production television production and cable channel company . for the cable system operator which has not been affiliated with this company since 2009 see time warner cable . time warner inc. view of the time warner center taken from central park west type public traded as nyse twx s & p 500 component industry mass media predecessor warner communications and assets from time inc. founded january 10 1990 ; 26 years ago 1990 01 10 founder steve ross 1 headquarters new york city new york united states area served worldwide key people jeff bewkes chairman and ceo products movie production tv production theme parks broadcasting cable television record label publishing internet games investment revenue us 28.11 billion 2015 2 operating income us 6.865 billion 2015 2 net income us 3.833 billion 2015 2 total assets us 63.84 billion 2015 2 total equity us 23.61 billion 2015 2 number of employees 24 800 2016 2 divisions hbo turner warner bros. 3 4 subsidiaries list of subsidiaries website www.timewarner.com time warner inc. twi also known as time warner at one former interval named aol time warner stylized as timewarner since 2003 is an american multinational media and entertainment conglomerate headquartered in the time warner center in new york city . 5 it is currently the world s third largest television networks and filmed tv & entertainment company in terms of revenue after comcast and the walt disney company and at one time was the world s largest media conglomerate . 6 7 8 9 time warner was formed in 1990 through the merger of time inc. and warner communications . the current company consists largely of the assets of the former warner communications as well as hbo a time inc. subsidiary prior to the warner merger and the assets of turner broadcasting acquired in 1996 . time warner currently has major operations in film and television with a limited amount of publishing operations . among its assets are new line cinema home box office turner broadcasting system the cw television network warner bros. cnn cartoon network boomerang adult swim dc comics warner bros. animation castle rock entertainment cartoon network studios esporte interativo hanna barbera productions warner bros. interactive entertainment and as of august 2016 it owns 10 % of hulu . 10 in the past other major divisions of time warner included time inc. aol time warner cable warner books and warner music group . all of these operations were either sold to other investors or spun off as independent companies between 2004 and 2014 . contents 1 divisions 1.1 hbo 1.2 turner broadcasting system inc. 1.3 warner bros. 2 history 2.1 1920s 2.2 1960s 2.3 1970s 2.4 1980s 2.5 1990s 2.6 2000s 2.6.1 merger with aol 2.7 2010s 2.7.1 transactions 3 the cw 4 financials 5 commercial properties 6 notable people 6.1 time warner inc. 6.2 division ceos 6.3 directors 7 competition 8 past names 9 restatement 10 see also 11 footnotes 12 external links divisions edit time warner consists of three divisions ; home box office inc. hbo turner broadcasting system inc. and warner bros. 11 logo of former division time warner cable . at one point the eye and ear logo was also used by time warner as a whole . hbo edit home box office inc. operates the namesake hbo premium television service as well as sister service cinemax . hbo and cinemax branded channels are currently available in over 70 countries around the world and hbo programming is licensed to other television networks in over 150 countries . 12 in 2012 hbo was the 1 premium pay television service in primetime television and total day ratings . 12 in 2013 the network received five golden globes and 23 primetime emmy awards . 13 hbo s programming includes the airing of feature films hbo documentary films hbo original films and hbo original programming hbo sports live hbo boxing events . the network has developed content distribution platforms like hbo go 14 and max go to help support and deliver programming to users via online and mobile devices . hbo s notable original programming includes the sopranos entourage true blood boardwalk empire game of thrones girls and veep as well as motion pictures mini series boxing matches and sports programs comedy specials family programming and documentaries . in 2011 cinemax launched its first original primetime series strike back and has subsequently launched the original primetime series hunted and banshee . 15 turner broadcasting system inc. edit turner broadcasting system inc. turner operates international news entertainment animation young adult and kids media networks as well as related businesses . turner brands include cnn hln tnt tbs cartoon network turner classic movies trutv turner sports and more . turner s brands and sub brands reach broad domestic and international audiences . 16 in addition to television network programming turner manages digital sports entities including bleacherreport.com nba.com pga.com and ncaa.com . turner s tbs channel reaches large audiences in the 18 to 34 year old bracket 17 and its news network cnn provides a 24 hour news network that delivers news and analysis to domestic and international audiences across multiple platforms . turner sports produces sports programming and content for the turner networks and related digital properties . turner sports television line up includes nba and mlb games the ncaa tournament games and the pga championship . turner operates pga.com and related digital properties of the pga under agreements with the pga . turner and the nba jointly manage a portfolio of the nba s digital businesses including nba tv nba.com nba league pass nba mobile and the nba gametime app and also mlb jointly manage a portfolio of the mlb s digital businesses including mlb network mlb.com mlb extra innings and the mlb network app . 18 warner bros. edit further information warner bros. warner bros. businesses range from feature film and tv to home entertainment production and worldwide distribution to home video digital distribution animation comic books licensing and international cinemas and broadcasting . in 2012 the warner bros. pictures group grossed 4.3 billion dollars at the worldwide box office . 19 home video is the industry leader with a 21 % market share in total dvd and blu ray sales . 20 the warner bros. home entertainment group works across platforms and outlets in the digital realm with video on demand branded channels original content anti piracy technology and broadband & wireless destinations . each year warner bros. pictures produces between 18 and 22 films . warner bros. has produced more than 50 television series in the 2012 2013 television season . warner bros. has also incorporated dc comics content into warner bros. entertainment via the creation of the dc entertainment division which was founded in 2009 . dc entertainment which is wholly owned by the company is responsible for bringing the stories and characters from the dc comics vertigo and mad magazine publishing portfolios into other warner bros. content and distribution businesses including feature films television programming videogames direct to consumer platforms and consumer products . the dc comics imprint home to such iconic characters as batman superman wonder woman flash and green lantern has launched digital versions of its top comic book and graphic novel titles making them available for download on digital platforms . 21 history edit 1920s edit time magazine made its debut in 1923 as the first weekly news magazine in the united states . 22 four years later in 1927 warner bros. released the world s first feature length talking picture the jazz singer . 23 1960s edit 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 edit 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. 24 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 became the first tv network to broadcast nationally via satellite debuting with the muhammad ali and joe frazier thrilla in manila boxing match . 25 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 . 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 . 26 1980s edit 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 . 27 28 in 1980 turner launched cnn the first 24 hour all news network redefining the way the world received breaking news . 29 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 . 30 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 . 31 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 announced on may 11 1988 they were acquiring lorimar telepictures ; the acquisition was finalized on january 12 1989 . 32 the merger of time inc. and warner communications was announced on march 4 1989 . 33 during the summer of that same year paramount communications formerly 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 and warner communications . this caused time to raise its bid for warner 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 forcing paramount