As a Result of the Merger of AOL-Time Warner the Newly

Multiple Choice

As a result of the merger of AOL-Time Warner the newly combined firm's stock dropped over 70% between 2001 and 2003 because:

A) The CEOs position was split between the two previous CEOs
B) AOL employees wanted to emulate Time-Warner employees and they did not have the skills
C) The total stock market declined that much
D) Both firms were not the leaders in their industry, so each lost out in their market domain
E) The two firms never truly integrated and hostilities between them grew diminishing the strength of the firm