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AOL founder leaves Time Warner

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  • AOL founder leaves Time Warner

    Source

    NEW YORK (Reuters) - Steve Case, the founder of AOL, Monday said he has resigned from the board of Time Warner Inc. ending a painful chapter in the history of the world's largest media company.
    Is there any other high-ranking Hawaii-born/raised people? (Steve Case graduated from Punahou)
    How'd I get so white and nerdy?

  • #2
    Re: AOL founder leaves Time Warner

    Originally posted by doc1456
    I don't think Steve Case resigned willingly. I think he was "encouraged" to resign because Time Warner is getting ready to jettison AOL. He also has his hands full with his other family businesses, including Maui Land and Pineapple.

    Miulang
    "Americans believe in three freedoms. Freedom of speech; freedom of religion; and the freedom to deny the other two to folks they don`t like.” --Mark Twain

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    • #3
      Re: AOL founder leaves Time Warner

      ]"Case was one of the original architects of the merger of AOL and Time-Warner (Research), which helped erase more than $200 billion in shareholder value from the stock." (from above CNN Money link)

      Steve Case seems to have done for TimeWarner what Bush2 is doing for the United States.


      Another source, Business Week says Steve Case's deal with Time-Warner's Carl Levin "eventually caused the stock to lose $135 billion in market value". Obviously the folks at Time-Warner's CNN don't make their calculations from the same figure.

      Business Week goes on:
      "Many thought that someone (like Case) whose empire had so dramatically imploded would, or should, live in self-imposed exile for a while. But Case was wealthy enough and ambitious enough to think he could start anew.

      "Revolution is a private holding company that Case is funding with $500 million of his estimated $825 million fortune and that will invest in health care, wellness, and resorts."

      "On Mar. 21, Time Warner settled Securities & Exchange Commission allegations of accounting violations at AOL, after having resolved Justice Dept. criminal charges last year, without admitting or denying wrongdoing; the total settlement comes to $510 million. But the investigations are ongoing. Case, who remains a Time Warner board member, as well as other directors and executives may be on the hook for multimillion-dollar damages in a pending shareholder class action."

      "What Case will acknowledge is the very real possibility that this endeavor may amount to little. 'Maybe 10 years from now, we'll be a horrible failure,' he says. 'But I'm willing to put my money where my mouth is.'"

      "Case now plans to build Miraval spas in Hawaii, Mexico, and the East Coast; in a decade, he envisions local "wellness" centers in 100 communities across America, all offering Miraval programs. And on Mar. 18, Case purchased Wisdom, the only cable channel devoted to the genre, with 6.5 million subscribers.

      "So far Case has spent about $125 million to start Revolution. No one doubts that he'll put up the full half a billion dollars he has promised. But can he create a new empire? Even Case says he could be embarrassed a decade from now, having wasted a lot of time and a lot of money trying to fix health care. Good thing Case has plenty of both. He'll need them."
      Last edited by waioli kai; November 1, 2005, 08:08 AM.

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