Another megamerger, another Internet world-eating conglomerate emerges. Apart from its size, the AOL-Time/Warner deal is a big deal: The marriage of AOL and Time Warner matters (if it goes throtwo reasons. First, it combines one of the biggest Net presences with a broadband delivery systefinally makes real the prospect of a fat pipe in every home.

Second, and the issue today, is the "victory" of the new media over the old. AOL, a veritable pup, is taking over such venerable media giants as CNN, Warner and Time, a magisterial presence among traditional media. Since the Internet spread its tendrils, there's bespeculation that it would kill old-style media (we're talking mostly newspapers) but the fears hpremature. Does this deal mark the new dawn for media and the final reckoning for the newspaper (gulp)?

I don't think so.