Warner Media, LLC , runs the business as WarnerMedia , and was formerly known as Time Warner Inc. , is an American multinational media and entertainment conglomerate headquartered in New York City and is owned by AT & amp; Q. Before being acquired by AT & amp; T, it is the third largest entertainment company in the world in terms of revenue, after NBC Universal and The Walt Disney Company, and has also been the largest media conglomerate in the world.
WarnerMedia was formed as Time Warner in 1990 from the incorporation of Time Inc. and Warner Communications. The Company currently consists mostly of assets from former Warner Communications (and HBO, a subsidiary of Time Inc. before mergers) and Turner Broadcasting assets (acquired by the company in 1996). Despite Spin off Time Inc. in 2014 (which has since been acquired by Meredith Corporation), Time Warner's name remains with the company until the completion of AT & amp; T in 2018.
WarnerMedia currently has major operations in movies, television, cable networks, and publishing operations. Among its main assets are HBO, Turner Broadcasting System, The CW, Warner Bros., CNN, DC Comics, and 10% stake in Hulu. As Time Warner, other key divisions include Time Inc., AOL, Time Warner Cable, Warner Books, and Warner Music Group; all of these operations are sold to other investors or separated as independent companies.
On October 22, 2016, AT & amp; T announced an offer to acquire Time Warner for $ 108.7 billion (including Time Warner's assumed debt). The proposed merger is confirmed on June 12, 2018 after AT & amp; T won an antitrust suit filed by the US Justice Department in 2017 to try to block the acquisition. The merger closes two days later, becoming a wholly owned subsidiary and AT & T division.
Video WarnerMedia
Division
WarnerMedia consists of three divisions: Home Box Office, Inc. (HBO), Turner Broadcasting System and Warner Bros..
HBO
Home Box Office, Inc. operates HBO premium television services as well as sister cinemax. HBO and Cinemax branded channels are available in over 70 countries worldwide, and the HBO program is licensed to other television networks in more than 150 countries.
In 2012, HBO is premium paid television service number 1 on primetime television and total day ranking. In 2013, the network received five Golden Globes and 23 primetime Emmy Awards.
The HBO program includes broadcasting of widescreen films, HBO Documentary Movies, original HBO films, and original HBO programs, HBO Sports (Direct Boxing HBO events). The Network has developed content distribution platforms, such as HBO GO and Max GO to help support and deliver programming to users via online and mobile devices.
The famous HBO original programming includes the Game of Thrones , Sex and the City, The Sopranos , Curb Your Enthusiasm The Wire , Entourage , Deadwood , True Blood , Boardwalk Empire > Girls , Veep , Silicon Valley , and Westworld as well as movies, mini-series, boxing games and sports programs, comedy, family and documentary programs. In 2011, Cinemax launched its first original primetime series, Strike Back , and then launched the original primetime series, Hunted and Banshee .
Turner Broadcasting System
Turner Broadcasting System is an entertainment, sports and news company that creates and distributes programs. Turner has brands such as TBS, Turner Classic Movies (TCM), and TNT. Turner brands and sub brands reach a vast domestic and international audience. In addition to network television programming, Turner manages digital sports entities, including bleacherreport.com, NBA.com, PGA.com, and NCAA.com. Turner mainly reaches audiences in the age group of 18 to 34 years old. Turner Sports produces sports and content programs for the Turner network and related digital properties. The array of Turner Sports television channels includes NBA and MLB games, NCAA Tournament Games, and PGA Championship. Turner and NBA jointly manage the NBA's digital business portfolio, including NBA TV, NBA.com, NBA League Pass, NBA Mobile, and NBA GameTime applications. Turner and MLB also manage MLB's digital business portfolio including MLB Network, MLB.com, MLB Extra Innings, and MLB Network App. Previously, CNN was the Turner Broadcasting division until it merged with AT & amp; Q. After the merger, CNN became a separate division of WarnerMedia.
Warner Bros. Warner Bros. Warner Bros.
Warner Bros. 'businesses ranging from movies and TV to home entertainment and distribution worldwide to home video, digital distribution, animation, comic books, licensing and international cinema and broadcasting. In 2012, Warner Bros. Group Pictures earned 4.3 billion dollars at box office worldwide. Home Video is an industry leader with 21% market share in total DVD and Blu-ray sales.
Warner Bros. Home Entertainment Group works in various platforms and outlets in the digital world with video-on-demand, branded channels, original content, anti-piracy technology, and broadband & amp; wireless goals. Every year Warner Bros. Pictures produce between 18 and 22 movies. Warner Bros. has produced more than 50 television series in the 2012-2013 television season. Warner Bros. also incorporated DC Comics content into Warner Bros. Entertainment through the creation of DC Entertainment division, founded in 2009. DC Entertainment, wholly owned by the Company, is responsible for bringing stories and characters from DC Comics, Vertigo, and MAD Magazine's publishing portfolio into the Warner Bros. content and distribution business. others, including feature films, television programs, video games, consumer-direct platforms, and consumer products. The DC Comics trail, a place for iconic characters like Batman, Superman, Wonder Woman, Flash, and Green Lantern, has launched a digital version of its top comic book and graphic novel, making it available for download on a digital platform.
Maps WarnerMedia
History
1920s
Time magazine debuted in 1923 as the first weekly news magazine in the United States. Four years later, in 1927, Warner Bros. releasing the world's first long talked image, The Jazz Singer .
1960s
In 1963, the recommendation of Time Inc. based on the way it delivered to the magazine led to the introduction of ZIP codes by the United States Post Office.
1970s
In 1972, Kinney National Company separated its non-entertainment assets due to a financial scandal over its parking operations and renamed Warner Communications Inc.
It is the parent company for Warner Bros. Pictures and Warner Music Group during the 1970s and 1980s. It is also owned by DC Comics and Madly, as well as a majority stake in Garden State National Bank (the investment is ultimately required to sell under the terms of the Companies Holding Bank Act). Early Warner's divestment efforts led by Garden State CEO Charles A. Agemian were blocked by Garden State councilman William A. Conway in 1978; the revised transactions were completed in 1980.
In 1975, the Home Box Office became the first nationally televised network via satellite, debuting with boxing matches Muhammad Ali and Joe Frazier "Thrilla in Manila".
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 runs cable channels including MTV (launched in 1981), Nickelodeon (launched 1979) and The Movie Channel. Warner Bros bought half American Express in 1984, and sold the business a year later to Viacom, who named it MTV Networks.
In 1976, WTCG Turner-owned derived the concept of "superstation", transmitting by satellite to the national cable system and pioneering the basic cable business model. WTCG was renamed WTBS in 1979.
In 1976, Nolan Bushnell sold Atari, Inc. to Warner Communications at a cost of about $ 2-12 million. Warner made many benefits (and then losses) with Atari, who owned from 1976 to 1984. While part of Warner, Atari achieved its greatest success, selling millions of Atari 2600 and computers. At its peak, Atari accounts for a third of Warner's annual revenue and is the fastest-growing company in US history at the time.
1980s
In 1980, Warner bought The Franklin Mint for about $ 225 million. The combination was brief: Warner sold The Franklin Mint in 1985 to American Protection Industries Inc. (API) for $ 167.5 million. However, Warner defended Franklin Eastern Mountain Sports as well as The Franklin Mint Center, which was leased back to the API.
In 1980, Turner launched CNN, the first 24 hour news network, redefining the way the world received news.
In January 1983, Warner expanded their interest to baseball. Under the direction of Caesar P. Kimmel, executive vice president, bought 48 percent of the Pittsburgh Pirates for $ 10 million. The company then installed its shares for sale in November 1984 following a $ 6 million loss due to a failed attempt to launch a sports cable package. The majority owner of the team, John W. Galbreath, soon followed after learning of Warner's actions. Both Galbreath and Warner sold Pirates to local investors in March 1986.
In 1984, due to heavy losses triggered by Atari Inc.'s subsidiary losses, Warner sold the assets of Atari Inc.'s Consumer Division. to Jack Tramiel. The company retained 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 bought it back in 1992, renamed Time-Warner Interactive, until it was sold to Midway Games in 1996. In a long-expected deal, Warner Communications acquired Lorimar-Telepictures; the acquisition was completed on January 12, 1989.
Plans to incorporate Time Inc. and Warner Communications was announced on March 4, 1989. During the summer of the same year, Paramount Communications (formerly Gulf Western) launched a $ 12.2 billion hostile bid to acquire Time, Inc. in an effort to terminate a stock-swap merger agreement between Time and Warner Communications. When to raise its bid to $ 14.9 Billion in cash and stock. Paramount responded by filing a lawsuit in Delaware court to block the Time/Warner merger. The court ruled twice in favor of Time, forcing Paramount to impose both the acquisition of Time and the lawsuit, and allowing the merger of both companies, which was completed on January 10, 1990.
1990s
The West USA partnered with Time Warner in 1993 to form what is now known as TW Telecom, originally known as Time Warner Communications (also used as a brand name for previous cable operations under the ATC name), in order to carry the phone through the fiber to the masses. US West also took a 26% stake in the entertainment section of the company, calling the division Time Warner Entertainment (or legally Time Warner Entertainment Company L.P.). West US stocks finally passed to the cable company that MediaOne bought, then to AT & amp; T Broadband in 1999 when the company acquired MediaOne, then finally Comcast in 2001 when the company bought the AT & amp; Broadband. Comcast sold their shares in the company in 2003, transferring names to subdivisions under Time Warner Cable.
Time Warner joined Turner Broadcasting System Ted Turner in October 1996. Not only did this result in the company (by way of) re-entering the basic cable television industry (in terms of nationally available channels), but Warner Bros. also regained the rights to the film library their pre-1950s, which at that time had been owned by Turner (the films were still technically held by Turner, but WB was responsible for sales and distribution), while Turner gained access to the post-1950 WB library, as well as WB's others.
Time Warner bought the Six Flags Theme Parks chain in 1993. The company then sold all of the parks and properties of Six Flags to the Premier Park based in Oklahoma on April 1, 1998.
Dick Parsons, already a director on the council since 1991, was hired as president of Time Warner in 1995, although the head of the operations division continues to report directly to Chairman and CEO Gerald Levin.
In 1991, HBO and Cinemax became the first premium payment service offering multiplexing to cable subscribers, with a complementary channel that complemented the main network.
In 1993, HBO became the first digital television service in the world.
In 1995, CNN introduced CNN.com which was then a prime destination for global digital news, both online and mobile.
In 1996, Warner Bros. spearheaded the introduction of DVDs, which quickly replaced the VHS tapes as a standard for home video.
In 1999, HBO became the first national cable TV network to broadcast a high-definition version of its channel.
2000s
Merger with AOL
In 2000, AOL declared its intention to buy Time Warner for $ 164 billion. Due to the larger market capitalization of AOL, their shareholders will own 55% of the new company while Time Warner shareholders own only 45%, so in actual practice AOL has acquired Time Warner, even though Time Warner has far more assets and revenue. Time Warner has been looking for ways to embrace the digital revolution, while AOL wants to turn its share price into a real asset.
The agreement, and officially filed on February 11, 2000, uses a merger structure in which each of the original companies merges into a newly created entity. The Federal Trade Commission settled an agreement on December 14, 2000, and granted final approval on January 11, 2001; the company completed the merger later that day. The agreement was approved on the same day by the Federal Communications Commission, and was cleared by the European Commission on 11 October 2000.
AOL Time Warner Inc. , as the company to be called, should be an equal merge with top executives from both sides. Gerald Levin, who once served as chairman and CEO of Time Warner, is the CEO of the new company. Steve Case Pittman (president and COO of AOL) and Dick Parsons (president of Time Warner) served as Co-Chief Operating Officers, and J. Michael Kelly (CFO of AOL) became Chief Financial Officer.
According to AOL President and COO Bob Pittman, Time Warner's slow move will now take off with the speed of the Internet, accelerated by AOL: "All you have to do is lay the catalyst for [Time Warner], and in a short time, you can change the growth rate. The growth rate will be like an Internet company. "The vision for Time Warner's future is clear and straightforward; by utilizing AOL, Time Warner will reach deep into the homes of tens of millions of new customers. AOL will use Time Warner's high-speed cable line to deliver to Time Warner's magazines, books, music and movies. This will create 130 million subscription ties.
However, AOL's growth and profitability stalled due to advertising and loss of market share against the growth of high-speed broadband providers. The value of the division of America Online dropped significantly, unlike the market appraisal of a similarly independent Internet company that drastically fell, and forced the elimination of goodwill, causing AOL Time Warner to report a $ 99 billion loss in 2002 - at the time, the biggest loss ever reported by a company. The total value of AOL shares then rose from $ 226 billion to about $ 20 billion.
The explosion by Vice Chairman Ted Turner at a board meeting prompted Steve Case to contact the respective directors and encourage CEO Gerald Levin to step aside. Although the coup attempt was rejected by Parsons and several other directors, Levin became frustrated at not being able to "regain the rhythm" in the joint company and submit his resignation in the fall of 2001, effective in May 2002. Although Co-COO Bob Pittman was Levin's strongest supporter and mostly seen as heirs, Dick Parsons was instead chosen as CEO. Time Warner CFO J. Michael Kelly was relegated to the COO of the AOL division, and replaced as CFO by Wayne Pace. AOL Chairman and CEO Barry Schuler has been removed from his position and assigned to a new "content creation division", temporarily supersed by Pittman, who has served as the only COO after Parsons promotion.
Many expected synergies between AOL and other Time Warner divisions never materialized, as most of Time Warner's divisions were regarded as independent fiefs that rarely worked together before the merger. The new incentive program that provides performance options based on AOL Time Warner's performance, replacing cash bonuses for their own division results, causes resentment among the heads of the Time Warner division that blames the AOL division for failing to meet expectations and dragging down the combined company. AOL Time Warner COO Pittman, who is expected to have a division that is working closely towards convergence, rather than finding heavy resistance from many division executives, who also criticized Pittman for sticking to an unfulfilled optimistic growth target for AOL Time Warner. Some of the attacks on Pittman are reportedly from print media in Time, Inc. under Don Logan. Furthermore, Parsons CEO's democratic style prevents Pittman from exercising authority over the head of the "old guard" who rejects Pittman's synergy initiative.
Pittman resigned as AOL Time Warner COO after July 4, 2002, reportedly burned by AOL's special assignment and almost hospitalized, unhappy with criticism from Time Warner executives, and did not look anywhere to ascend in the company as Parsons firmly entrenched as CEO. Pittman's departure is seen as a big win for Time Warner executives who want to cancel the merger. As a sign of AOL's diminishing interest in media conglomerates, Pittman's responsibilities are shared between two Time Warner veterans; Jeffrey Bewkes who is CEO of Home Box Office, and Don Logan who has been CEO of Time. Logan became the head of the newly created media and communications group, overseeing America Online, Time, Time Warner Cable, AOL Time Warner Book Group and Interactive Video units, degrading AOL to just another division in a conglomerate. Bewkes is head of the entertainment and networking group, which consists of HBO, New Line Cinema, The WB, Turner Networks, Warner Bros., and Warner Music. Both Logan and Bewkes, initially opposed to the merger, were selected because they are considered the most successful operational executives in the conglomerate and they will report to AOL Time Warner CEO Richard Parsons. Logan, commonly admired in Time Warner and reviled by AOL for being a corporate time server that emphasizes stable incremental growth and few risk takers, moved to clear AOL from some "Pittman panzers".
AOL Time Warner chairman Steve Case, increasingly famous as vice chairman of the new strategy committee, made speeches about the split on the synergy and promise of the Internet. However, under pressure from institutional investor vice president Gordon Crawford who marched dissidents, Case stated in January 2003 that he would not run for re-election as chief executive at the next annual meeting, making CEO Richard Parsons the elected chairman. That year, the company dropped "AOL" from its name, and separated Time-Life ownership under the official name of Direct Holdings Americas, Inc. The case withdrew from Time Warner's board on 31 October 2005. Jeff Bewkes, who eventually became CEO of Time Warner in 2007, described the 2001 merger with AOL as 'the biggest mistake in company history'.
In 2005, Time Warner was among 53 entities that contributed a maximum of $ 250,000 to the second inauguration of President George W. Bush. On December 27, 2007, Time Warner's newly installed CEO Jeffrey Bewkes discussed possible plans to play Time Warner Cable and sell AOL and Time Inc. This will leave a small company consisting of Turner Broadcasting, Warner Bros.. and HBO. On February 28, 2008, co-chairman and co-chairman of New Line Cinema Bob Shaye and Michael Lynne withdrew from the 40-year-old film studio in response to Jeffrey Bewkes request for cost-cutting measures in the studio, which he meant to dissolve in Warner Bros..
In 2009, Time Warner released Time Warner Cable, and then AOL, as an independent company.
2010s
On August 25, 2010, the Latin American division of Time Warner purchased a national Chilevisi national terrestrial television station from Chile's elected president, SebastiÃÆ'¡n PiÃÆ'Â ± era. WarnerMedia is already operating in a country with CNN Chile.
In June 2014, 21st Century Fox made an offer for Time Warner at $ 85 per share and cash ($ 80 billion total) which was unveiled by the board of Time Warner in July. Time Warner CNN units will be sold to alleviate antitrust purchase issues. On August 5, 2014, 21st Century Fox withdrew its offer to buy Time Warner.
In January 2014, Time Warner, Associated Enterprises, and Oxford Properties Group announced that Time Warner had intended to relocate its New York City-based Hudson Yards headquarters and employee to 30 Hudson Yards in the Hudson Yards neighborhood of Chelsea, Manhattan, and had accordingly make an initial financial commitment. Time Warner sold its stake in Columbus Circle building for $ 1.3 billion to Related and two wealth funds. This step will be completed by 2018.
Transactions
In the first quarter of 2010, Time Warner acquired additional shares in HBO Latin America Group for $ 217 million, resulting in HBO owning 80% of HBO LAG's equity holdings. In 2010, HBO bought the remainder of its partner's interest in HBO Europe (formerly HBO Central Europe) for $ 136 million, after being reduced by cash.
In August 2010, Time Warner agreed to acquire Shed Media, a TV production company, for Ã, Â £ 100 million. Distribution operations, Outright Distribution, folded into Warner Bros. International Television Production.
On August 26, 2010, Time Warner acquired ChilevisiÃÆ'³n.
In May 2011, Warner Bros. Entertainment Group acquired Flixster, the film discovery app company. The acquisition also includes Rotten Tomatoes, a film review aggregator.
In June 2012, Time Warner acquired Alloy Entertainment, a publisher and a television studio whose work is aimed at teenage girls and young women.
On August 6, 2012, Time Warner acquired the Bleacher Report, a sports news website. The property was placed under the control of Turner's Sports division.
On March 6, 2013, Time Warner intends to separate its Time Inc publishing division. as a separate public company. Transaction completed on June 6, 2014.
Acquisition by AT & amp; T
On October 20, 2016, it was reported that AT & T was in talks to acquire Time Warner. The proposed deal will give AT & amp; T significant ownership in the media industry; AT & amp; T Comcast has previously acquired NBC Universal in the same offer to increase media ownership, in concert with its ownership of television and internet providers. On October 22, 2016, AT & amp; T reached an agreement to buy Time Warner for $ 108.7 billion. If approved by federal regulators, the merger will bring the Time Warner property under the same umbrella as AT & A's telecommunications ownership, including the DirecTV satellite provider. The Agreement has faced criticism for the possibility that AT & T may use Time Warner's content as an influence to discriminate or restrict access to content by competing providers.
On February 15, 2017, Time Warner shareholders approved the merger. On February 28, Federal Communications Commission Chairman Ajit Pai refused to review the deal, leaving a review to the Justice Department. On March 15, 2017, the merger was approved by the European Commission. On August 22, 2017, the merger was approved by the Mexican authorities. On 5 September 2017, the merger was approved by the Chilean authorities.
After US President Donald Trump, Time Warner's ownership of CNN is considered a potential source of scrutiny, as Trump has repeatedly criticized the network for covering his administration, and declared during his campaign that he planned to block the acquisition because of the potential impact of the consolidation generated. However, after his election, his transition team stated that the government plans to evaluate the deal without prejudice.
On November 8, 2017, a report of a meeting between AT & amp; T Randall L. Stephenson and Eat Delrahim, assistant Attorney General of the Justice Department's Antitrust Division, pointed out that AT & T has been recommended to release DirecTV or Turner Broadcasting, look for alternative antitrust drugs, or abandon the acquisition. Some news outlets reported that AT & T had been ordered to specifically release CNN, but this claim was rejected by Stephenson and government officials the following day, with the latter criticizing the report in an effort to politicize the deal. Stephenson also debated the relevance of CNN with antitrust concerns surrounding the acquisition, as AT & amp; T does not have a national news channel yet.
On November 20, 2017, the Department of Justice filed an antitrust lawsuit over the acquisition; Eating Delrahim stated that the deal would "hurt American consumers a lot". AT & T asserted that the lawsuit was "a radical and unexplained departure from the decade of antitrust precedents".
On December 22, 2017, the deadline for the merger agreement was extended to June 21, 2018, under a big confidence vote.
On June 12, 2018, District Judge Richard J. Leon ruled in favor of AT & T, allowing the acquisition to proceed without conditions or repairs. Leon argues that the Department of Justice provides insufficient evidence that the proposed transaction will result in less competition. He also warned the government that trying to get an appeal or remain on the verdict would be unfairly realized, as it would lead to "certain irreparable damage to the defendants".
Two days later (June 14), AT & T announced that it had closed the acquisition deal with Time Warner, making it a subsidiary and division. Jeff Bewkes resigned as Time Warner CEO while maintaining a relationship with the company as senior advisor to his parent company AT & amp; T. John Stankey, who leads AT & amp; T/Time Warner, took over the CEO position. It also announced that the Time Warner brand will fall in favor of the name WarnerMedia. As a result of the merger structure, Time Warner Inc. into a limited liability company under the legal name Warner Media, LLC.
Commercial properties
WarnerMedia has several large properties in New York City; certain buildings in the Rockefeller Center complex and adjacent office towers overshadow key offices; one of which is the home of a CNN news studio. In late 2003, Time Warner completed the construction of a new twin tower complex, designed to serve as an additional office space, overlooking Columbus Circle on the southwestern edge of Central Park. Originally called the AOL Time Warner Center, the 755-foot (230 m), 55-storey mixed-use property was renamed Time Warner Center when the company itself renamed.
Famous people
WarnerMedia
- John Stankey, CEO of WarnerMedia
- Jeff Bewkes, Senior Advisor
Division
- Richard Plepler, Chairman and CEO of HBO
- Kevin Tsujihara, Chairman and CEO of Warner Bros.
- David Levy, President of Turner Broadcasting System
Competition
WarnerMedia faces industry competition from traditional media companies such as Sony, CBS Corporation, 21st Century Fox, Viacom, The Walt Disney Company, and NBCUniversal. Time Warner and many of their competition businesses can be heavily influenced by the increasing number of widescreen films, television programs and other content online with low advertising revenue, which lowers corporate earnings.
Office receipts have increased while the rate of DVD sales growth has recently declined, affecting Warner Bros.. growth and revenue prospects.
See also
- List of conglomerates
- List of companies in the United States
- List of assets owned by WarnerMedia
References
External links
- Official website
Source of the article : Wikipedia
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