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Richard Parsons, former Time Warner CEO, dies at age 76
  + stars: | 2024-12-26 | by ( Marty Steinberg | ) www.cnbc.com   time to read: +3 min
Richard 'Dick' Parsons Daniel Acker | Bloomberg | Getty ImagesRichard Parsons, who helped Time Warner divorce from AOL after what was considered one of the worst takeovers in history, has died. As CEO and later chairman, he led Time Warner's turnaround, dropping "AOL" from the corporation's name and shrinking the company's $30 billion in debt to $16.8 billion by selling Warner Music and other properties. He said that after the merger, AOL's business had collapsed and Warner Music Group was declining, along with the entire music industry. Nelson Rockefeller, who became vice president under Gerald Ford in 1974 in the wake of President Richard Nixon's resignation. Former New York City Mayor Rudy Giuliani, left, and Richard Parsons, CEO, Time Warner Inc. chat at the media welcome party hosted by Time Warner before the Republican National Convention in New York, New York on August 28, 2004.
Persons: Richard, Dick, Parsons Daniel Acker, Richard Parsons, Time Warner, Lazard, Parsons, Gerald Levin, , Rockefeller, Richard Dean, Laura Ann Bush, Nelson Rockefeller, Gerald Ford, Richard Nixon's, Ford's, who've, Jimmy Carter, Belknap, Webb, Tyler, Rudy Giuliani, John D, Dennis Brack Organizations: Bloomberg, Getty, Time, AOL, AOL Time Warner, Warner Music, Independent, Warner Music Group, Time Warner, University of Hawaii, Albany Law School, moonlighting, Republican Gov, New York Times, Kykuit, Former New York City, Time Warner Inc, Republican National Convention Locations: Brooklyn's Bedford, Stuyvesant, Ozone, Queens , New York, New York, York, Patterson, Rockefeller, Briarcliff Manor, Westchester County, New York , New York
Gerald M. Levin, a “visionary” media executive, as he was often described, who became C.E.O. of the world’s largest media company, Time Warner, and an architect of its merger with America Online, widely considered the worst corporate marriage in American history, died on Wednesday. Mr. Levin had been diagnosed with Parkinson’s disease. Mr. Levin was Time Warner’s chief executive when he and his counterpart at AOL at the time, Steve Case, devised what was then the largest business merger in U.S. history. Instead, it became shorthand for the excesses of the turn-of-the-century dot-com bubble and the era of so-called synergy.
Persons: Gerald M, Levin, Time Warner, Jake Maia Arlow, Mr, Levin’s, Steve Case, Warner, Henry Luce, Jack Warner Organizations: Time, America Online, AOL, Jan, America, American, Hollywood Locations: Long Beach, Calif, Virginia
The network has survived merger after merger with one of the mergers, AOL Time Warner, considered the worst deal in modern American corporate history. The birth of HBO coincided with the modernization of television across the United States with the emergence of cable in the 1960s and 70s. HBO debuted on November 8, 1972, and it was one of the first paid television networks with 344 total subscribers in Wilkes Barre, Pennsylvania. We're going to have to do original series," Bewkes told CNBC. The Time Warner era ushered in a multiplex model for HBO to reduce churn and debuted original programming "Dream On" and "The Larry Sanders Show."
For the first time in over three years, there were no mega deals valued over $10 billion during the third quarter, according to the latest M&A report by Willis Towers Watson . There were only 49 large deals valued over $1 billion during the quarter, as compared with 67 large deals closed in the same period a year ago. Despite global recession fears, geopolitical tensions and expectations for inflation and interest rates to keep rising in 2023, WTW predicts dealmaking activity will continue. "An unprecedented number of disruptive forces have created headwinds for dealmakers, but they are also generating opportunities," said Massimo Borghello, head of human capital M&A consulting, Asia Pacific at WTW. "The fundamentals that drive dealmaking are still in place and, with valuations moderating after the historic levels reached in 2021, strategic and financial buyers alike will take advantage of better-priced opportunities for growth."
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