Art & Commerce: Fates and Fortunes

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Online companies take center stage in the marketplace
There are a lot of smart reasons for America Online and Time Warner to join forces in one of the first portents of media convergence. But consider which entity is making the acquisition, and which is surrendering its shares: In a stock market where dot.coms command crazy valuations, virtual companies are using their sizable war chests to acquire brick-and-mortar assets.
Not hindered by old-world notions like profitability, publicly traded dot.coms

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