AOL Hearing Generates Little Light but Much Heat

WASHINGTON -- America Online (AOL Quote) and Time Warner (TWX Quote) were the ones getting grilled by the House Telecommunications Subcommittee Wednesday, but it was federal regulators who went through the meat grinder.

AOL Chairman Steve Case and Time Warner Chairman Gerald Levin, who are hoping to close the megamerger of their companies later this year, endured House members' questions about access to their cable systems, instant messaging and, in an unexpected, emotional moment, the causes of violent behavior in America.

But neither the questions from the committee nor the executives' answers broke much new ground. And any venom from the committee, which doesn't actually have a direct role in approving the AOL-Time Warner deal, seemed reserved for the Federal Communications Commission and the Federal Trade Commission, which along with European regulators are reviewing the merger. Shares of both companies slid Wednesday amid a selloff in Internet stocks; AOL slid $2.48, or 4.5%, to $53.02, while Time Warner lost $3.91, or 4.9%, to $76.59.

Can't Get No Satisfaction

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