AOL, TIME WARNER SEEKING SHAREHOLDER APPROVAL

America Online Inc. and Time Warner Inc. said Thursday shareholders will vote June 23 on their proposed $124 billion merger.

The world's biggest Internet services provider, AOL, will hold its shareholders meeting in Vienna, VA, at 10 a.m. (EST) while Time Warner shareholders will gather in New York City at the same time, according to a filing with the Securities and Exchange Commission. In January, the two companies agreed to join if approved by shareholders and federal regulators.

The deal, which company executives expect will close in the fall, was initially valued at about $164 billion but declines in the stock prices of the two companies has shaved about 24 percent off the value of the deal.

If approved, Time Warner stockholders would receive 1.5 shares in AOL Time Warner for each share they own while AOL holders will receive one share in the new company for each share they own.

AOL Chairman and Chief Executive steve case',390,400);">steve case',390,400);">Steve Case would become the chairman of the new company while Time Warner Chairman and CEO gerald levin',390,400);">gerald levin',390,400);">Gerald Levin will become chief executive of AOL Time Warner.