Google Inc. moves to take over Time Warner Inc.
Posted: 9:00 a.m. PST, March 8, 2007
Palo Alto, Calif. -- In an unexpected move, Google Inc. (GOOG) has offered Time Warner Inc. (TWX) $50 billion in cash and stocks to merge with their company. The offer came as a surprise to Time Warner, who had previously been receiving offers for their AOL division from Microsoft Corporation (MSFT) and Yahoo! Inc. (YHOO).
Time Warner CEO Richard D. Parsons said that the timing of the offer from Google was interesting because of the other offers they had been receiving. He said that the offer is on the table for 30 days and will be discussed in great length. "Top priority is to take care of our employees," Parsons said.
Dr. Eric Schmidt, CEO of Google, said that the $50 billion offer was an overestimation of the actual value of Time Warner. "We pay a good price for a good product, we're not here to take advantage of people," Schmidt said. Schmidt also said that having these two companies come together would comprise the perfect merger. He feels confident that Google can accomplish what AOL was unable to do in their takeover of Time Warner. Schmidt also felt confident that the FCC would accept the merger as something legal. "If I had a concern about a perceived monopoly, then I would not have made the offer," Schmidt said.
Paul Kim, an industry analyst from Traditional Aerial Securities Inc., felt that the merger was a good idea as well. "I'm one to trust Google... their customers are happy and their employees are happy." Kim also feels that both Time Warner and Google can make great advances with this merger. "I think that this [merger] will be a major catalyst in other companies doing the same thing," Kim said.
Subscribe to:
Post Comments (Atom)
5 comments:
I really liked the opening line of your story. It sucks the reader in immediately. Great job!
Good job! Great use of the inverted pyramid .. you got out the facts in the beginning and it was really easy to understand what was going on. good use of quotes also
Great Job! Your story sounded awesome, it was easy to follow and included good facts and quotes that helped the reader understand what was happening! Nice wording and organization! Fantastic! :)
Great job, I enjoyed reading it. You made hard things to understand easy to read.
Wow, I would say, You sure did a great job. I know I should have put more in mine. But hey you used everything we have learned so far in the class. Keep up the great work. maybe the rest of us can learn from you.
Post a Comment