15年后看美国在线与时代华纳合并
另一方面，时代华纳在这次合并前曾急切尝试开展网络业务，但以失败告终。此时，一条出路从天而降，而且听起来很有吸引力。通过美国在线，时代华纳将获得一千万新用户；作为回报，美国在线可以使用时代华纳的有线电视网络以及内容，并为后者的业务提供所谓的“用户友好”界面。这项并购是“革命性的”（阅读这个时期的文献时会发现，这个词确实已经落伍，而且落伍速度非常之快）。如果这些初步设想真的变为了现实，如今人们的措辞就会变为“多么具有远见卓识的交易”。

两家公司在文化整合方面从一开始就存在问题。当然，参与合并的律师和其他专业人士在数据方面按部就班地做了尽职调查。而同样需要做尽职调查的还有文化，但他们显然没有进行这项工作。美国在线的人员雄心勃勃，而且在许多人看来都很自大，他们让较为保守且更有组织性的时代华纳同事“吓了一跳”。双方的互不尊重导致了不和，因此，合作与预期的协同效应都未能实现。
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