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Apple & Lala
With most of the company mergers listed in this piece, although many of them turned out horribly, you can at least say that the intentions of the company doing the acquisition had the objective of actually integrating the assets of the company being acquired and making money with it.
I mean, this is usually why you acquire another company, right?
Apple bought music streaming service Lala.com back in December of 2009 for about $80M. If you recall, Lala was doing some innovative things around pricing and service offierings in the music streaming business, and our own Ed Bott picked it as his favorite among iTunes alternatives in his article written in April of 2009.
Well, Lala was being so innovative that it scared the hell out of Apple, so the company simply decided to throw its money at the upstart just to take it off the market and to kill the product and service.
No further development, no integration into iTunes, nada.
While the financial impact of Lala's death is far smaller than any of the mergers and acquisitions listed in this rogue's gallery, it is by far the worst and most malicious case of corporate merger infanticide I have ever seen to date.