Ex-TW Chairman on deal: "I was the CEO. I was in charge. I'm really very sorry"
Appearing on CNBC with ith AOL co-founder Steve Case to mark the 10th anniversary of the AOL-Time Warner merger — one of the most troubled corporate marriages in media history — former Time Warner chairman and CEO Gerald Levin did something he hadn't done before: he apologized for making the deal.
"I presided over the worst deal of the century, apparently," Levin said. "I was solely responsible for it. I was the CEO, I was in charge. And I'm really very sorry about the pain and suffering and loss that was caused. I take responsibility. It wasn't the board, it wasn't my colleagues at Time Warner. It wasn't the bankers and lawyers — there were a lot of them. It was not Steve Case, who was a brilliant, young, digital entrepreneur."
The whole segment is pretty fascinating — a must-watch, if you're into that sort of thing.