AOL acquired Time Warner in a deal valued at $160 billion. Time Warner was at the time the world's largest media company, whose major business segments included cable networks, magazine publishing, book publishing, direct marketing, recorded music and music publishing, and film and TV production and broadcasting. AOL viewed itself as the world leader in providing interactive services, web brands, Internet technologies, and electronic commerce services. Would you classify this business combination as a vertical, horizontal, or conglomerate transaction? Explain your answer.