazard Freres & Co., released in February 2006, which champions the break-up of Time Warner (formerly AOL/Time Warner) into four separate companies. Comparing and contrasting the different opinions of the analyst reports yields insights into both AOL and Time Warner, and leads to a better understanding of mergers and acquisitions more generally.

Keywords: Mergers and Acquisitions; Reports; Business Divisions; Media and Broadcasting Industry; Entertainment and Recreation Industry;


Collis, David J., and Troy Smith. "AOL/Time Warner: To Merge or Demerge?" Harvard Business School Compilation 707-556, April 2007.