Dana Blankenhorn  The AOL Plot    |  April 6, 2001   |  Comments
Over the last week, I've seen a bunch of stories to the effect
that AOL is plotting to take over the world.  Actually, nothing
could be further from the truth. AOL is only plotting to take
over Time Warner.  Let me explain. While the AOL-Time Warner
merger was accounted for as an acquisition by AOL, it was, in
fact, a merger of equals. The only thing unequal about it was
the appointment of AOL President Bob Pittman as COO.  While many
analysts saw the Time Warner-AOL battle as one between New York
suits and Virginia V-necks, they forgot that Pittman was hired
from Viacom's MTV, and Steve Case's brother ran Hambrecht &
Quist. These boys know bureaucracy, and this takeover is their
masterwork.  Since the deal closed, Pittman has been putting AOL
executives (or appointees) in every job he can find, while
promising the Street that the company -- unlike every other Wall
Street entity -- will achieve its estimated earnings results.
How will he do it