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It's July 2000, and in Atlanta, Georgia, the forces of old and new media are about to collide

because inside the CNN Center, the directors of Time Warner and AOL are holding their first

joint board meeting.

Time Warner is the world's biggest media company.

Its holdings include CNN, cable TV,

movies, music labels, Fortune magazine, HBO, and more. Its leaders are gray and grizzled and

used to striking deals over expensive meals. Their counterparts at AOL couldn't be more different.

They built the internet service provider that's the toast of the dot-com boom.

They're rowdy, newly rich, and munching Cheetos.

And six months ago, they decided to buy Time Warner for $182 billion.

It's the biggest merger in U.S. history, or will be, once the government approves it.

To prepare for that day, the two companies are using this board meeting to learn how to work

together, but they're already struggling.

At the front of the room, AOL President Bob Pittman is delivering a presentation.

He used to work at Time Warner until he got fired by its CEO, Jerry Levin. Now, thanks to

AOL's high-priced stock, Pittman's on the Forbes 400 Rich List. While Time Warner's executives

flew commercial to be here, he arrived on his private jet.

And now, the tables have turned. Pitman's telling Levin how it's going to be.

AOL is delivering $2 billion in ad and commerce sales. In five years' time, we'll be delivering

$7 billion. One AOL executive shouts out, and that's a conservative estimate.

...