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AOL, Amazon expand pact
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July 23, 2001: 4:41 p.m. ET
Companies plan to share initiatives; AOL buys $100m stake in Internet retailer
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NEW YORK (CNNfn) - America Online has taken a $100 million equity stake in Internet retailer Amazon.com and the companies said Monday they have expanded their previous strategic alliance to share technology and enhance one another's products.
Under terms of the multi-year agreement, which was announced shortly before Amazon.com (AMZN: Research, Estimates) reported second quarter results, the companies will combine Amazon's retail services and e-commerce platform with AOL's shopping channels in time to take advantage of the 2002 holiday season.
Also under the agreement, which expands one struck in 1997, the companies will work together on future e-commerce initiatives.
America Online, a unit of CNNfn.com parent AOL Time Warner (AOL: Research, Estimates) , also snapped up $100 million in Amazon.com common stock.
Amazon's shares ended down 95 cents at $16.03 Monday. AOL Time Warner shares ended down $1.31 at $43. 
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