It's billed as the biggest deal in history, creating a company worth $350bn. But merging America Online and Time Warner into one company will do more than excite Wall Street investors. As BBC News Online reports, the deal will transform the internet and media industries around the world - starting with the music business.
The merger
In terms of market capitalisation, America Online is about twice the size of Time Warner, but AOL's shareholders are asked to control only 55% of the new company.
Free speech advocates criticise AOL merger
Can the internet save old media?
Steve Case: Master salesman
The first 'clicks-and-mortar' company
The merger of AOL and Time Warner is the first bid at marrying the giddy growth figures of internet content with traditional business models, writes the BBC's Bob Eggington.
AOL: The internet company that grew up
America Online is closely tied up with the development of the internet as a commercial proposition and is now the richest and most valuable internet company ever.
Time Warner: An entertainment blue chip
Time Warner's activities range from CNN to People magazine, movies to Alanis Morissette CDs - and mergers lie at the heart of its history.
Q&A: Merger shakes up the net
News Online looks at some of the key questions raised by the $350bn merger between AOL and Time Warner.
Warner EMI: A music giant emerges
Time Warner creates the world's largest music company by linking up with EMI just two weeks after its mega-merger. It ultimately hopes to sell much of its music over the internet.
Internet transforms music industry
The music stars in pictures
EMI: a brief history
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