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Fri, Mar 02, 2001 EST
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AOL Time Warner Begins Trading
on the New York Stock Exchange

Associated Press
NEW YORK — Shares of the new AOL Time Warner Inc. began trading Friday on the New York Stock Exchange, hours after the $106 billion deal between America Online Inc. and Time Warner Inc. was completed.

Thursday evening, the Federal Communications Commission gave conditional approval to the deal, the last remaining hurdle before it could be completed.

The companies didn't waste any time closing the deal, issuing a statement at about 9 p.m. EST. it had been completed.

As the sun rose the morning after the creation of the nation's newest — and largest — media company, workers had already changed the sign outside AOL Time Warner headquarters in Rockefeller Center, adding "AOL" to the 3-foot brass lettered "Time Warner" sign.

AOL Time Warner, which trades under the "AOL" ticker, was down 13 cents to $47.10 in early trading Friday.

At the end of regular trading on the New York Stock Exchange Thursday, shares of AOL were trading at $47.23, up $2.34, while Time Warner's stock rose $4.19 to $71.19.

In a related move, Standard and Poor's announced that drilling service company Noble Drilling Corp. will replace Time Warner in the benchmark S&P; 500 index at the close of trading Friday.

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