WarnerMedia

Warner Media, LLC
WarnerMedia
Formerly
  • Time-Warner (1990–2001)
  • AOL Time Warner Inc. (2001–2003)
  • Time Warner Inc. (2003–2018)
Subsidiary
Industry
Predecessors
FoundedJanuary 10, 1990; 28 years ago (1990-01-10)
FounderSteve Ross[1]
HeadquartersNew York City, New York, U.S.
Area served
Worldwide
Key people
John Stankey (CEO)
RevenueIncrease US$31.27 billion (2017)[2]
Increase US$7.92 billion (2017)[2]
Increase US$5.24 billion (2017)[2]
Total assetsIncrease US$69.20 billion (2017)[2]
Total equityIncrease US$28.37 billion (2017)[2]
Number of employees
30,400 (2018)[3]
ParentAT&T (2018–present)
Subsidiaries
Websitewarnermediagroup.com

Warner Media, LLC (formerly Time Warner Inc.), doing business as WarnerMedia, is an American multinational mass media and entertainment conglomerate owned by AT&T and headquartered in New York City. The company has film, television, cable networks, and publishing operations.

The company was formed in 1990 as Time Warner, from the merger of Time Inc. and Warner Communications. The current company consists largely of the assets of the former Warner Communications, HBO (a Time Inc. subsidiary until the merger), and the Turner Broadcasting System assets which acquired in 1996. Its assets include HBO, Turner, half of The CW, Cartoon Network, Audience, Warner Bros., CNN, DC Comics, Otter Media,[4] and a 10% stake in Hulu.[5]

Despite spinning off Time Inc. in 2014 (which Meredith Corporation later acquired), the company retained the Time Warner name until AT&T's acquisition in 2018.[6] The company's previous assets included Time Inc., AOL (now owned by Verizon Communications), Time Warner Cable, Warner Books, and Warner Music Group; these operations were either sold to others or spun off as independent companies. The company ranked No. 98 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.[7]

On October 22, 2016, AT&T announced an offer to acquire Time Warner for $108.7 billion (including assumed Time Warner debt).[8][9] The proposed merger was confirmed on June 12, 2018,[10] after AT&T won an antitrust lawsuit that the U.S. Justice Department filed in 2017 to attempt to block the acquisition.[11] The merger closed two days later, with the company becoming a subsidiary of AT&T.[12]

Background

1920s

Time magazine, the first weekly news magazine in the United States, debuted in 1923.[13]

Four years later, in 1927, Warner Bros. released the world's first feature-length talking picture, The Jazz Singer.[14]

1960s

In 1963, recommendations from Time Inc. based on how it delivered magazines led to the introduction of ZIP codes by the United States Post Office.[citation needed]

1970s

In 1972, Kinney National Company spun off its non-entertainment assets due to a financial scandal over its parking operations and renamed itself Warner Communications Inc.[15]

It was the holding company for Warner Bros. Pictures and Warner Music Group during the 1970s and 1980s. It also owned DC Comics and 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. Agemian were blocked by Garden State board member William A. Conway in 1978; a revised transaction was later completed in 1980.

In 1975, Home Box Office (HBO) became the first TV network to broadcast nationally via satellite, debuting with the Muhammad Ali and Joe Frazier "Thrilla in Manila" boxing match.[16]

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 Bros. bought out American Express's half in 1984, and sold the venture a year later to Viacom, which renamed it MTV Networks.[citation needed]

In 1976, the Turner–owned WTCG originated the "superstation" concept, transmitting via satellite to cable systems nationwide and pioneering the basic cable business model. WTCG was renamed WTBS in 1979 (it is now Meredith-owned WPCH).

In 1976, Nolan Bushnell sold Atari, Inc. to Warner Communications for an estimated $2–12 million. Warner made considerable profits (and later losses) with Atari, which it owned from 1976 to 1984. 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 States at the time.[17]

1980s

In 1980, Warner purchased The Franklin Mint for 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 Sports as well as The Franklin Mint Center, which it leased back to API.[18][19]

In 1980, Turner launched CNN, the first 24-hour all-news network, redefining the way the world received breaking news.[20]

In January 1983, Warner expanded their interests to baseball. Under the direction of Caesar P. Kimmel, executive vice-president, bought 48 percent of the Pittsburgh Pirates for $10 million.[21] The company then put up its share for sale in November 1984 following losses of $6 million due to its failed attempt to launch a cable sports package. The team's majority owner, John W. Galbreath, soon followed suit after learning of Warner's actions.[22] Both Galbreath and Warner sold the Pirates to local investors in March 1986.

In 1984, due to major losses spurred by subsidiary Atari Inc.'s losses, Warner sold Atari Inc.'s Consumer Division assets to Jack Tramiel. It kept the rest of the company and named it Atari Games, eventually reducing it to just the Coin Division. They sold Atari Games to Namco in 1985, and repurchased it in 1992, renaming it Time Warner Interactive, until it was sold to Midway Games in 1996. In a long-expected deal, Warner Communications acquired Lorimar-Telepictures; the acquisition was finalized on January 12, 1989.[23]

Other Languages
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беларуская: WarnerMedia
български: Уорнърмедия
català: WarnerMedia
čeština: WarnerMedia
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español: WarnerMedia
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한국어: 워너미디어
Bahasa Indonesia: WarnerMedia
íslenska: WarnerMedia
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Bahasa Melayu: WarnerMedia
Nederlands: WarnerMedia
polski: WarnerMedia
português: WarnerMedia
română: Time Warner
русский: WarnerMedia
Simple English: Time Warner
slovenščina: Time Warner
српски / srpski: Vorner medija
svenska: Time Warner
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українська: WarnerMedia
Tiếng Việt: WarnerMedia
粵語: 時代華納
中文: 華納媒體