simonw
9 hours ago
Nilay Patel: https://www.theverge.com/podcast/1004286/senator-adam-schiff...
> One of the longest-running tropes at The Verge is that a workable antitrust policy for the United States would be simply to forbid companies from buying Time Warner because it has never worked and it may never work again, and that we should just pass one law.
Checks out:
Jan 11, 2001: AOL and Time Warner merged to create AOL Time Warner
June 14, 2018: AT&T acquired Time Warner, renamed WarnerMedia
April 8, 2022: WarnerMedia spun out of AT&T, merged with Discovery
gcanyon
5 hours ago
I was at HBO during the AOL merger, and for a time my work email became gcanyon0264@aol.com, because AOL corporate email shared namespace with its customers, and my personal AOL account was… gcanyon@aol.com
penskymaterial
3 hours ago
> because AOL corporate email shared namespace with its customers
I wonder where this ranks in the top 5 stupidest things I've ever heard. It's bad enough merging customer databases when two companies merge.
No other major ISP has ever done this that I know of. Likely because it's completely unnecessary. Who made this decision (and why weren't they fired immediately)?
setgree
3 hours ago
By that logic we should encourage giant companies to buy Warner Brothers. Each time it fails, it helps topple leviathans, which decreases market concentration.
s3p
9 hours ago
Oh this is hilarious. Didn't AT&T also acquire HBO and spin them off too?
lukemercado
8 hours ago
They did, but first they rebranded them as Max, thus destroying the incredible name value of HBO. It was renamed back to HBO as part of the spinout IIRC.
rwc
8 hours ago
The "credit" for that move actually belongs to WarnerBros Discovery
brendoelfrendo
8 hours ago
My favorite part of that story is that McKinsey both advised WarnerBros Discovery to make that change, and then advised them to change it back, making millions each time. I wish I made that much money being bad at my job.
overfeed
8 hours ago
McKinsey and other management consultants exist to launder decisions made by upper management that management do not want to face consequences for. "It's not my fault, the consultants advised me that was the best option"
6510
7 hours ago
One of those jobs LLMs can easily take over.
maccard
6 hours ago
Nope the entire point of the job is to have a person to blame when it goes wrong.
nom
5 hours ago
the blame is absorbed by McKinsey the corporation, not the people working there
they'll just use AI like everyone else but charge extra for it
dylan604
6 hours ago
I'm not sure if you are suggesting the CEO hedging their bets or the consultants, but I'd say both of those jobs could be replaced by an LLM.
newsclues
5 hours ago
You can replace low and maybe mid skill employees with software but it’s the high end ones consultants or CEO that are great at their jobs with good software can be orders of magnitude more efficient.
nikanj
8 hours ago
You misunderstand their job. They get paid millions to carefully construct a report that supports whatever stupid plan the coke-fueled execs came up with.
paimapi
5 hours ago
They are also functionally both a way for certain well-connected shareholders to exert disproportionate influence and a placating propaganda machine for the shareholders who aren't
Grease on the very corroded wheel of modern capitalism
Melatonic
4 hours ago
They also somehow made everyone download new apps because apparently the old one couldn't be updated.
lotsofpulp
6 hours ago
HBO was part of Time Warner.
benced
7 hours ago
Companies wasting their money is the company's problem and it's really unclear to me why the government should give a single damn.
NewJazz
6 hours ago
Because big companies destroying value makes the world worse? They're sucking up capital and not delivering anything to justify it.
IncreasePosts
6 hours ago
Won't investors just learn to avoid investing in companies like that?
nothercastle
5 hours ago
With passive investment everyone is buying crap all the time because they have no ability to discern what is or isn’t crap and the base assumption is 95% of stocks are losers but the other 5% win big
lotsofpulp
2 hours ago
If everyone is buying crap all the time, how do businesses fail? Wouldn’t they be able to succeed by just issuing more shares?
paimapi
5 hours ago
are you too young to have lived through the multiple recessions that have happened in the past few decades or Bernie Madoff or Enron? Or Theranos and FTX? and that's just off the top, give me ten minutes to dig in and I'll get you at least twenty more
SideQuark
5 hours ago
None of those were the result of mergers.
paimapi
5 hours ago
Pedantic. The point was "aren't investors rational" and they clearly hop on short term fads to their and our detriment. Plus saying Enron wasn't a product of a merger is very funny
lotsofpulp
2 hours ago
Passive investors earned 10% per year for the last 30 years doing no work and taking on no risk.
Seems very rational to me.
paimapi
2 hours ago
I'm sure passive investors loved the dotcom bubble and the housing market crash
I'm sure they'll love it when this AI bubble pops too
lotsofpulp
21 minutes ago
If they were passive, they wouldn’t care, because they should not have a reason to liquidate all equities during the few down years.
CursedSilicon
5 hours ago
Would you like to buy some tulips?
Exoristos
5 hours ago
Deep cut, this[0].
dozerly
2 hours ago
If they destroy things that were servicing public good like jobs, the market they are selling into, etc, it becomes the governments job to care. If you are advocating for zero oversight of corporations by government I don’t think you’ve seen the consequences of the last 40 years of the US. Monopolies only serve the owning class at the expense of the people.
tclancy
6 hours ago
Just because they get it wrong doesn’t make it right. You don’t even need to reach back 100 years to sort this.
xbar
8 hours ago
March, 1989: Time and Warner announce merger, Paramount launches hostile bid for Time. January, 1990: Time responds by buying Warner Communications for $14 billion.
...Paramount sulks, and bides its time....