The Washington Post takes a look (in retrospect) of the AOL Time Warner merger and decides that it was a big mistake. The only people who might have made out well were AOL shareholders - whose shares are probably worth more, because of Time Warner, than they would have otherwise. I think that everyone knew at the time that Time Warner was really the more valuable piece of the puzzle - but I don't think the two companies have done a very good job leveraging each other.
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