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Company Profile for Time Warner Inc (TWX) Company Profile for Time Warner Inc (TWX) Address: One Time Warner Center, New York, NY, US Telephone: (212) 484-8000 Website: www.timewarner.com Facsimile: (212) 489-6183 Email: [email protected] A media and entertainment company, whose businesses include interactive services, Business Description: cable systems, filmed entertainment, television networks and publishing. Details CEO: Jeffrey L. Bewkes Employees: 86400 Issue Type: CS Market Cap: 31,318,318,489 Auditor: Ernst & Young LLP Last Audit: UQ Industry Classifications Sector: SERVICES NAICS: 512110 Industry: Entertainment - Diversified CIK: 0001105705 Motion Picture & Videotape Production(7812), Books Publishing, Or Publishing & SIC: Printing(2731), Periodicals Publishing, Or Publishing & Printing(2721), Cable & Other Pay Television Services(4841) Profitability Management Effectiveness Gross Margin: 61.7 Return on Equity: NE EBIT Margin: 18.5 Return on Capital: -13.7 Profit Margin: 13.3 Return on Assets: -9.8 Share Statistics Outstanding: 3,587,436,253 Float: 3,583,026,234 39,794,787 as of Short Interest: (2009/01/27) Short Int Ratio: 1.7 % of Float: 1.1% Non-Corp. Insider 0.1% as of (2009/01) Holdings: Bought Prev 3 Mo: 530,925 Sold Prev 3 Mo: 530,925 Institution Holdings: 83.5% as of (2009/01) Total Held: 2,994,890,422 Institutions: 1,123 Bought Prev Mo: 225,900,756 Sold Prev Mo: 206,485,168 Time Warner Time Warner Inc. Type Public (NYSE: TWX) Merger between Time Inc. and Warner Founded Communications (1990); subsequently purchased by AOL (2001) Headquarters New York City, New York, USA Area served Worldwide Jeffrey L. Bewkes Key people (Chairman) & (CEO) Broadcasting, publishing, Internet, Industry telecommunications Products See list of assets owned by Time Warner. Market cap US$ 34.86 Billion (2008)[1] Revenue ▲ US$ 46.482 Billion (2008) Operating ▲ US$ 8.949 Billion (2008) income Net income ▲ US$ 4.387 Billion (2008) Total assets ▲ US$ 133.830 Billion (2008) Total equity ▲ US$ 58.536 Billion (2008) Employees 86,400 (2008) Website TimeWarner.com Time Warner Inc. (NYSE: TWX) is the world's second largest media and entertainment conglomerates by market capitalization (behind News Corporation), headquartered in the Time Warner Center in New York City. (TimeWarner.com Fact Sheet Page) Formerly three separate companies (and owns the assets of a fourth, Turner Broadcasting System, Inc., acquired by a pre-AOL merger TW in 1996): 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, TheWB.com, UBU Productions, Warner Bros. Entertainment, Kids' WB, The CW4Kids, Cartoon Network, CNN, DC Comics, and Mohawk Productions. Contents • 1970s • 1980s • 1990s • 2000s • Transactions made since the AOL-Time Warner merger • The CW Television Network • Time Inc. • Financials • Commercial properties • Board of directors • Senior Executives • Time Warner Inc. • Subsidiaries • Competition • Past names • References 1970s 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. 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. In 1976, Nolan Bushnell sold his Atari company to Warner Communications for an estimated $28–32 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. 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 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.[3] 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. The company 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] 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. 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. The merger of Time Inc. and Warner Communications was announced on March 4, 1989. During the summer of that same year, Paramount Communications 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 to drop both the Time acquisition and the lawsuit, and allowing the formation of Time Warner which was completed on January 10, 1990. 1990s In early 1990,own all the gurls and the combined companies were named Time Warner. This company subsequently acquired Ted Turner's Turner Broadcasting System in October 1996. Not only did this result in the company (in a way) re-entering the basic cable television industry (in regards to nationally available channels), but Warner Bros. also regained the rights to their pre- 1950[5][6] film library, which by then had been owned by Turner (the films are still technically held by Turner, but WB is responsible for sales and distribution). 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.[7] The deal, announced on 10 January 2000 [8] and officially filed on 11 February 2000,[9] 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,[10] and gave final approval on January 11, 2001;[citation needed] the company completed the merger later that day.[11] The deal was approved on the same day by the Federal Communications Commission,[9] and had already been cleared the European Commission on 11 October 2000.[12] The shareholders of AOL owned 55% of the new company while Time Warner shareholders owned only 45%,[8] 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.[13] In 2005, Time Warner was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[14][15][16] 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.[17] 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.
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