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Time Warner Inc. (NYSE: TWX (http://www.nyse.com/about/listed/lcddata.html?ticker=TWX)) (AOL Time Warner Inc. between 2001 and 2003) is the world's largest media company with major Internet, publishing, film, telecommunications and television divisions.
The company is headquartered at Time Warner Center, in New York City, New York, United States.
History Time Warner was created through the merger of Time Inc., and Warner Communications on January 10, 1990. In 1996, the group merged with Ted Turner's Turner Broadcasting System, making Mr. Turner the largest individual shareholder of the group, though not the single largest shareholder.
A controversial 2000 merger of Time Warner and America Online faced opposition in part due to concerns over monopoly issues (vertical integration) and questions of valuation. Many analysts were apprehensive of the fact that AOL, a company that at that time was less than fifteen years old was accquiring a venerable american institution. The collapse of the late 1990s tech industry economic bubble somewhat validated their paranoia and greatly reduced the company's combined worth. In 2002, the AOL component was considered to be the weakest part of the company and on September 17, 2003, AOL Time Warner announced that it would change its name to Time Warner, and its ticker symbol from AOL back to the original TWX used by Time Warner prior to the merger.
Following a series of poor results,immense goodwill writedowns and immense debt, a number of group assets have been recently closed or sold. The professional wrestling federation WCW was sold to competitor WWE. The Atlanta Hawks, Atlanta Thrashers, and operating rights to Philips Arena were sold in mid-2003. The fifty percent share in the cable channel Comedy Central was sold to Viacom and AOL/Netscape's longrunning litigation against Microsoft was settled out of court.Warner Music Group, a music company, was sold to a group of investors led by Edgar Bronfman, Jr. in late 2003. In 2004 TimeWarner announced that it was shutting down its CNNfn financial information channel and disposing of its share in Google.
Since 2003, the Time Warner text logo appears in CamelCase form (ala RadioShack).
Businesses The following enterprises are part of Time Warner: - CNN, a cable news channel
- HBO, Cinemax, Turner Classic Movies, cable movie channels
- TBS Superstation, TNT, Cartoon Network, cable channels
- The WB television network (co-owned with Tribune Company)
- America Online and via its Web Properties Group:
- Time Warner Cable, a cable television company
- TIME, a weekly news magazine
- People, a weekly celebrity magazine
- Sports Illustrated, a sports magazine
- MAD magazine, a humor magazine
- Fortune, Money Magazine, business and investing magazines
- Warner Bros., a movie studio
- New Line Cinema, a movie studio
- Atlanta Braves, a Major League Baseball team
- DC Comics, a comic book company
- Rhino Entertainment, a specialty recording, home video, and production company
- Turner Entertainment, production company largely responsible for the distribution of the classic MGM, RKO, and Warner Bros. film libraries
Time Warner also owns several other television channels and magazines, including CNN Headline News and Entertainment Weekly, as well as Time Life books and music. See external links below for a complete list.
Financials Time Warner's market capitalization is US$84 billion (2004). When the AOL-Time Warner merger was announced in January 2000, the combined market capitalization was $280 billion.
For fiscal year 2002 the company made a $99 billion income statement loss ([1] (http://finance.yahoo.com/q/is?s=TWX&annual)) because of $100 billion in non-recurring charges.
Commercial Properties 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 CNN news studio. In late 2003, Time Warner finished construction of a new twin-tower complex, designed to serve as additional office space, facing Columbus Circle on 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 Center when the company itself was renamed.
Board of Directors As of March 2004.
See also
External links
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