Fools Rush in: Steve Case, Jerry Levin, and the Unmaking of Aol Time Warner [NOOK Book]

Overview

Every era has its merger; every era has its story. For the New Media age it was an even bigger disaster: the AOL-Time Warner deal.

At the time AOL and Time Warner were considered a matchless combination of old media content and new media distribution. But very soon after the deal was announced things started to go bad—and then from bad to worse. Less than four years after the deal was announced, every significant figure in the deal -save the politically astute Richard ...

See more details below
Fools Rush in: Steve Case, Jerry Levin, and the Unmaking of Aol Time Warner

Available on NOOK devices and apps  
  • NOOK Devices
  • NOOK HD/HD+ Tablet
  • NOOK
  • NOOK Color
  • NOOK Tablet
  • Tablet/Phone
  • NOOK for Windows 8 Tablet
  • NOOK for iOS
  • NOOK for Android
  • NOOK Kids for iPad
  • PC/Mac
  • NOOK for Windows 8
  • NOOK for PC
  • NOOK for Mac
  • NOOK Study
  • NOOK for Web

Want a NOOK? Explore Now

NOOK Book (eBook)
$3.99
BN.com price

Overview

Every era has its merger; every era has its story. For the New Media age it was an even bigger disaster: the AOL-Time Warner deal.

At the time AOL and Time Warner were considered a matchless combination of old media content and new media distribution. But very soon after the deal was announced things started to go bad—and then from bad to worse. Less than four years after the deal was announced, every significant figure in the deal -save the politically astute Richard Parsons—has left the company, along with scores of others. Nearly a $100 billion was written off and a stock that once traded at $100 now trades near $10.

What happened? Where did it all go wrong? In this deeply sourced and deftly written book, Nina Munk gives us a window into the minds of two of the oddest men to ever run billion-dollar empires. Steve Case, the boy wonder who built AOL one free floppy disk at a time, was searching for a way out of the New Economy.  Meanwhile Jerry Levin, who'd made his reputation as a visionary when he put HBO on satellite distribution, was searching for a monumental deal. These two men, more interested in their place in history than their personal fortunes, each thought they were out-smarting the other.

Read More Show Less

Editorial Reviews

Barron's
“The best read...a sharp-edged narrative.”
Financial Times
“The most detailed account yet. . . . a compelling, fast-paced narrative.”
New York Times Book Review
“Marrying exemplary reporting with lively, lucid writing, Munk makes a devastating case that Levin wrecked the legacy of Henry Luce.”
Smart Money
“[A] delightfully scathing account of the AOL/Time Warner merger… ”
Wall Street Journal
“A gossipy tragicomedy that surely has Time founder Henry Luce making like a DVD in his good methodist grave.”
Philadelphia Inquirer
“A mesmerizing tale of corporate intrigue.”
Fast Company
“Superb... a tour de force that explores the motivations and actions of all the key players.”
Entertainment Weekly
“Eminently enjoyable...a gossipy, in-depth look at a deal doomed from the start. A-”
Read More Show Less

Product Details

  • ISBN-13: 9780061743740
  • Publisher: HarperCollins Publishers
  • Publication date: 10/13/2009
  • Sold by: HARPERCOLLINS
  • Format: eBook
  • Pages: 368
  • Sales rank: 739,004
  • File size: 509 KB

Meet the Author

Nina Munk is a contributing editor at Vanity Fair. A former senior writer for Fortune, her work has appeared in the New York Times Magazine, The New Yorker, and Forbes. Born in Canada, she lives in New York City.
Read More Show Less

Read an Excerpt

Fools Rush In
Steve Case, Jerry Levin, and the Unmaking of AOL Time Warner

Chapter One

By all accounts, Henry Robinson Luce was endowed with moral certainty at birth. Born in 1898 to American missionaries in Tengchow, China, Harry, as he was known, was a precocious and serious-minded child. At the age of five, as a diversion, he delivered religious sermons to his playmates. Later, turning to journalism, which he referred to as a "calling," he wrote: "I believe that I can be of greatest service in journalistic work and can by that way come nearest to the heart of the world." His father had devoted his life to proselytizing; likewise, Harry Luce would set people on the highway to truth. Making money was not his goal, as the terms of Luce's will would later make clear: "Time Incorporated is now, and is expected to continue to be, principally a journalistic enterprise and, as such, an enterprise operated in the public interest as well as in the interest of its stockholders."

When he was fifteen Luce arrived in America to attend Hotchkiss School. From there he went on to Yale. He was an exceptionally gifted student: he wrote poetry; he became assistant managing editor of the Yale Daily News; he graduated summa cum laude; he was admitted to Phi Beta Kappa; and he was voted "Most Brilliant" in his class. Harry Luce was most likely to succeed.

In the early 1920s, while he was working as a reporter at the Baltimore News, Luce, together with a former classmate from Yale, Briton Hadden, decided to start a weekly magazine called Time. A summary of the world's most important news, it would run articles of no more than four hundred words, orseven inches of type; it would also deal "briefly with EVERY HAPPENING OF IMPORTANCE," as Luce and Hadden explained in their prospectus. Unlike the Literary Digest, an existing summary of the news, Time would have a clearly defined point of view: "The Digest, in giving both sides of a question, gives little or no hint as to which side it considers to be right. Time gives both sides, but clearly indicates which side it believes to have the stronger position."

In early 1923, having raised $85,675 from seventy-two investors, Luce and Hadden published their first issue of Time. Only twenty-eight pages long, the entire issue of volume 1, number 1, dated March 3, 1923, could be swallowed and digested in thirty minutes or less. "It was of course not for people who really wanted to be informed," sniffed W. A. Swanberg in his definitive 1972 biography of Luce. "It was for people willing to spend a half-hour to avoid being entirely un-informed."

Those who worked for Time were rewrite men whose job was to shrink and condense articles from The New York Times and New York World, transforming them into "Timestyle," the quirky prose for which Time became famous (or infamous). Together the men invented neologisms — telescoped words like "socialite," "cinemaddict," and "guesstimate," for example. They also revived arcane terms such as "tycoon" (Japanese for "great ruler") and "pundit" (Hindi for "learned man"). Deeply in love with adjectival phrases ("To Swanscott came a lank, stern Senator, grey-haired, level-browed"), Luce and Hadden claimed they'd been influenced by Homer's Iliad with its inverted syntax and double-barreled epithets ("white-armed Hera" and "grey-eyed Athena" and "horse-breaking Trojans").

Time was pilloried by intellectuals. Parodying Timestyle for a 1936 profile in The New Yorker, Wolcott Gibbs wrote: "Backwards ran sentences until reeled the mind ... Where it will all end, knows God!"

In 1929, just as Time was becoming successful, Hadden died of a streptococcus infection, and Luce took over, borrowing money to buy Hadden's share of their company. He was thirty-one years old. Before long, Hadden would be a footnote in the history of Time Inc.

With a circulation approaching three hundred thousand, Time was now sufficiently profitable that Luce could afford to expand. Determined to spread his "fantastic faith in the industrial and commercial future of this country," Luce launched Fortune in 1930. Six years later, in late 1936, he introduced his most spectacular success, Life magazine. Its purpose: "To see life; to see the world; to eyewitness great events; to watch the faces of the poor and the gestures of the proud."

Within hours of its arrival at newsstands, Life was sold out all over the country. Struggling to find enough coated paper to meet the demand, Luce couldn't publish enough copies. Even he had never imagined Life would be so popular. After just four weeks, Life's circulation was 533,000; no magazine in American history had passed the half-million mark so quickly.

Sports Illustrated would come next. In contrast with Life, however, Sports Illustrated was not an immediate success. Launched in 1954, when spectator sports were looked down on as fodder for the working classes, Sports Illustrated was ahead of its time. But Luce was fully committed to his new magazine. Before long Sports Illustrated would broaden the appeal of spectator sports and change the way they were covered.

Long before Sports Illustrated had become profitable — even before it was launched — Luce had become a media baron. By the early 1940s, one in every five Americans was reading a Luce publication. Company revenues were $45 million. Emboldened by the success of his publications, Luce increasingly turned them into vehicles of political and moral propaganda. Money had never motivated Luce, but power did.

In 1941, decrying isolationism, Luce argued that it was time for America, the world's most powerful nation, to fulfill its duty to humanity. The twentieth century, he stated famously in an editorial written for Life, was "the American Century." Americans had to "accept wholeheartedly our duty and our opportunity as the most powerful and vital nation in the world and in consequence to exert upon the world the full impact of our influence, for such purposes as we see fit and by such means as we see fit."

Fools Rush In
Steve Case, Jerry Levin, and the Unmaking of AOL Time Warner
. Copyright © by Nina Munk. Reprinted by permission of HarperCollins Publishers, Inc. All rights reserved. Available now wherever books are sold.
Read More Show Less

Table of Contents

Note to Readers vii
Prologue xi
Part 1 "Resident Genius": From Time Inc. to Time Warner, 1923-1998
Chapter 13
Chapter 225
Chapter 345
Part 2 Enter the Internet Cowboys: AOL, 1985-1999
Chapter 469
Chapter 589
Part 3 The Big Deal: AOL and Time Warner, 1999-2000
Chapter 6123
Chapter 7155
Part 4 "Surviving is Winning": AOL Time Warner, 2000-2003
Chapter 8187
Chapter 9213
Chapter 10243
Chapter 11255
Epilogue 279
Notes and Sources 311
Acknowledgments 339
Index 341
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)