January 12, 2000

Bill Parcells and Steve Gutman, New York Jets president, will meet this week with new owner Robert Wood Johnson IV to begin process of selecting head coach and to discuss other personnel matters (M)

Ben Brantley reviews August Wilson play King Hedley II, inaugural production of new O'Reilly Theater, Pittsburgh; photo (M)

Robert Wood Johnson IV, whose great-grandfather founded Johnson & Johnson, wins right to buy New York Jets for $635 million, third-highest price for professional sports team and the most for one in New York; Johnson, whose sports connection has been confined to New York Knick games, outbids $612 million offered by Charles Dolan of Cablevision, which owns Madison Square Garden, Knicks and Rangers; Johnson says he looks forward to working with team's Steve Gutman and just-retired coach Bill Parcells (L)

Bank One Corp issues profit warning, its third in five months, saying that earnings could decline about 19 percent this year, largely because of continuing troubles in its credit card division; bank holding company will take charge of $725 million in fourth quarter of 1999, in part to cover one-time losses at its First USA credit card and consumer lending division (M)

As America Online and Time Warner begin the task of merging their cultures and operations, the most important effect for consumers may be how the deal advances the deployment of high-speed Internet access. Coverage begins on Page C1.