The AOL - AMERICA ONLINE groups (turnover $4.78 billion in 1999 with 12,100 employed and stock exchange capitalisation of around $164 billion), which provides Internet services, and TIME WARNER (turnover $26.84 billion in 1998 with 70,000 employed and stock market capitalisation of $83 billion), the leading communications group, have announced that they are to merge. This gigantic operation will take place through a public takeover bid after which the AOL shareholders will hold a 55% majority stake in the new group as opposed to the 45% held by TIME WARNER shareholders. Called AOL TIME WARNER, the new giant, which is quoted on the stock market as being worth $350 billion, will be the leading press and communications enterprise worldwide.