New York – AOL Time Warner Inc. (NYSE:AOL), the world's first Internet-powered media and communications company, today announced its intent to acquire Docnotes, a weblog devoted to covering Family Medicine and healthcare technology. Docnotes content will be syndicated across multiple Time, Inc. properties including Fortune, Money, Business 2.0, Time, and FSB: Fortune Small Business.
The transaction was valued at approximately $12.7 million based on an average closing price of AOL Time Warner's common shares for a seven-day period ended March 30, 2002. Under the terms of the transaction, AOL Time Warner issued 1,502,776 shares of AOL Time Warner common stock in exchange for all of the outstanding securities of Slingerlands, New York-based Docnotes. The acquisition has been accounted for as a purchase.
The transaction, which is expected to close in April, is contingent on obtaining necessary consents and approvals from various regulatory agencies.
AOL Time Warner CEO Gerald M. Levin said, "this acquisition will really increase the depth of our content coverage, and will allow us to extend our brand reach into the weblogging world." Docnotes editor Jacob Reider MD said, "Hey, I figured that if you can't beat 'em, join 'em. Plus, they threw in free television and Roadrunner high speed access for life."
About AOL Time Warner
AOL Time Warner (NYSE:AOL) is the world's first Internet-powered media and communications company, whose industry-leading businesses include interactive services, cable systems, publishing, music, networks and filmed entertainment.
Docnotes contains articles, medical reseach summaries , and musings about healthacre and technology written by Jacob Reider, MD . Docnotes topics include everything from electronic medical records to e-health business, Internet culture to patient care issues, and health technology strategy to random bits of useless information. Not to mention the occassional April Fools' Day joke.
Caution Concerning Forward-Looking Statements
This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and factors affecting the integration of the businesses of Time Warner Inc. and America Online, Inc. More detailed information about these factors may be found in filings by AOL Time Warner with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and its most recent quarterly report on Form 10-Q. AOL Time Warner is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.