Shareholders OK massive media merger

Friday, June 23, 2000 | 11:14 a.m.

THE ASSOCIATED PRESS

NEW YORK -- Shareholders of America Online Inc. and Time Warner Inc. overwhelmingly approved the proposed combination of their two companies today, which would create a colossal media player. The ambitious pairing must still be cleared by U.S. and European regulatory agencies.

Shareholder approval had been widely expected but nonetheless symbolized a growing acceptance of the merger, which baffled investors when it was first announced Jan. 10. AOL stock declined sharply in the two months after the merger was made public, but has since stabilized.

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