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WarnerMedia
Warner Media, LLC (doing business as WarnerMedia) was an American multinational mass media and entertainment conglomerate owned by AT&T. It was headquartered at the 30 Hudson Yards complex in New York City.
It was established as Time Warner in 1990 and was known by that name for most of its history, following a merger between Time Inc. and Warner Communications. The company had film, television and cable operations. Its assets included WarnerMedia Studios & Networks (which consisted of the entertainment assets of Turner Broadcasting, HBO, and Cinemax as well as Warner Bros., which itself consisted of the film, animation, television studios, the company's home entertainment division and Studio Distribution Services, its joint venture with Universal Pictures Home Entertainment, DC Comics, New Line Cinema, and, together with CBS Entertainment Group, a 50% interest in The CW); WarnerMedia News & Sports (consisted of the news and sports assets of Turner Broadcasting, including CNN, Turner Sports, and AT&T SportsNet); WarnerMedia Sales & Distribution (consisted of digital media company Otter Media); and WarnerMedia Direct (consisted of the HBO Max streaming service).
Despite spinning off Time Inc. in 2014, the company retained the Time Warner name until 2018, when the company was renamed WarnerMedia after it was acquired by AT&T. On October 22, 2016, AT&T officially announced that they intended on acquiring Time Warner for $85.4 billion (or $108.7 billion when including assumed Time Warner debt), valuing the company at $107.50 per share. The proposed merger was confirmed on June 12, 2018, after AT&T won an antitrust lawsuit that the U.S. Justice Department filed in 2017 to attempt to block the acquisition, and was completed two days later, when the company became a subsidiary of AT&T. The company's final name was adopted a day later. Under AT&T, the company moved to launch a streaming service built around the company's content, known as HBO Max. WarnerMedia refolded Turner's entertainment-based networks under a singular umbrella unit on August 10, 2020, through a consolidation of the WarnerMedia Entertainment and Warner Bros. Entertainment assets into a new unit, WarnerMedia Studios & Networks Group. On May 17, 2021, nearly three years after the acquisition, AT&T decided to leave the entertainment business by announcing that it had proposed to sell its ownership of WarnerMedia in a merger with Discovery, Inc. to form a new publicly traded company, Warner Bros. Discovery. The deal closed on April 8, 2022.
The company's previous assets included Time Inc., TW Telecom, AOL, Time Warner Cable, AOL Time Warner Book Group, and Warner Music Group; these operations were either sold to others or spun off as independent companies. As of 2024, the company is ranked No. 130 in the Fortune 500 list of the largest U.S. corporations by total revenue.
On February 10, 1972, the entertainment assets of the Kinney National Company were reincorporated as Warner Communications due to a financial scandal involving price fixing in its parking operations. Warner Communications served as the parent company for Warner Bros. Pictures, the Warner Music Group (WMG), Warner Books and Warner Cable during the 1970s and 1980s. It also owned DC Comics and Mad magazine. The European publishing division, which produced magazines and comics, was known as Williams Publishing; thanks to a prior acquisition (from Gilberton World-Wide Publications), it had European-language branches in the United Kingdom, Denmark, Finland, France, West Germany, Italy, the Netherlands, Norway, and Sweden. Most of these publishers were sold off around 1979.
During its time as Warner Communications, the company made several further acquisitions. In 1979, Warner formed a joint venture with credit card company American Express called Warner-Amex Satellite Entertainment. This company owned such cable channels as MTV, Nickelodeon, The Movie Channel, and VH1 (which was launched in 1985 on the channel space left by Turner's Cable Music Channel). Warner bought out American Express's half in 1984 and sold the venture a year later to the original iteration of Viacom, which renamed it MTV Networks (now known as Paramount Media Networks). In 1982, Warner purchased Popular Library from CBS Publications. In 1982 it bought a 48% stake in the Major League Baseball franchise Pittsburgh Pirates, holding it until the end of 1986.
By the mid to late 1980s, Warner began to face financial difficulties. From 1976 to 1984, Warner Communications owned Atari, Inc., but suffered substantial losses due to the video game crash of 1983, and spun them off in 1984. Taking advantage of Warner Communications' financial situation, Time Inc. announced on March 4, 1989, that the two companies were to merge.
During the summer of 1989, Paramount Communications (then Gulf+Western) launched a $12.2 billion hostile bid to acquire Time Inc. in an attempt to end a stock-swap merger deal between Time Inc. and Warner Communications. Time Inc. raised its bid to $14.9 billion in cash and stock. Paramount responded by filing a lawsuit in a Delaware court to block the Time Warner merger. The court ruled twice in favor of Time Inc., forcing Paramount to drop both the Time Inc. acquisition and the lawsuit, and allowing the two companies to merge, which was completed on January 10, 1990.
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WarnerMedia
Warner Media, LLC (doing business as WarnerMedia) was an American multinational mass media and entertainment conglomerate owned by AT&T. It was headquartered at the 30 Hudson Yards complex in New York City.
It was established as Time Warner in 1990 and was known by that name for most of its history, following a merger between Time Inc. and Warner Communications. The company had film, television and cable operations. Its assets included WarnerMedia Studios & Networks (which consisted of the entertainment assets of Turner Broadcasting, HBO, and Cinemax as well as Warner Bros., which itself consisted of the film, animation, television studios, the company's home entertainment division and Studio Distribution Services, its joint venture with Universal Pictures Home Entertainment, DC Comics, New Line Cinema, and, together with CBS Entertainment Group, a 50% interest in The CW); WarnerMedia News & Sports (consisted of the news and sports assets of Turner Broadcasting, including CNN, Turner Sports, and AT&T SportsNet); WarnerMedia Sales & Distribution (consisted of digital media company Otter Media); and WarnerMedia Direct (consisted of the HBO Max streaming service).
Despite spinning off Time Inc. in 2014, the company retained the Time Warner name until 2018, when the company was renamed WarnerMedia after it was acquired by AT&T. On October 22, 2016, AT&T officially announced that they intended on acquiring Time Warner for $85.4 billion (or $108.7 billion when including assumed Time Warner debt), valuing the company at $107.50 per share. The proposed merger was confirmed on June 12, 2018, after AT&T won an antitrust lawsuit that the U.S. Justice Department filed in 2017 to attempt to block the acquisition, and was completed two days later, when the company became a subsidiary of AT&T. The company's final name was adopted a day later. Under AT&T, the company moved to launch a streaming service built around the company's content, known as HBO Max. WarnerMedia refolded Turner's entertainment-based networks under a singular umbrella unit on August 10, 2020, through a consolidation of the WarnerMedia Entertainment and Warner Bros. Entertainment assets into a new unit, WarnerMedia Studios & Networks Group. On May 17, 2021, nearly three years after the acquisition, AT&T decided to leave the entertainment business by announcing that it had proposed to sell its ownership of WarnerMedia in a merger with Discovery, Inc. to form a new publicly traded company, Warner Bros. Discovery. The deal closed on April 8, 2022.
The company's previous assets included Time Inc., TW Telecom, AOL, Time Warner Cable, AOL Time Warner Book Group, and Warner Music Group; these operations were either sold to others or spun off as independent companies. As of 2024, the company is ranked No. 130 in the Fortune 500 list of the largest U.S. corporations by total revenue.
On February 10, 1972, the entertainment assets of the Kinney National Company were reincorporated as Warner Communications due to a financial scandal involving price fixing in its parking operations. Warner Communications served as the parent company for Warner Bros. Pictures, the Warner Music Group (WMG), Warner Books and Warner Cable during the 1970s and 1980s. It also owned DC Comics and Mad magazine. The European publishing division, which produced magazines and comics, was known as Williams Publishing; thanks to a prior acquisition (from Gilberton World-Wide Publications), it had European-language branches in the United Kingdom, Denmark, Finland, France, West Germany, Italy, the Netherlands, Norway, and Sweden. Most of these publishers were sold off around 1979.
During its time as Warner Communications, the company made several further acquisitions. In 1979, Warner formed a joint venture with credit card company American Express called Warner-Amex Satellite Entertainment. This company owned such cable channels as MTV, Nickelodeon, The Movie Channel, and VH1 (which was launched in 1985 on the channel space left by Turner's Cable Music Channel). Warner bought out American Express's half in 1984 and sold the venture a year later to the original iteration of Viacom, which renamed it MTV Networks (now known as Paramount Media Networks). In 1982, Warner purchased Popular Library from CBS Publications. In 1982 it bought a 48% stake in the Major League Baseball franchise Pittsburgh Pirates, holding it until the end of 1986.
By the mid to late 1980s, Warner began to face financial difficulties. From 1976 to 1984, Warner Communications owned Atari, Inc., but suffered substantial losses due to the video game crash of 1983, and spun them off in 1984. Taking advantage of Warner Communications' financial situation, Time Inc. announced on March 4, 1989, that the two companies were to merge.
During the summer of 1989, Paramount Communications (then Gulf+Western) launched a $12.2 billion hostile bid to acquire Time Inc. in an attempt to end a stock-swap merger deal between Time Inc. and Warner Communications. Time Inc. raised its bid to $14.9 billion in cash and stock. Paramount responded by filing a lawsuit in a Delaware court to block the Time Warner merger. The court ruled twice in favor of Time Inc., forcing Paramount to drop both the Time Inc. acquisition and the lawsuit, and allowing the two companies to merge, which was completed on January 10, 1990.
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