Time Warner shares soared 39 percent on news of the deal, climbing $25.31 1/4 to $90.06 1/4 a share on the New York Stock Exchange. AOL shares fell $1.75 to $72.

Since the merger, AOL’s stock value has plunged 80 percent and Time Warner’s has dropped 65 percent. When AOL met Time Warner it was all about technology, synergy and money.

In the year since the merger was announced, AOL and Time Warner have made various concessions to win approval from regulators in the United States and Europe as the companies' combined value ...

Warner Bros. Discovery's history dates back more than two decades to the ill-fated merger of AOL and Time Warner in 2001. At the time, the $165 billion deal was hailed as the future of digital ...