Now known as AOL Time Warner, the new company is the world's seventh largest with a market capitalisa-tion of around $261bn. In aggregate it has some 100 million paying subscribers worldwide, including AOL's 18m members in the US where it claims 50% market share. The merger is expected to result in combined savings of $1bn in 2001.
The all-share deal, the first between an internet company and a traditional media owner, was described by AOL as 'the missing piece of each other's puzzle'. The merger, added the spoke would 'transform the landscape overnight'.