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Richard Parsons, Former Time Warner CEO, Dies at 76
Richard D. Parsons, an executive who had a hand in untangling some of the media industry’s knottiest dilemmas, died Thursday in Manhattan. He was 76.
“As some of you know, when I agreed to join the board and serve as the interim chair, I was already dealing with a serious health challenge – multiple myeloma – but I felt that the situation was manageable,” he said in an announcement at the time. He would have a hand not only recalibrating a merger of AOL and Time Warner that many viewed as disastrous but also rebuilding Citigroup after it began to suffer during the nation’s subprime mortgatge crisis. A $165 billion merger with dial-up Internet provider America Online has proven disastrous, with the company suffering from slowing growth in AOL memberships as well as the effect of an economic recession on the advertising that fueled its magazines and TV networks.
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