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Industry observers said the deal heralds the logical next step in the morphing of traditional and Internet media. But not all observers were happy. James Love, director of the Center for Study of Responsive Law's Consumer Project on Technology, said the merger is anticompetitive. America Online chairman and CEO Steve Case, left, and his Time Warner counterpart, Gerald Levin, announcing the merger of their media companies. The combined company will own some of the most recognizable media brands in the world.