The transaction takes the form of a takeover bid, followed by a merger, with AOL becoming a wholly owned subsidiary of Verizon at the end of the transaction. In January 2000, when new broadband technologies were introduced in the NYC metropolitan area and the United States, AOL and Time Warner announced merger plans, AOL Time Warner, Inc. The terms of the agreement required AOL shareholders to own 55% of the new combined business. The agreement was reached on January 11, 2001. The new company was led by executives from AOL, SBI and Time Warner. Gerald Levin, who was the CEO of Time Warner, was the CEO of the new company. Steve Case was President, J. Michael Kelly (of AOL) was CFO, Robert W. Pittman (of AOL) and Dick Parsons (of Time Warner) as co-chief Operating Officers.  In 2002, Jonathan Miller became CEO of AOL.  The following year, AOL Time Warner dropped the “AOL” of its name. It was the largest merger in history when the total value of the companies ended with $360 billion. That number has fallen sharply, as low as $120 billion, as markets reassess AOl`s valuation as a simpler Internet company more modestly in combination with traditional media and cable activities.
This situation did not last long, and the value of the company increased again in 3 months. At the end of the year, the trend was against “pure” internet companies, with many companies losing 75% of their market value due to the fall in share prices. The decline continued in 2001, but despite the losses incurred, AOL was one of the internet giants that continued to overtake the brick and mortar companies.  VERIZON`S ONLINE NEWS CENTER: Press releases, statements and biographies of executives, media contacts and other information are available at Verizon`s Online Information Center in www.verizon.com/news/. Press releases are available via an RSS feed. To register, go www.verizon.com/about/rss-feeds/. On March 12, 2009, Tim Armstrong, formerly of Google, was named President and CEO of AOL.  Shortly thereafter, on May 28, Time Warner announced that it would relocate AOL as an independent company as soon as Google`s shares ceased at the end of the year.  On November 23, AOL unveiled a preview of a new brand identity that superimposed the verbal brand “Aol.” on commissioned artist screens. The new identity, designed by Wolff Olins, was introduced on December 10 in all AOL services, when AOL was traded independently under the symbol AOL since the Time Warner merger on the New York Stock Exchange.  The internet bubble soon burst and the combined company AOL Time Warner posted a record loss of $99 billion in 2002, just one year after the merger was completed. In 2009, the conglomerate finally rejected the AOL unit.
 It was at this time that the U.S. Department of Labor began an investigation into the program, but no conclusions were reached about AOL`s practices.  The acquisition of