Gerald Levin, the influential media executive known for his involvement in the ill-fated merger between Time Warner and AOL in the early 2000s, passed away this week.
According to The New York Times, Levin, who was 84 years old, had been residing in California and was diagnosed with Parkinson’s disease.
During a time when cable viewership was at its peak, Levin, along with AOL’s Steve Case, orchestrated one of the biggest business acquisitions in American history.
After AOL Time Warner was formed, the company experienced a significant decline in its stock price, with a decrease of over 30 percent. Additionally, in 2002, the company incurred a staggering loss of almost $100 billion, which at the time set a record for any company. This information was reported by the Times.
The dot-com bubble burst at the turn of the century is widely regarded as one of the main causes for the company’s downfall.
According to Fay Vincent, a former commissioner of Major League Baseball who served on the boards of both companies, it is fair to criticize Jerry, but it is important to note that some of the facts about the appeal of AOL were grossly overstated. He believes that it was not solely Jerry’s fault, as they ended up supporting the wrong horse.
