America Online announced that it had reached an agreement under which it would buy Time Warner for the staggering amount of $162 billion. It was the largest company merger in history.

The first episode of the hit television series, The Sopranos, aired on the HBO cable channel.

The Time Warner company was formed when Time Inc. merged with Warner Communications Inc.

French fashion designer, Gabrielle Chanel, died at the age of 88. She is considered as the most influential figure in the world of fashion and a driving force behind the fashion trends which shaped the 20th century.

The last issue of The Saturday Evening Post magazine was published. It was first printed in 1821 and remained in circulation for 147 years in the United States. It was a current events and popular fiction magazine.

American boxer, George Foreman, was born in Texas. He was two times the world champion in boxing and is regarded as one of the greatest heavyweight boxers in the history of the sport. He won his second title at the age of 45, the oldest fighter ever to win the world Heavyweight title, and almost 20 years after losing his first title.

English singer, Rod Stewart, was born in London.

American singer, Frank Sinatra, Jr., was born in New Jersey. He is the son of famed musician Frank Sinatra and brother to fellow singer Nancy Sinatra.

The comic book character, Tintin, created by Herge, made his first appearance in a children's supplement to the Belgian newspaper Le Vingtieme Siecle.

The film Metropolis, by director Fritz Lang, premiered in movie theatres. It was the most expensive silent film ever made and is considered as one of the greatest classic movies of all time.