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Steve Case, executive, resigned as chairman of AOL Time Warner in January amid falling stock prices and the attendant dissatisfaction of shareholders. Case had masterminded the 2001 merger of AOL and Time Warner, which at the time confirmed the dominance of new media over traditional outlets. But the honeymoon was brief, and the AOL division became a drain on the once profitable Time Warner empire. In addition, the Securities and Exchange Commission opened an inquiry in July 2002 into AOL's accounting procedures.
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