company_name =Time Warner Inc.
company_type =Public (NYSE|TWX)
foundation =Merger between
Time Inc.and Warner Communications (1990); subsequently purchased by AOL(2001)
Chicago(main) New York City(subsidiary), U.S. (incorporated in Wilmington, Delawareand Chicago, Illinois) [ [http://timewarner.com/corp/corp_governance/by_laws/1_offices.html Corporate Governance] , TimeWarner website]
key_people = Richard D.Parsons, Chairman
Jeffrey L. Bewkes,
Presidentand CEO Wayne Pace, CFO
num_employees = 86,400 (2008)cite web |url=http://zenobank.com/index.php?symbol=TWX&page=quotesearch |title=Company Profile for Time Warner Inc (TWX) |accessdate=2008-09-30]
Broadcasting, publishing, Internet, telecommunications
products = See
list of assets owned by Time Warner.
revenue = gain$40.615 Billion (
2008)cite web|url=http://ir.timewarner.com/common/download/download.cfm?companyid=TWX&fileid=172551&filekey=CA55EB21-7F45-47BA-BE51-BFF899548A24&filename=2007AR.pdf|title=2008 Annual Report to Stockholders |format=PDF]
profit = gain$4.387 Billion (
homepage = [http://timewarner.com/ timewarner.com]
Time Warner Inc. (NYSE|TWX) is the world's largest media and entertainment conglomerate, headquartered in
New York City. Formerly three separate companies: Warner Communications, Inc. and Time Inc.before the Time-Warner merger in 1990 and America Online, Inc. before its purchase of Time Warner in 2001has created the current Time Warner , with major operations in film, television, publishing, Internet serviceand telecommunications. Among its subsidiaries are AOL, New Line Cinema, Time Inc., Time Warner Cable, HBO, Turner Broadcasting System, The CW Television Network, UBU Productions, Warner Bros. Entertainment, Cartoon Network, CNN, and DC Comics.
Warner Communications was established in 1972 when
Kinney National Companyspun off its non-entertainment assets, due to a financial scandal over its parking operations.
It was the parent company for
Warner Bros. Picturesand Warner Music Groupduring the 1970s and 1980s. It also owned DC Comicsand "Mad", as well as a majority stake in Garden State National Bank(an investment it was ultimately required to sell pursuant to requirements under the Bank Holding Company Act). Warner's initial divestiture efforts led by Garden State CEO Charles A. Agemianwere blocked by Garden State board member William A. Conwayin 1978; a revised transaction was later completed in 1980.
Warner made considerable profits (and later losses) with
Atari, which it owned from 1976 to 1984. In 1976, Nolan Bushnellsold his Atari company to Warner Communications for an estimated $28–32 million. While part of Warner, Atari achieved its greatest success, selling millions of Atari 2600s and computers. At its peak, Atari accounted for a third of Warner's annual income and was the fastest-growing company in the history of the United Statesat the time.
In 1975, Warner expanded under the guidance of CEO Steve Ross and formed a joint venture with
American Express, named Warner-Amex Satellite Entertainment, which held cable channels including MTV(launched 1981), Nickelodeon (launched 1979) and The Movie Channel. Warner bought out American Express's half in 1984, and sold the venture a year later to Viacom, which renamed it MTV Networks.
In 1980, Warner purchased The
Franklin Mintfor about $225 million. The combination was short lived: Warner sold The Franklin Mint in 1985 to American Protection Industries Inc.(API) for $167.5 million. However, Warner retained Franklin Mint’s Eastern Mountain Sportsas well as The Franklin Mint Center, which it leased back to API. [cite book |last=Dinger |first=Ed |title=International Directory of Company Histories |url=http://findarticles.com/p/articles/mi_gx5202/is_1998/ai_n19122709 |accessdate=2008-05-23 |volume=69 |date= |year=1998 |month= |publisher= |location= |chapter=The Franklin Mint ]
In February 1983, Warner expanded their interests to baseball. Under the direction of
Ceasar P. Kimmel, executive vice president, bought 48 percent of the Pittsburgh Piratesfor $10 million. The company then put up its share for sale in November 1984 following losses of $6 million. The team's elderly majority owner, John W. Galbreath, soon followed suit after learning of Warner's actions. [ [http://query.nytimes.com/gst/fullpage.html?res=9803E1D71F39F932A15752C1A962948260&n=Top%2fNews%2fSports%2fBaseball%2fMajor%20League%2fPittsburgh%20Pirates Galbreaths to Sell Pirates PITTSBURGH] , New York Times]
In 1984, due to the
video game crash of 1983, Warner sold the consumer division of Atarito Jack Tramiel. It kept the arcade division and renamed it Atari Games. They sold Atari Gamesto Namcoin 1985, and repurchased it in 1994, renaming it Time-Warner Interactive, until it was sold to Midway Gamesin 1996. Meanwhile, in 1987, it was announced that Warner Communications and Time Inc. were to merge. The last thing Warner did before the merger closed in 1989 was to buy out Lorimar-Telepictures.
In early 1990, the combined companies were named Time Warner. This company subsequently acquired
Ted Turner's Turner Broadcasting Systemin October 1996. Not only did this result in the company (in a way) re-entering the basic cable television industry, but Warner Bros. also regained the rights to their pre-1948 film library, which by then had been owned by Turner (the films are still technically held by Turner, but WB is responsible for sales and distribution).
Time Warner had also been owner of the
Six Flags Theme Parkschain during the 1990s after near bankruptcy. It sold all Six Flags parks and properties to Oklahoma based Premier Parks on April 1, 1998.
In 2000, a new company called AOL Time Warner, with
Steve Caseas chairman, was created when AOLpurchased Time Warner for US$164bn.cite web|url=http://www.manda-institute.org/en/statistics-top-m&a-deals-transactions.htm|title=Top Mergers & Acquisitions (M&A) Deals|date=2007-03-28|accessdate=2007-05-05] The deal, announced on 10 January 2000cite web|url=http://www.timewarner.com/corp/newsroom/pr/0,20812,667602,00.html|title=America Online and Time Warner Will Merge to Create World's First Internet-Age Media and Communications Company|work=Time Warner corporate homepage|date=2000-01-10 |accessdate=2007-05-06] and officially filed on 11 February 2000,cite web|url=http://www.fcc.gov/mb/aoltw/aoltw.html|title=America Online-Time Warner Merger Page|work=Federal Communications Commission homepage|author=Federal Communications Commission|date=2003-03-25 |accessdate=2007-05-06] employed a merger structure in which each original company merged into a newly created entity. The Federal Trade Commissioncleared the deal on December 14, 2000,cite web|url=http://ftc.gov/opa/2000/12/aol.shtm|title=FTC Approves AOL/Time Warner Merger with Conditions|work=Federal Trade Commission website|author=Federal Trade Commission|date=2000-12-14 |accessdate=2007-05-06] and gave final approval on January 11, 2001;Fact|date=May 2007 the company completed the merger later that day.cite web|url=http://news.com.com/2100-1023-250781.html|title=AOL, Time Warner complete merger with FCC blessing|work= CNET News.com|author=Patrick Ross, Evan Hansen|date=2001-01-11 |accessdate=2007-05-06] The deal was approved on the same day by the Federal Communications Commission, and had already been cleared the European Commissionon 11 October 2000.cite web|url=http://news.bbc.co.uk/2/hi/business/967049.stm|title=EU statement: AOL, Time Warner|work= BBC News Online|date=2000-10-11 |accessdate=2007-05-06] The shareholders of AOL owned 55% of the new company while Time Warner shareholders owned only 45%, meaning that the smaller AOL had in fact bought out the far larger Time Warner.
After the merger, the profitability of the ISP division (America Online) decreased.Fact|date=January 2008 Meanwhile, the market valuation of similar independent internet companies drastically fell. As a result, the value of the America Online division dropped significantly. This forced a goodwill
write-off, causing AOL Time Warner to report a loss of $99 billion in 2002 — at the time, the largest loss ever reported by a company. In 2003, the company dropped the "AOL" from its name, and removed Steve Case as executive chairman in favor of Richard Parsons, with AOL remaining a part of the company. That same year, Time Warner spun off Time-Life's ownership under the legal name Direct Holdings Americas, Inc. Case resigned from the Time Warner board on October 31, 2005. [ [http://edition.cnn.com/2005/BUSINESS/10/31/stevde.case.aol/ CNN.com] ]
2005, Time Warner was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush. [cite news |first=Jim |last=Drinkard |title=Donors get good seats, great access this week |url=http://www.usatoday.com/news/washington/2005-01-16-inauguration-donors_x.htm |publisher=USA Today |date=2005-01-17 |accessdate=2008-05-25 ] [cite news |title=Financing the inauguration |url=http://www.usatoday.com/news/washington/2005-01-16-inaugural-donors_x.htm |publisher=USA Today |date= |accessdate=2008-05-25 ] [cite news |title=Some question inaugural's multi-million price tag |url=http://www.usatoday.com/news/washington/2005-01-14-price_x.htm |publisher=USA Today |date=2005-01-14 |accessdate=2008-05-25 ] On December 27, 2007newly installed Time Warner CEO Jeffrey Bewkes discussed possible plans to spin-off Time Warner Cable and sell-off AOL and Time Inc. This would leave a smaller company made up of Turner Broadcasting, Warner Bros and HBO. [ [http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ata7DiR37G8I Bloomberg.com: Time Warner May End Reign as Largest Media Company] ] On February 28, 2008co-chairmen and co-CEOs of New Line Cinema Bob Shaye and Michael Lynne announced their resignations from the 40-year-old movie studio in response to Jeffrey Bewkes's demand for cost-cutting measures at the studio, which he intended to dissolve into Warner Bros.
Transactions made since the AOL-Time Warner merger
Since the merger, a number of transactions have taken place:
professional wrestlingcompany WCW was sold to competitor and investing creditor WWE for $7 million.
Atlanta Hawks, Atlanta Thrashers, and operating rights to Philips Arenawere sold in mid-2003.
* The fifty percent share in the cable channel
Comedy Centralwas sold to Viacom.
Warner Music Groupwas sold to a group of investors led by Edgar Bronfman Jr.in March 2004.
* AOL/Netscape's longrunning litigation against
Microsoftwas settled out of court.
* Time Warner announced that it was shutting down its
CNNfnfinancial information channel and disposing of its share in
March 31, 2006Time Warner sold the Time Warner Book Groupto French publisher Hachette Livre, of the Lagarderegroup.
February 7, 2006, a group led by corporate raider Carl Icahnand Lazard Frères CEO Bruce Wassersteinunveiled a 343-page proposal calling for the breakup of Time Warner into four companies and stock buybacks totaling approximately $20 billion. On February 17, 2006, the Icahn-lead group agreed with Time Warner to not contest the re-election of TW's slate of board members at the 2006 shareholders meeting. In exchange for the Icahn group's cooperation, Time Warner will buy back up to $20 billion of stock, nominate more independent members to the board of directors, cut $1 billion of costs by 2007, and continue discussions with the Icahn group over their proposal, particularly on the future of Time Warner Cable.
February 23, 2006, Time Warner announced that Turner South, a regional sports and entertainment network in the south, will be sold to News Corp's Fox Cable Networksgroup.
September 12, 2006, Time Inc. announced that Time4 Media, a group of men's interest magazines including " Popular Science" and " Outdoor Life" was to be put up for sale. The sale will include 18 publications (including three parenting-related titles).
* In the fall of 2006, the
Atlanta Braveswere sold to Liberty Mediain a deal that returned vast amounts of Liberty-owned Time Warner stock back into the company's folds.
* In the summer of 2008,
the Reader's Digest Associationsold QSP to Time Warner subsidiary Time Inc.for $110 million. [cite web | last=Ali | first=Rafat | title=Time Inc. Strange Buy: Acquiring Reader's Digest School Funding Raising Unit QSP For $110 Million | url=http://www.washingtonpost.com/wp-dyn/content/article/2008/08/07/AR2008080702430.html | accessdate=2008-09-03]
The CW Television Network
January 24, 2006, CBS Corporation and Time Warner announced that they were to create a new broadcast network, The CW Television Network. The network officially debuted on September 18, 2006. The network formally debuted on September 20with the 2 hour premiere of " America's Next Top Model".
The network is the result of a merger of
The WB Television Network(a Time Warner holding) and UPN(a CBS Corporation holding). CBS Corporation and Time Warner each own 50% of the network. Tribune Broadcasting(previously owned a 25% stake on The WB) and CBS Corporation contributed its stations as new network affiliates.
Time Inc.division publishes approximately 150 titles worldwide. It is the leading magazine publisher in the U.S. and UK, and is understood to be profitable at US$5 billion in annual revenues. [ [http://www.nypost.com/seven/01272007/business/time_to_leave_says_coo_mcaniff_business_keith_j__kelly.htm NYPost] ] As of January 2007, the unit is experiencing downsizing. [ [http://www.nytimes.com/2007/01/15/business/media/15time.html "As Time Inc. Cuts Jobs, One Writer on Britney May Have to Do"] , " New York Times", January 15, 2007, accessed March 30, 2008.] In January 2007, the Bonnier Magazine Groupagreed to acquire 18 magazines that Time Inc. was divesting. The magazines in the package employed 550 people and included " Field & Stream", " Outdoor Life", "Ski", "Yachting", and " TransWorld Snowboarding", as well as 11 other titles that were part of Time Inc.'s Time4Media Group. Also included were "Parenting", and " Baby Talk", which were part of the Parenting Group. [ [http://www.nypost.com/seven/01262007/business/bonnier_coughed_up_225m_to_time_business_keith_j__kelly.htm?page=2 NY Post] ]
In 2004, Time Warner's
market capitalizationwas $84 billion. When the AOL-Time Warner merger was announced in January 2000, the combined market capitalization was $280 billion.
For fiscal year 2002 the company reported a $99 billion loss on its
income statement[ [http://finance.yahoo.com/q/is?s=TWX&annual TWX annual statement] ] because of $100 billion in non-recurring charges, almost all from a writedown of the goodwill ( intangible asset) from the merger in 2000. The value of the AOL portion of the company had dropped sharply with the collapse of the Internet boom, in the early 2000s.
Time Warner Inc. owns several large properties in New York City; certain buildings in the Rockefeller Center complex and adjacent office towers house its main offices; one of which houses a
CNNnews studio. In late 2003, Time Warner finished construction of a new twin-tower complex, designed to serve as additional office space, facing Columbus Circleon the southwestern edge of Central Park. Originally called the AOL Time Warner Center, the 755-foot, 55-floor mixed-use property was renamed Time Warner Centerwhen the company itself was renamed.
Board of directors
As of Jan 2007.
*James L. Barksdale - Barksdale Management
Stephen F. Bollenbach- Hilton Hotels Corporation
Frank J. Caufield- Kleiner Perkins Caufield & Byers
Robert C. Clark- Harvard University
Mathias Döpfner- CEO of Germany's Axel Springer AG
Jessica P. Einhorn- Johns Hopkins University
Reuben Mark- Colgate-PalmoliveCompany
Michael A. Miles- Altria Group(Parent co. of Philip Morris)
Ken Novack- former Time Warner - Affiliate Director
Richard D. Parsons- Chairmanof the Board & Chief Executive Officer
Francis T. Vincent, Jr.- Vincent Enterprises
Deborah C. Wright- Carver Bancorp
Edward J. Zander- Chairman and CEO of MotorolaInc.
Malcolm-Jamal Warner- Producer of Cartoon Network/ Warner Bros.
Time Warner Inc.
Chairmanand Chief Executive Officerof AOL LLC.
Glenn A. Britt, Presidentand CEOof Time Warner Cable
Barry Meyer, Chairmanand CEOof Warner Bros. Entertainment Inc.
Chairmanand CEOof Home Box Office
Jonathan Clavin, Chairmanand President of Intercontinental Operationsof Turner Broadcasting System
Peyton Bateman, President of Publishing Corporationof Turner Broadcasting System
Philip I. Kent, Chairmanand CEOof Turner Broadcasting System
Ann S. Moore, Chairmanand CEOof Time Inc.
Time Warner faces industry competition from traditional media companies such as
CBS Corporation, The Walt Disney Company, News Corporation, and Viacom, as well as online search portals such as Yahoo!, and AOLmust keep pace with rapid technological changes on the internet. Time Warner's business may be severely impacted by the increasing "piracy" of feature films, television programming and other content which decreases company revenues. 
AOL's subscriber base is declining, and declines are expected to continue, adversely affecting subscription and advertising revenue. As more individuals are using non-PC devices to access the Internet, AOL is under pressure to secure placement of its services and applications on mobile devices.
Box office receipts and the growth rate of DVD sales have recently been declining, which adversely affects Warner Brothers' growth prospects and revenues. [ [http://google.brand.edgar-online.com/?sym=TWX Recent 10Q Report] ]
*Triangle Business Journal: Time Warner Cable thinking green with local HQ
National Cleaning Company
Kinney Parking Company
Kinney National Company(1966-1972)
* Warner Communications (1972-1990)
* Time Warner (1990-2001, 2003-present)
* AOL Time Warner Inc. (2001-2003)
List of conglomerates
List of United States companies
List of assets owned by Time Warner
Time-Life- former direct marketing (books, music, video) subsidiary;
Ubu Productions, a production company
Reel Works Teen Filmmaking- a documentary youth program sponsored by Time Warner
* [http://www.timewarner.com/ Time Warner corporate website]
* [http://www.publicintegrity.org/telecom/search/profile.aspx?id=M000010&sec=facilities A complete list of Time Warner media facilities] and [http://www.publicintegrity.org/telecom/search/profile.aspx?id=M000010&sec=influence a detailed report on their campaign contributions and lobbying] from the
Center for Public Integrity
* [http://www.ketupa.net/time.htm Ketupa - Time Warner] profile
* [http://www.cjr.org/tools/owners/timewarner.asp Columbia Journal Review's Who Owns What for Time Warner]
* [http://www.pbs.org/newshour/bb/business/jan-june00/aol_01-10.html Early analysis of the Time Warner-AOL merger]
* [http://biz.yahoo.com/ic/102/102518.html Yahoo! - Time Warner Inc. Company Profile]
* [http://seekingalpha.com/transcripts/for/twx Time Warner's most recent conference call transcripts]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Time-Warner — Inc. Unternehmensform Incorporated Gründung 1989 … Deutsch Wikipedia
Time Warner — Inc. Rechtsform Incorporated ISIN US8873173038 … Deutsch Wikipedia
Time Warner — Inc. Sede oficial de TimeWarner … Wikipedia Español
Time Warner — [Time Warner] a very large US ↑media and entertainment company selling magazines, films, television programmes and ↑Internet services all over the world. It was formed in 1989 when the magazine company Time Inc joined with the film company… … Useful english dictionary
Time Warner — Pour les articles homonymes, voir Time et Warner. Logo de Time Warner … Wikipédia en Français
Time Warner — Стиль этой статьи неэнциклопедичен или нарушает нормы русского языка. Статью следует исправить согласно стилистическим правилам Википедии … Википедия
Time Warner — ► Grupo de comunicación estadounidense. Tras la fusión en 2001 del grupo multimedia Time Warner con el proveedor de acceso a Internet AOL (America Online), se denominó AOL Time Warner hasta 2003. Presente en las redes telemáticas (AOL), el cine… … Enciclopedia Universal
Time Warner — a very large US media and entertainment company selling magazines, films, television programmes and Internet services all over the world. It was formed in 1989 when the magazine company Time Inc joined with the film company Warner Brothers. In… … Universalium
Time Warner Cable — Type Public Traded as NYSE: TWC Industry Communications … Wikipedia
Time Warner Incorporated — Time Warner Pour les articles homonymes, voir Warner. Logo de Time Warner Inc … Wikipédia en Français