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AMERICA ONLINE, INC., BOARD OF DIRECTORS MODIFIES SHAREHOLDER RIGHTS PLAN

 VIENNA, Va., April 23 /PRNewswire/ -- America Online, Inc. (NASDAQ: AMER), announced today that its board of directors has voted to modify the shareholder rights plan which the company adopted yesterday, so that the rights will become exercisable if a person or group (i) acquires 25 percent, or such higher percentage as was owned by any person or group at the time of adoption of the modified plan, or more of the company's common stock or (ii) announces a tender offer the consummation of which would result in ownership by that person or group of 25 percent, or such higher percentage as was owned by any person or group at the time of adoption of the modified plan, or more of the common stock. The modification is being effected by a redemption of the rights to be issued pursuant to the shareholder rights plan which the company adopted yesterday and the adoption today of a new shareholder rights plan with substantially the same terms of the shareholders rights plan adopted yesterday, except for the foregoing modifications. The record date for the new rights distribution will be May 3, 1993.
 According to the latest information available to the company, Paul G. Allen of Bellevue, Wash., owns approximately 24 percent of the company's outstanding common stock.
 -0- 4/23/93
 /CONTACT: Lennert J. Leader, chief financial officer, America Online, 703-448-8700/
 (AMER)


CO: America Online ST: Virginia IN: CPR SU: SRP

DC-TW -- DC009 -- 9931 04/23/93 09:54 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
Words:246
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