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[[Architecture]] firm Giffels designed the building. Construction is expected to start in April and end by April 2009.
[[Architecture]] firm Giffels designed the building. 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. <ref> Triangle Business Journal: Time Warner Cable thinking green with local HG </ref>
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. <ref> Triangle Business Journal: Time Warner Cable thinking green with local HG </ref>
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.<ref>

Environment DEC:Time Warner Completes Site Cleanup in Syracuse. July 2003 issue</ref>


== Notes ==
== Notes ==

Revision as of 19:23, 6 May 2008

Time Warner Inc.
Company typePublic (NYSE: TWX)
IndustryBroadcasting, publishing, Internet, telecommunications
FoundedMerger between Time Inc. and Warner Communications (1990); subsequently purchased by AOL (2001)
HeadquartersUnited States New York City, New York (incorporated in Wilmington, Delaware) [1]
Key people
Richard D.Parsons, Chairman
Jeffrey L. Bewkes, President and CEO
Wayne Pace, CFO
ProductsSee list of assets owned by Time Warner.
RevenueIncrease$50.48 Billion (2008)[2]
7,965,000,000 United States dollar Edit this on Wikidata
Number of employees
86,000 (12/31/2007)
Websitetimewarner.com


Time Warner Inc. (NYSE: TWX) is the world's [3] 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 2001 has created the current Time Warner , with major operations in film, television, publishing, Internet service and telecommunications. Among its subsidiaries are AOL, New Line Cinema, Time Inc., Time Warner Cable, HBO, Turner Broadcasting System, The CW Television Network, Warner Bros. Entertainment, Cartoon Network, CNN, and DC Comics.

History

1970s

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.

It was the parent 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.

Warner made considerable profits (and later losses) with Atari, which it owned from 1976 to 1984. In 1976, Nolan Bushnell sold 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 States at 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.

1980s

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. It 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. [4]

File:Turner logo 06.jpg
Turner Broadcasting logo

In 1984, due to the video game crash of 1983, Warner sold the consumer division of Atari to Jack Tramiel. It kept the arcade division and renamed it Atari Games. 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. 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.

1990s

In early 1990, the combined companies were named Time Warner. This company subsequently acquired Ted Turner's Turner Broadcasting System in October 1996.

Time Warner had also been owner of the Six Flags Theme Parks chain during the 1990s after near bankruptcy. It sold all Six Flags parks and properties to Oklahoma based Premier Parks on April 1, 1998.

2000s

In 2000, a new company called AOL Time Warner, with Steve Case as chairman, was created when AOL purchased Time Warner for US$164bn.[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. The Federal Trade Commission cleared the deal on December 14, 2000,[8] and gave final approval on January 11, 2001;[citation needed] the company completed the merger later that day.[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.[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.[citation needed] 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.[11]

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. This would leave a smaller company made up of Turner Broadcasting, Warner Bros and HBO.[12]

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.

Transactions made since the AOL-Time Warner merger

Since the merger, a number of transactions have taken place:

The CW Television Network

See also: The CW Television Network

On 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 20 with 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.

The 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.[13] As of January 2007, the unit is experiencing downsizing.[14] In January 2007, the Bonnier Magazine Group agreed 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.[15]

Financials

In 2004, Time Warner's market capitalization was $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 [16] 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.

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 Jan 2007.

Senior Executives

Time Warner Inc.

Subsidiaries

Competition

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. 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.[17]

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.[18]


Environmental Record

Time Warner is committed to conducting 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. [19] Time Warner Cable will shoot to 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. 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. 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. [20] 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.[21]

Notes

  1. ^ Corporate Governance, TimeWarner website
  2. ^ "2008 Annual Report to Stockholders" (PDF).
  3. ^ http://login.vnuemedia.com/hr/login/login_subscribe.jsp?id=8TmyLbuzoVM845YR4%2F5pPjGzy2Lw8ombPzuzXnEUX%2BTYhiBUr%2BAjtBw0g3nszyvFRx6Z8nyeNVJN%0Aud3FgMFrHRO0EzHySx0xZKnDIXIyBx1WH5X7X%2Bu7k%2BmeN0L37u3DKIys7L6U0gs7i69tSOHY5J6U%0AXxup164Zhfw2IvQMIBiZjrixgvN0wJ4hV07Tl9S%2FqW0IVW%2FPvhB3utrcc%2FV2vquE%2BwJUPGHm%2BXp2%0AGAyZoapZkTxWMZQDtJVkIabU7tmz1fdLK6o8M%2BT%2FDC87p9qUfKvc8CLc%2FUtYkDbBCEpLPNNXZvwW%0A0dJmbgJUVY%2FoGEFKn6dW%2BXq2ERKQ2RlonIxUpLYHPT7lcchpIUsd1hhK9gicaIqzNs8s8A%3D%3D
  4. ^ Galbreaths to Sell Pirates PITTSBURGH, New York Times
  5. ^ "Top Mergers & Acquisitions (M&A) Deals". 2007-03-28. Retrieved 2007-05-05.
  6. ^ a b "America Online and Time Warner Will Merge to Create World's First Internet-Age Media and Communications Company". Time Warner corporate homepage. 2000-01-10. Retrieved 2007-05-06.
  7. ^ a b Federal Communications Commission (2003-03-25). "America Online-Time Warner Merger Page". Federal Communications Commission homepage. Retrieved 2007-05-06.
  8. ^ Federal Trade Commission (2000-12-14). "FTC Approves AOL/Time Warner Merger with Conditions". Federal Trade Commission website. Retrieved 2007-05-06.
  9. ^ Patrick Ross, Evan Hansen (2001-01-11). "AOL, Time Warner complete merger with FCC blessing". CNET News.com. Retrieved 2007-05-06.
  10. ^ "EU statement: AOL, Time Warner". BBC News Online. 2000-10-11. Retrieved 2007-05-06.
  11. ^ CNN.com
  12. ^ Bloomberg.com: Time Warner May End Reign as Largest Media Company
  13. ^ NYPost
  14. ^ "As Time Inc. Cuts Jobs, One Writer on Britney May Have to Do", New York Times, January 15, 2007, accessed March 30, 2008.
  15. ^ NY Post
  16. ^ TWX annual statement
  17. ^ Time Warner profile
  18. ^ Recent 10Q Report
  19. ^ Time Warner: Environmental Statement
  20. ^ Triangle Business Journal: Time Warner Cable thinking green with local HG
  21. ^ Environment DEC:Time Warner Completes Site Cleanup in Syracuse. July 2003 issue

References

  • Triangle Business Journal: Time Warner Cable thinking green with local HQ

Notes

References

Controversy


Time Warner has been criticized[citation needed] for its funding associated with Planned Parenthood, a pro-choice organization. Anti-abortion groups, including Life Decisions International, have called for boycotts of Planned Parenthood and corporations that fund, including Time Warner.[1] The group claims to have stopped 160 companies from funding the "abortion-committing Goliath."[2]

Past names

See also

Footnotes

  1. ^ "Life Decisions International - Press Room". Life Decisions International. Retrieved 2007-01-17.
  2. ^ "Life Decisions International - Press Room". Life Decisions International. Retrieved 2008-01-17.

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