Time Warner

Type: Public (NYSE: TWX)
Founded: Merger between Time Inc. and Warner Communications (1990); subsequently purchased by AOL (2001)
Headquarters: New York City, New York (incorporated in Wilmington, Delaware)
Key people: Richard D. Parsons, Chairman and CEO, Wayne Pace, CFO
Industry: Broadcasting, publishing, Internet, telecommunications
Website: www.timewarner.com

General Information

Time Warner Inc. (NYSE: TWX) is the world's largest media and entertainment conglomerate headquartered in New York City, with major operations in film, television, publishing, Internet service and telecommunications. Among its subsidiaries are AOL, Home Box Office, New Line Cinema, Time Inc., Time Warner Cable, Turner Broadcasting System, and Warner Bros. Entertainment.

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 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.)