Stealing Time

Alec Klein



In January 2000, America Online and Time Warner announced the largest merger in U.S. history, a deal that would create the biggest media company in the world. It was celebrated as the marriage of new media and old media, a potent combination of the nation's No. 1 Internet company and the country's leading entertainment giant, the owner of such internationally renowned brands as Warner Bros., HBO, CNN, and Time magazine.

But only three years later, nearly all the top executives behind the merger had resigned, the company had lost tens of billions of dollars in market value, and the U.S. government had begun two investigations into its business dealings.

How did the deal of the century become an epic disaster?

Alec Klein has covered AOL Time Warner for The Washington Post since the merger. His reporting on the company led to investigations by the Justice Department and the Securities and Exchange Commission. In Stealing Time, he takes readers behind the scenes to show how a clash of cultures set the stage for a spectacular corporate collapse. AOL's Steve Case knew it was only a matter of time before the Internet bubble of the late 1990s would burst, grounding his high-flying company. His solution: Buy another company to keep his own aloft. Meanwhile, Time Warner's Jerry Levin was enamored of new technology but frustrated by his inability to push his far-flung media empire into the Internet age. AOL and Time Warner seemed like a perfect match.

But the government forced the two companies to make concessions, and during the yearlong negotiations technology stocks tumbled. AOL executives lorded it over their Time Warner counterparts, who felt they were being acquired by brash, young interlopers with inflated dollars. The AOL way was fast, loose, and aggressive, and Time Warner executives -- schooled in more genteel business practices -- rebelled. In the midst of clashing cultures and conflicting management styles, AOL's business slowed and then stalled. Worse yet, AOL came under government scrutiny, and when the company conducted its own internal investigation, it admitted that it had improperly booked at least $190 million in revenue. The Time Warner rebellion gathered momentum.
This is a riveting story of ambition, hubris, and greed set amid the boom-and-bust years of the technology bubble. It is filled with outsized personalities -- Steve Case, Jerry Levin, Bob Pittman, Ted Turner, and many more. Based on hundreds of confidential company documents and interviews with key players in this unfolding drama, Stealing Time is a fascinating tale of the swift rise and even swifter fall of AOL Time Warner.

What will you learn from this book

  1. Time Theft Defined: The book likely explores various forms of time theft, including unauthorized breaks, falsifying work hours, and misuse of company time for personal matters.

  2. Impact on Businesses: Highlighting how time theft affects productivity, profitability, and the overall functioning of businesses, both large and small.

  3. Employee Behavior and Ethics: Discussing the ethical implications of time theft and the impact of dishonest practices on workplace culture and trust.

  4. Legal and Regulatory Aspects: Addressing the legal framework and potential consequences for individuals and organizations engaging in time theft.

  5. Root Causes: Exploring the reasons behind time theft, such as disengagement, lack of oversight, inadequate systems, or organizational culture issues.

  6. Technology and Monitoring: Examining the role of technology in monitoring employee activities and time management, including the use of software and surveillance tools.

  7. Prevention and Solutions: Offering strategies and best practices for businesses to prevent time theft, improve accountability, and foster a culture of integrity.

  8. Employee-Management Relations: Discussing how addressing time theft can impact the relationship between employees and management, and the importance of open communication.

  9. Case Studies and Examples: Using real-life examples and case studies to illustrate instances of time theft and their consequences in various industries.

  10. Importance of Accountability: Emphasizing the significance of holding both employees and management accountable to create a fair and productive work environment.

Language English
ISBN-10 0-7432-4786-8
ISBN-13 9780743259842
No of pages 336
Font Size Medium
Book Publisher Simon & Schuster
Published Date 02 Jun 2004

About Author

Author : Alec Klein

2 Books

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