In 2000, AOL acquired Time Warner in a deal valued at $160 billion, excluding assumed debt. Time Warner is the world's largest media and entertainment company, whose major business segments include cable networks, magazine publishing, book publishing and 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.