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Posted by earle robinson on June 24, 2008, 6:00 pm
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Bob Goudreau said
> Time-Warner did not buy AOL; rather, AOL bought Time-Warner-Turner
> in a spectacular (for AOL shareholders) exploitation of the very top
> of the stock [bubble]
Very true. Mind you, aol had always played games with its financials and
never generated any real cash flow. Time warner offered what aol lacked: a
large cash flow. But, while aol had little debt, not surprising since it had
few fixed assets, time warner had colossal debt from the purchases by steve
ross of time-life and warner brothers movie studios. The idea was that time
warner would provide the cash flow for further growth while aol represented
the future of business.
-er
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