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
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"
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.