Dow Jones Breaks AOL-Time Warner Merger News On Newswires, TV, Web.Business Editors NEW YORK--(BUSINESS WIRE)--January 10, 2000 Dow Jones Newswires Dow Jones Newswires is the real-time financial news organization owned by Dow Jones. Founded in 1882, its primary competitors are Bloomberg L.P. and Reuters. The company reports more than 420,000 subscribers -- including brokers, traders, analysts and fund managers -- as of July was first to break the news of the America Online-Time Warner merger announced this morning, beating all competitors by 22 minutes, and some literally by hours. Dow Jones Newswires ran its first headline at 3:00a.m. EST EST electroshock therapy. EST abbr. electroshock therapy , "Time Warner In Pact To Merge With America Online--Sources." Two additional headlines followed two minutes later: "AOL's Steve Case To Be Chairman Of New Company" and "Time Warner's Gerald Levin To Be CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Of New Company." CNBC Europe, which is owned jointly by Dow Jones & Company and NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , followed with a report almost immediately. Bloomberg followed the initial Dow Jones report by 22 minutes, citing the Dow Jones pick-up by CNBC Europe; Bridge trailed Dow Jones by 65 minutes, and also cited the CNBC Europe pick-up of the Dow Jones story; finally, Reuters followed Dow Jones by 67 minutes, and cited Dow Jones as its source. Dow Jones was also the first news outlet to fill out this story, with a 212-word article by Wall Street Journal Los Angeles bureau chief Peter Gumbel at 3:38a.m. EST, and this story was quickly posted on the online edition of The Wall Street Journal, wsj.com. The story explained that the deal would be a stock-for-stock merger, with AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. shareholders "to hold a majority stake in the merged company of just over 50%." (Trading in shares of both AOL and Time Warner reacted immediately, as did other companies in their industries; in addition to around-the-clock electronic trading, exchange-based trading in London commences at 3:30a.m. EST.) AOL itself first reported the news when it ran on Reuters, more than one hour behind Dow Jones. CNN, a Time Warner company, also ran more than an hour behind CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. . Dow Jones & Company (NYSE NYSE See: New York Stock Exchange : DJ; www.dj.com) publishes The Wall Street Journal and its international and Interactive editions, Barron's and SmartMoney magazines and other periodicals, Dow Jones Newswires, dowjones.com, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC in the U.S. |
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