AOL buys Time Warner (2000)
Internet provider AOL agreed to merge with media giant Time Warner in a deal valued near $165 billion, joining distribution with content. The logic was that owning the pipe and the programming would pay off together.
The dot-com crash and a culture clash gutted the combined company's value within two years.
Time Warner wrote off tens of billions and eventually split the businesses back apart. The deal became shorthand for distribution-plus-content mergers that fail.
Media analyst Doug Creutz cited this history in urging skepticism about Fox owning both the shows and the screen they play on.
