http://www.wired.com/wired/archive/8.09/aol_pr.html
Every so often I explain to people that I spent 5 years at AOL, nearly all of them doing online journalism and the question that comes up most is about the merger. I think it's a shame it didn't work, because nobody has got the fusion of old media and new media exactly right and together AOL and Time Warner had a lot of puzzle pieces. But when people say it was only the share price that went wrong, I point them at this paragraph from a Wired analysis of the mess Time Warner made of Internet strategy on its own.