| Time Warner Inc. | |
|---|---|
| Type | Public (NYSE: TWX) |
| Founded | Merger between Time Inc. and Warner Communications (1990); subsequently purchased by AOL (2001) |
| Headquarters | New York City, New York, U.S. (incorporated in Wilmington, Delaware) [1] |
| Key people | Richard D.Parsons, Chairman Jeffrey L. Bewkes, President and CEO Wayne Pace, CFO |
| Industry | Broadcasting, publishing, Internet, telecommunications |
| Products | See list of assets owned by Time Warner. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. Time Inc is a major subsidiary of the media conglomerate Time Warner, the company formed by the 1990 The City of New York New York ( is a state in the Mid-Atlantic and Northeastern regions of the United States and is the nation's third most populous The United States of America —commonly referred to as the Wilmington is the largest city in the state of Delaware, United States and is located at the confluence of the Christina River and Brandywine Richard Dean Parsons was born in New York Brooklyn on April 4 1948 Jeffrey Lawrence Bewkes (born 25 May 1952 in Paterson New Jersey) is an American media executive President is a Title leaders of Organizations companies, Trade unions universities, and countries. A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator Wayne H Pace (born 1946 or 1947) is currently the Chief financial officer and executive vice president of Time Warner Inc For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" For the band see Broadcast (band Broadcasting is the distribution of audio and/or Video signals which transmit Publishing is the process of production and dissemination of Literature or Information &ndash the activity of making information available for public view The Internet is a global system of interconnected Computer networks In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Time Warner Inc is the world's second largest media company with major Internet, Publishing, Film, Telecommunications |
| Revenue | ▲$50. In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services 48 Billion (2008)[2] |
| Employees | 86,000 (12/31/2007) |
| Website | timewarner.com |
Time Warner Inc. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages (NYSE: TWX) is the world's second largest media and entertainment conglomerate, behind News Corporation, headquartered in New York City. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. A conglomerate is a large Company that consists of seemingly unrelated Business sections News Corporation (often abbreviated to News Corp) (,,) is one of the world's largest media conglomerate companies by Market capitalisation The City of New York Formerly three separate companies: Warner Communications, Inc. and Time Inc. before the Time-Warner merger in 1990 and America Online, Inc. Time Inc is a major subsidiary of the media conglomerate Time Warner, the company formed by the 1990 before its purchase of Time Warner in 2001 has created the current Time Warner , with major operations in film, television, publishing, Internet service and telecommunications. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. Television ( TV) is a widely used Telecommunication medium for sending ( Broadcasting) and receiving moving Images, either monochromatic Publishing is the process of production and dissemination of Literature or Information &ndash the activity of making information available for public view An Internet service provider ( ISP, also called Internet access provider or IAP) is a company which primarily offers their customers access to the Internet 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. New Line Cinema, founded in 1967 is one of the major American Film studios Though it initially began as an independent film studio it became a Time Inc is a major subsidiary of the media conglomerate Time Warner, the company formed by the 1990 Time Warner Cable ( (formerly Warner Cable Communications) is an American national cable television company that operates in 27 states and has 31 operating divisions Turner Broadcasting System Inc (often abbreviated TBS Networks or TBS Inc The CW Television Network ( The CW) is a Television network in the United States launched at the beginning of the 2006-2007 television season. UBU Productions Inc, is a Production company founded by producer Gary David Goldberg. Warner Bros Entertainment Inc (or Warner Bros, Warner Bros Pictures) is one of the world's largest producers of Film and Cable News Network, usually referred to by its Initialism CNN, is a major English language Television network founded in 1980 by Ted Turner DC Comics is an American comic book and related media company
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Warner Communications was established in 1972 when Kinney National Company spun off its non-entertainment assets, due to a financial scandal over its parking operations. Kinney National Services Inc was formed in 1966 when the Kinney Parking Company and the National Cleaning Company merged
It was the parent company for Warner Bros. Pictures and Warner Music Group during the 1970s and 1980s. Warner Bros Entertainment Inc (or Warner Bros, Warner Bros Pictures) is one of the world's largest producers of Film and Warner Music Group (WMG is the third-largest of the "big four" major record labels, the others being Sony BMG, EMI, and Universal 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). DC Comics is an American comic book and related media company Mad is a monthly American Humor Magazine founded by editor Harvey Kurtzman and publisher William Gaines in 1952 Garden State National Bank ("Garden State" was a mid-size commercial bank located in northern New Jersey that enjoyed success in the increasingly wealthy New Jersey suburbs of The Bank Holding Company Act of 1956 ( et seq) is a United States Act of Congress that regulates the actions of Bank holding companies. 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. Charles A Agemian (born in Aleppo, Syria, 22 July 1909; died 30 March 1996) was a nationally known banker who took early William A Conway (b April 16 1910, Newark New Jersey - d March 31 2006)
Warner made considerable profits (and later losses) with Atari, which it owned from 1976 to 1984. Atari is a corporate and brand name owned by several entities since its inception in 1972. In 1976, Nolan Bushnell sold his Atari company to Warner Communications for an estimated $28–32 million. Nolan K Bushnell (born February 5, 1943) is an American electrical Engineer and Entrepreneur who founded both Atari Inc While part of Warner, Atari achieved its greatest success, selling millions of Atari 2600s and computers. The Atari 2600 is a Video game console released in October 1977 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. The United States of America —commonly referred to as the
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. Steve Ross ( September 17, 1927 - December 20, 1992) was responsible for the 1990 merger of Warner Communications and Time Inc American Express ( sometimes known as " AmEx " or " Amex " is a diversified global Financial services company headquartered in Warner-Amex Satellite Entertainment Company (WASEC was a Joint venture owned and operated by Warner Communications (whose share was overseen by Warner executive David MTV ( Music Television) is an American Cable television network based in New York City. Nickelodeon (commonly referred to as Nick) is an American Cable television network owned by Viacom International, founded in 1977 as Pinwheel The Movie Channel (TMC is an American premium cable television network owned by Showtime Networks Inc Warner bought out American Express's half in 1984, and sold the venture a year later to Viacom, which renamed it MTV Networks. MTV Networks Company, also known as MTV Networks, is a division of Media conglomerate Viacom that oversees the operation of many TV network
In 1980, Warner purchased The Franklin Mint for about $225 million. The Franklin Mint is a private corporation based in Exton Pennsylvania which markets Collectibles of its own designs 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. Eastern Mountain Sports (or EMS) is an outdoor Apparel and equipment Retailer in the U [3]
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 Pirates for $10 million. The Pittsburgh Pirates are a Major League Baseball club based in Pittsburgh, Pennsylvania. 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. John Wilmer Galbreath ( August 10, 1897 – July 20, 1988) was an American building contractor, sportsman and Philanthropist [4]
In 1984, due to the video game crash of 1983, Warner sold the consumer division of Atari to Jack Tramiel. The North American video game crash of 1983 (sometimes known as the video game crash of 1984 because it was in that year that the full effects of the crash became apparent Atari is a corporate and brand name owned by several entities since its inception in 1972. Jack Tramiel (born 13 December 1928) is a Businessman, best known for founding Commodore International - manufacturer of the Commodore It kept the arcade division and renamed it Atari Games. Atari Games Corporation was an American producer of Arcade games, and originally part of Atari Inc They sold Atari Games to Namco in 1985, and repurchased it in 1994, renaming it Time-Warner Interactive, until it was sold to Midway Games in 1996. Atari Games Corporation was an American producer of Arcade games, and originally part of Atari Inc is an amusement company based in Japan, best known overseas for Video games development Midway Games ( (formerly Midway Manufacturing) is an American Video game publisher. 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. Lorimar-Telepictures was a production and Television syndication firm established in 1986 with the merger of Lorimar and Telepictures until both TV divisions
In early 1990, the combined companies were named Time Warner. This company subsequently acquired Ted Turner's Turner Broadcasting System in October 1996. Robert Edward "Ted" Turner III (born November 19, 1938) is an American Media proprietor and philanthropist. Turner Broadcasting System Inc (often abbreviated TBS Networks or TBS Inc
Time Warner had also been owner of the Six Flags Theme Parks chain during the 1990s after near bankruptcy. Six Flags Inc (commonly Six Flags) is one of the world's largest chains of Amusement parks and Theme parks, based on quantity of properties It sold all Six Flags parks and properties to Oklahoma based Premier Parks on April 1, 1998. Events 527 - Byzantine Emperor Justin I names his nephew Justinian I as co-ruler and successor to the throne Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar)
In 2000, a new company called AOL Time Warner, with Steve Case as chairman, was created when AOL purchased Time Warner for US$164bn. Steve Case (born August 21, 1958) is a businessman best known as the co-founder and former Chief executive officer and Chairman of The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been [5] The deal, announced on 10 January 2000[6] and officially filed on 11 February 2000,[7] employed a merger structure in which each original company merged into a newly created entity. Events 49 BC - Julius Caesar crosses the Rubicon, signaling the start of civil war. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. Events 660 BC - Traditional founding date of Japan by Emperor Jimmu. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. The Federal Trade Commission cleared the deal on December 14, 2000,[8] and gave final approval on January 11, 2001; the company completed the merger later that day. The Federal Trade Commission ( FTC) is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act Events 1287 - St Lucia's flood: The Zuider Zee sea wall in the Netherlands collapses killing over 50000 people 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. Events 1055 - Theodora is crowned Empress of the Byzantine Empire. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. [9] The deal was approved on the same day by the Federal Communications Commission,[7] and had already been cleared the European Commission on 11 October 2000. The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. Events 1138 - A massive earthquake struck Aleppo, Syria. 1531 - Huldrych Zwingli is killed 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. [10] The shareholders of AOL owned 55% of the new company while Time Warner shareholders owned only 45%,[6] 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. 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. Goodwill is an Accounting term used to reflect the portion of the book value of a business entity not directly attributable to its Assets and liabilities The term write-off (or write-down describes a reduction in recognized value
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. Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. Richard Dean Parsons was born in New York Brooklyn on April 4 1948 That same year, Time Warner spun off Time-Life's ownership under the legal name Direct Holdings Americas, Inc. The Time-Life company was founded by Time Incorporated in 1961 as a book marketing division Case resigned from the Time Warner board on October 31, 2005. Events 445 BC – Ezra reads the Book of the Law to the Israelites in Jerusalem (see Nehemiah 91 NLTse Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. [11]
In 2005, Time Warner was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. George Walker Bush ( born July 6 1946 is the forty-third and current President of the United States. [12] [13] [14]
On December 27, 2007 newly installed Time Warner CEO Jeffrey Bewkes discussed possible plans to spin-off Time Warner Cable and sell-off AOL and Time Inc. Events 537 - The Hagia Sophia is completed 1512 - The Spanish Crown issues the Laws of Burgos, governing the Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. This would leave a smaller company made up of Turner Broadcasting, Warner Bros and HBO. [15]
On February 28, 2008 co-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. Events 202 BC - coronation ceremony of Liu Bang as Emperor Gaozu of Han takes place initiating four centuries of the Han Dynasty 's rule 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common
Since the merger, a number of transactions have taken place:
On January 24, 2006, CBS Corporation and Time Warner announced that they were to create a new broadcast network, The CW Television Network. The CW Television Network ( The CW) is a Television network in the United States launched at the beginning of the 2006-2007 television season. Events 41 - Gaius Caesar (Caligula, known for his eccentricity and cruel Despotism, is Assassinated by his disgruntled Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. The CW Television Network ( The CW) is a Television network in the United States launched at the beginning of the 2006-2007 television season. The network officially debuted on September 18, 2006. Events 96 - Nerva is proclaimed Roman Emperor after Domitian is assassinated The network formally debuted on September 20 with the 2 hour premiere of America's Next Top Model. Events 451 - The Battle of Chalons takes place in North Eastern France. America's Next Top Model (often shortened to Top Model or abbreviated as ANTM) is a Reality television show in which a number of women compete
The network is the result of a merger of The WB Television Network (a Time Warner holding) and UPN (a CBS Corporation holding). United Paramount Network ( UPN) was a Television network that broadcast in over 200 markets in the United States and that was in production for over eleven 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. Tribune Broadcasting is a group of Radio and Television stations located throughout the United States which are owned and operated by the Tribune Company
The Time Inc. division publishes approximately 150 titles worldwide. Time Inc is a major subsidiary of the media conglomerate Time Warner, the company formed by the 1990 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. [16] As of January 2007, the unit is experiencing downsizing. January 2007 is the first month of that year It began on a Monday and 31 days later ended on a Wednesday. [17] In January 2007, the Bonnier Magazine Group agreed to acquire 18 magazines that Time Inc. Bonnier (also the Bonnier Group) is a Privately-held Swedish Media group of 150 companies operating in 21 countries 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. Field & Stream ( F&S for short is a magazine featuring Hunting, Fishing, and other outdoor activities in the United States Outdoor Life is an outdoors magazine about Hunting, Fishing, Survival and Camping. Yachting is a monthly English-language magazine published since 1907. 's Time4Media Group. Also included were Parenting, and Baby Talk, which were part of the Parenting Group. Launched in 1987 Parenting is a Magazine for mothers published in the United States. Baby Talk is the name of an ABC Sitcom that aired from 1991 until 1992 as part of ABC's TGIF lineup [18]
In 2004, Time Warner's market capitalization was $84 billion. Market capitalization/capitalisation (aka market cap, mkt cap or capitalized/capitalised value) is a measurement of Corporate or Economic 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 [19] because of $100 billion in non-recurring charges, almost all from a writedown of the goodwill (intangible asset) from the merger in 2000. An Income Statement, also called a Profit and Loss Statement (P&L is a financial statement for companies that indicates how Revenue (money Intangible assets are defined as identifiable non-monetary Assets that cannot be seen touched or physically measured which are created through time and/or effort and that are 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 CNN news studio. Cable News Network, usually referred to by its Initialism CNN, is a major English language Television network founded in 1980 by Ted Turner 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. Columbus Circle, named for Christopher Columbus, is a major landmark and point of attraction in the New York City borough of Manhattan. Central Park is a large public Urban park in New York City, with about twenty-five million visitors annually 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. The Time Warner Center is a mixed-use skyscraper developed by The Related Companies in New York City.
As of Jan 2007.
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 Google for competition of viewer attention which translates to ad sales. A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator Time Inc is a major subsidiary of the media conglomerate Time Warner, the company formed by the 1990 CBS Corporation () is an American Media conglomerate focused on Broadcasting, Publishing, Billboards, and Television News Corporation (often abbreviated to News Corp) (,,) is one of the world's largest media conglomerate companies by Market capitalisation Viacom ( ( short for " Vi deo & A udio Com munications" is an American Media conglomerate with various worldwide interests Google Inc is an American public corporation, earning revenue from advertising related to its Internet search, e-mail, online According to the recent 10Q, in order to remain competitive, Time Warner and AOL must 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. [20]
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. [21]
Time Warner conducts businesses in an environmentally responsible and proactive manner. Their aim is to conserve natural resources and minimize waste through source reduction and recycling; handle and dispose of wastes through safe, environmentally responsible methods; encourage energy efficiency and the use of renewable energy sources; and encourage our business partners and suppliers to strive for the same high levels of environmental performance. [22] Time Warner Cable will attempt meet environmental standards with its new regional headquarters in Morrisville's Perimeter Park. The developer, Duke Realty Corp. , said Tuesday that the 160,000-square-foot, Class A office building will be built to meet Leadership in Energy and Environmental Design standards developed by the U.S. Green Building Council. US Green Building Council ( USGBC) is a non-profit trade organization that promotes sustainability in how buildings are designed built and operated Duke and Time Warner will shoot for "silver" certification under the LEED program, the second highest of the system's four levels. Architecture firm Giffels designed the building. The term architecture (from Greek αρχιτεκτονικήarchitektoniki) can be used to mean a process a profession or documentation Construction is expected to start in April and end by April 2009. Time Warner Cable announced in December 2007 that it would be building a new regional headquarters in Perimeter Park, directly across from the headquarters of computer maker Lenovo. [23] November 2001, Time Warner began the cleanup and restoration of the former train station building that had turn into a Brownfield site. An historic limestone structure dating to 1937 still stands on the property, which Time Warner Cable owns. Brownfields are abandoned or underused properties where real or perceived environmental contamination hinders the potential for redevelopment. A groundwater monitoring program included installation of six new groundwater wells. The total cost to Time Warner was more than $1 million. [24]