Gerald Levin, the renowned media executive and key figure behind the ill-fated Time Warner and AOL merger of the early 2000s, passed away this week.
According to a report from 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 reached its peak, Gerald Levin, along with then-AOL CEO 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 posted a staggering loss of nearly $100 billion, which was a record-breaking figure for any company at that time, according to the Times.
The dot-com bubble burst at the turn of the century is widely regarded as one of the main reasons for the company’s failure.
According to former Major League Baseball commissioner and board member of both companies, Fay Vincent, it would be fair to criticize Jerry, but it’s also important to note that the appeal of AOL was significantly exaggerated. Vincent emphasized that it was a case of getting on the wrong horse rather than Jerry being completely wrong on the merits.
