SEATTLE (Reuters) - AOL Time Warner Inc. <AOL.N> said
Monday it made a $100 million equity investment in Amazon.com
<AMZN.O> and expanded a multi-year marketing pact.
The pact is aimed at joining Amazon.com's online retail
services with AOL's shopping channels and technology, the
companies said in a joint statement. It expands a deal first
struck in 1997. Some of the fruits of the pact will be seen in
the 2002 holiday shopping season.
Amazon.com will also promote AOL as its exclusive Internet
service provider, allowing its customers to download the
service from various areas across the online retailer's sites.
The two companies will also work together on future
e-commerce initiatives and extend the alliance internationally.
Shares of AOL closed down nearly 3 percent, or $1.31, at
$43 before the news. Shares of Amazon.com closed down 5.6
percent, or 95 cents, at $16.03.
