Actually, it is a merger. 

http://dailynews.yahoo.com/h/nm/20000110/ts/aol_timewarner_5.html

On Tue, 1 Feb 2000, Warren Wang wrote:

> On Tue, 1 Feb 2000, tom carlile wrote:
> 
> > AOL is buying up TimeWarner?  i think it'll be the other way around.
> > but maybe i am unaware of the size of AOL, these huge media
> > companies are really getting scary.
>  
> AOL is indeed buying out TW, and yes, it is scary.
> 
> Warren
> --
> I had a sig somewhere around here...
> 
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