America Online(NYSE: AOL) conquered the Internet service provider market by offering a clean, easy-to-use interface with community-enhancing features. The company's CEO, Steve Case, always dreamed of hosting a giant, global, and friendly community. Many investors became comfortable with this idea during the 1990s. Now, however, following the January 2000 announcement that AOL plans to acquire Time Warner(NYSE: TWX), the AOL that many investors came to know and love is set to change completely. The largest Internet provider is merging with the largest media company in what should become the largest (broadband and otherwise) entertainment and media leader in the world, as well as the largest online community. What will this mean to AOL's growth rate and financials? And how well will the two companies blend together? Although the merger may not be completed until the end of 2000, the time for shareholders to start considering implications is now. Whatever happens, it will be extremely interesting to follow this company regularly through analyst Jeff Fischer's quarterly reports. First, all subscribers receive Jeff's initial 19-page report covering the implications, possibilities and valuation issues for AOL and Time Warner combined.
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