Behind every successful business, there's a battle to get to the top, and sometimes that battle

ends in disaster. Back in the year 2000, America Online, or AOL, was at the height of its power,

and it made a move that stunned Wall Street. It made a bid to buy Time Warner, one of the most

powerful media companies in the world. It was supposed to be the merger of the century,

but instead it turned into one of the century, but instead

it turned into one of the messiest corporate disasters on record. The newest season of business wars

takes you into that moment when ambition, ego, and emerging tech collided. You'll hear how a deal

meant to secure dominance in the digital age instead collapsed under its own weight. You're about

to hear a clip from the

latest season of Business Wars, the AOL Time Warner disaster. While you're listening, follow

business wars on the Wondry app or wherever you get your podcasts. It's September 27, 2000, and at AOL's head office in Dulles, Virginia, the end of the quarter is near.

And that's got the business affairs team worried.

When the merger with Time Warner was announced, AOL's stock traded at more than $70.

Now it's hovering just above 55.

That's over a 20% decline.

And that's a problem.

The merger deal was agreed based on AOL's share price before the bottom fell out of tech stocks.

And the lower AOL stock sinks?

The more investors wonder if Time Warner might be wiser to abandon the merger.

So far, Time Warner boss Jerry Levin has dismissed that idea and reiterated his commitment to the merger.

But AOL Chief Steve Case is worried all the same.

He knows that if Wall Street senses weakness at AOL Chief Steve Case is worried all the same. He knows that if Wall Street senses weakness at AOL, there will be a sell-off of its stock.

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