Time Warner: string of bad deals

Time Warner faces a challenge for the «worst deal» crown. Jerry Levin, the U.S. media giant’s former boss, says its merger with AOL in early 2000 was the worst deal of the century. It was certainly an appalling transaction. Levin got carried away with Internet hype – trading his tired old-media assets for massively overvalued AOL shares. But claims to be the «worst» in any category are as difficult to sustain as the more usual brag of being the best. First, one has to deal with the slightly nerd...