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This paper uses the failed AT&T/Time Warner merger as a case study to show that mergers between companies with markedly different cultures are likely to fail. Besides documenting the merged company’s worsening financial condition, the paper contrasts AT&T’s performance after the merger with similar mergers to highlight the importance of complementary cultures for the success of a similar merger. Though the problem of corporate chemistry is hard to measure, the investment community was a reliable guide for predicting its failure

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