America Online (AOL) and Time Warner announce the largest corporate merger in U.S. history, a transaction valued at $183 billion on the day it is made public. The takeover marks the first time a new corporate giant created by the Internet boom uses the “new economy” value of its stock to acquire an older Fortune 500 company. The new AOL Time Warner becomes the fourth-largest company in the United States and is valued at $342 billion.
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