WarnerMedia

Last updated
Warner Media, LLC
WarnerMedia
Formerly
  • Time Warner (1990–1992; 2003–2018)
  • Time Warner Entertainment
    (1992–2001)
  • AOL Time Warner
    (2001–2003)
Company type Subsidiary
NYSE: TWX
Industry
Predecessors
FoundedJanuary 10, 1990;34 years ago (1990-01-10)
Founders
(Warner Communications)
DefunctApril 8, 2022;2 years ago (2022-04-08)
FateSpun-off from AT&T and merged with Discovery, Inc.
Successor Warner Bros. Discovery
Headquarters 30 Hudson Yards,
New York City
,
US
Area served
Worldwide
Key people
Brands
RevenueIncrease2.svgUS$35.63 billion (2021)
Decrease2.svgUS$7.24 billion (2021)
Number of employees
25,600 (2015)  OOjs UI icon edit-ltr-progressive.svg
Parent AT&T (2018–2022)
Divisions
  • WarnerMedia Studios & Networks
  • WarnerMedia News & Sports
  • WarnerMedia Sales & Distribution
  • WarnerMedia Direct
  • WarnerMedia International
Website warnermedia.com (archived)
Footnotes /references
[1] [2] [3] [4] [5]

Warner Media, LLC (doing business as WarnerMedia) was an American multinational mass media and entertainment conglomerate owned by AT&T. It was headquartered at the 30 Hudson Yards complex in New York City.

Contents

It was established as Time Warner in 1990, following a merger between Time Inc. and Warner Communications. The company had film, television and cable operations. Its assets included WarnerMedia Studios & Networks (which consisted of the entertainment assets of Turner Broadcasting, HBO, and Cinemax as well as Warner Bros., which itself consisted of the film, animation, television studios, the company's home entertainment division and Studio Distribution Services, its joint venture with Universal Pictures Home Entertainment, DC Comics, New Line Cinema, and, together with CBS Entertainment Group [6] , a 50% interest in The CW); WarnerMedia News & Sports (consisted of the news and sports assets of Turner Broadcasting, including CNN, Turner Sports, and AT&T SportsNet); WarnerMedia Sales & Distribution (consisted of digital media company Otter Media); and WarnerMedia Direct (consisted of the HBO Max streaming service).

Despite spinning off Time Inc. in 2014, the company retained the Time Warner name until 2018, when the company was renamed WarnerMedia after it was acquired by AT&T. [7] On October 22, 2016, AT&T officially announced that they intended on acquiring Time Warner for $85.4 billion (or $108.7 billion when including assumed Time Warner debt), valuing the company at $107.50 per share. [8] [9] The proposed merger was confirmed on June 12, 2018, [10] after AT&T won an antitrust lawsuit that the U.S. Justice Department filed in 2017 to attempt to block the acquisition, [11] and was completed two days later, when the company became a subsidiary of AT&T. [12] The company's final name was adopted a day later. [13] Under AT&T, the company moved to launch a streaming service built around the company's content, known as HBO Max. WarnerMedia refolded Turner's entertainment-based networks under a singular umbrella unit on August 10, 2020, through a consolidation of the WarnerMedia Entertainment and Warner Bros. Entertainment assets into a new unit, WarnerMedia Studios & Networks Group. [14] [15] On May 17, 2021, nearly three years after the acquisition, AT&T decided to leave the entertainment business by announcing that it had proposed to sell its ownership of WarnerMedia in a merger with Discovery, Inc. to form a new publicly traded company, Warner Bros. Discovery. The deal closed on April 8, 2022.

The company's previous assets included Time Inc., TW Telecom, AOL, Time Warner Cable, AOL Time Warner Book Group, and Warner Music Group; these operations were either sold to others or spun off as independent companies. The company was ranked No. 98 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. [16]

History

Warner Communications (1972–1990)

Warner Communications Inc.
Company type Public
NYSE: WCI
Industry Entertainment
Predecessor Kinney Services Inc.
FoundedFebruary 10, 1972;52 years ago (1972-02-10)
Founder Steve Ross
DefunctJanuary 10, 1990;34 years ago (1990-01-10)
FateMerged with Time Inc. to form Time Warner
SuccessorWarnerMedia
Warner Bros. Discovery
Headquarters
United States  OOjs UI icon edit-ltr-progressive.svg
Decrease2.svg 7.965 billion (1986)
Number of employees
26.300 (1985)
Subsidiaries

On February 10, 1972, the entertainment assets of the Kinney National Company were reincorporated as Warner Communications due to a financial scandal involving price fixing in its parking operations. [17] Warner Communications served as the parent company for Warner Bros. Pictures, the Warner Music Group (WMG), Warner Books and Warner Cable during the 1970s and 1980s. It also owned DC Comics and Mad magazine. The European publishing division, which produced magazines and comics, was known as Williams Publishing; thanks to a prior acquisition (from Gilberton World-Wide Publications), [18] it had European-language branches in the United Kingdom, [19] Denmark, [20] Finland, [21] France, [22] Germany, [23] Italy, [24] the Netherlands, [25] Norway, [26] and Sweden. [27] Most of these publishers were sold off around 1979.

During its time as Warner Communications, the company made several further acquisitions. In 1979, Warner formed a joint venture with credit card company American Express called Warner-Amex Satellite Entertainment. This company owned such cable channels as MTV, Nickelodeon, The Movie Channel, and VH1 (which was launched in 1985 on the channel space left by Turner's Cable Music Channel). Warner bought out American Express's half in 1984 and sold the venture a year later to the original iteration of Viacom, which renamed it MTV Networks (now known as Paramount Media Networks). In 1982, Warner purchased Popular Library from CBS Publications. [28]

By the mid to late 1980s, Warner began to face financial difficulties. From 1976 to 1984, Warner Communications owned Atari, Inc., but suffered substantial losses due to the video game crash of 1983, and had to spin them off in 1984. [29] Taking advantage of Warner Communications' financial situation, Time Inc. announced on March 4, 1989, that the two companies were to merge. [30]

During the summer of 1989, Paramount Communications (then 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 Inc. and Warner Communications. [31] Time Inc. raised its bid 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 Inc., forcing Paramount to drop both the Time Inc. acquisition and the lawsuit, and allowing the two companies to merge, which was completed on January 10, 1990. [32]

Time Warner (1990–1992) and Time Warner Entertainment (1992–2001)

US West partnered with Time Warner Entertainment in 1993 to form what was later known as TW Telecom, initially known as Time Warner Communications (also utilized as the brand name for cable operation previously under the ATC name), in order to bring telephone via fiber to the masses. US West also took a 26% stake in the entertainment portion of the company, calling that division Time Warner Entertainment. US West's stake eventually passed to acquired cable company MediaOne, then to AT&T Broadband in 1999 when that company acquired MediaOne, then finally to Comcast in 2001 when that company bought the AT&T Broadband division. Comcast sold their stake in the company in 2003, relegating the name to a subdivision under Time Warner Cable.

On October 10, 1996, Time Warner Entertainment acquired Turner Broadcasting System, which was established by Ted Turner in 1965. Not only did this result in the company re-entering the cable television industry as a national programmer, but Warner Bros. also regained the rights to their pre-1950 [33] [34] film library, which by then had been owned by Turner (the films are still technically held by Turner, but Warner Bros. is responsible for sales and distribution), [35] while Turner gained access to Warner Bros.' post-1950 library, as well as other Warner Bros.-owned properties. The Turner deal also brought two separate film companies, New Line Cinema and Castle Rock Entertainment, both of which were integrated into Warner Bros. [36] The Turner deal also gave Time Warner Entertainment access to Metro-Goldwyn-Mayer (MGM)'s pre-May 1986 library.

Time Warner Entertainment completed its purchase of Six Flags Theme Parks in 1993 after buying half of the company in 1991, saving it from financial trouble. The company was later sold to Oklahoma-based theme park operator Premier Parks under certain terms and conditions on April 1, 1998. [37]

Dick Parsons, already a director on the board since 1991, was hired as Time Warner Entertainment president in 1995, although the division operational heads continued to report directly to chairman and CEO Gerald Levin. [38]

In 1991, HBO and Cinemax became the first premium pay services to offer multiplexing to cable customers, with companion channels supplementing the main networks. [39] In 1993, HBO became the world's first digitally transmitted television service. [40] In 1995, CNN introduced CNN.com which later became a leading destination for global digital news, both online and mobile. [41] In 1996, Warner Bros. spearheaded the introduction of the DVD, which gradually replaced VHS tapes as the standard format for home video in the late 1990s and early to mid-2000s. [42] In 1999, HBO became the first national cable television network to broadcast a high–definition version of its channel. [43]

AOL Time Warner (2001–2003)

Logo for AOL Time Warner (2001-2003) AOL Time Warner Logo.svg
Logo for AOL Time Warner (2001–2003)

In January 2000, America Online (AOL) stated its intentions to purchase Time Warner Entertainment for $183 billion. [44] Due to the larger market capitalization of AOL, their shareholders would own 55% of the new company while Time Warner Entertainment shareholders owned only 45%, [45] so in actual practice AOL had merged with Time Warner Entertainment, even though Time Warner Entertainment had far more assets and revenues. Time Warner Entertainment had been looking for a way to embrace the digital revolution, while AOL wanted to anchor its stock price with more tangible assets. [46]

The deal, officially filed on February 11, 2000, [45] [47] employed a merger structure in which each original company merged into a newly created entity. The Federal Trade Commission (FTC) cleared the deal on December 14, 2000, [48] and gave final approval on January 11, 2001; the company completed the merger later that day. [49] The deal was approved on the same day by the Federal Communications Commission (FCC), [47] and had already been cleared by the European Commission (EC) on October 11, 2000. [50]

AOL Time Warner Inc., as the company was then called, was supposed to be a merger of equals with top executives from both sides. Gerald Levin, who had served as chairman and CEO of Time Warner Entertainment, was CEO of the new company. AOL co-founder Steve Case served as Executive Chairman of the board of directors, Robert W. Pittman (president and COO of AOL) and Dick Parsons (president of Time Warner) served as Co-Chief Operating Officers, and J. Michael Kelly (the CFO from AOL) became the chief financial officer. [51]

According to AOL President and COO Bob Pittman, the slow-moving Time Warner Entertainment would now take off at Internet speed, accelerated by AOL: "All you need to do is put a catalyst to [Time Warner Entertainment], and in a short period, you can alter the growth rate. The growth rate will be like an Internet company." The vision for Time Warner Entertainment's future seemed clear and straightforward; by tapping into AOL, Time Warner Entertainment would reach deep into the homes of tens of millions of new customers. AOL would use Time Warner Entertainment's high-speed cable lines to deliver to its subscribers Time Warner Entertainment's branded magazines, books, music, and movies. This would have created 130 million subscription relationships.

However, the growth and profitability of the AOL division stalled due to advertising and loss of market share to the growth of high-speed broadband providers. The value of the AOL division dropped significantly, not unlike the market valuation of similar independent internet companies that drastically fell, and 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. The total value of AOL stock subsequently went from $226 billion to about $20 billion. [52]

An outburst by Vice-Chairman Ted Turner at a board meeting prompted Steve Case to contact each of the directors and push for CEO Gerald Levin's ouster. Although Case's coup attempt was rebuffed by Parsons and several other directors, Levin became frustrated with being unable to "regain the rhythm" at the combined company and handed in his resignation in the fall of 2001, effective in May 2002. [53] Although Co-COO Bob Pittman was the strongest supporter of Levin and largely seen as the heir-apparent, Dick Parsons was instead chosen as CEO. Time Warner Entertainment CFO J. Michael Kelly was demoted to COO of the AOL division and replaced as CFO by Wayne Pace. AOL Chairman and CEO Barry Schuler was removed from his position and placed in charge of a new "content creation division", being replaced on an interim basis by Pittman, who was already serving as the sole COO after Parsons' promotion. [54]

Many of the expected synergies between AOL and other Time Warner Entertainment divisions never materialized, as most Time Warner Entertainment divisions were considered independent fiefs that rarely cooperated prior to the merger. A new incentive program that granted options based on the performance of AOL Time Warner, replacing the cash bonuses for the results of their own division, caused resentment among Time Warner Entertainment division heads who blamed the AOL division for failing to meet expectations and dragging down the combined company. AOL Time Warner COO Pittman, who expected to have the divisions working closely towards convergence instead found heavy resistance from many division executives, who also criticized Pittman for adhering to optimistic growth targets for AOL Time Warner that were never met. Some of the attacks on Pittman were reported to come from the print media in the Time, Inc. division under Don Logan. [55] Furthermore, CEO Parsons' democratic style prevented Pittman from exercising authority over the "old-guard" division heads who resisted Pittman's synergy initiatives. [51] [56]

Pittman resigned as AOL Time Warner COO after July 4, 2002, being reportedly burned out by the AOL special assignment and almost hospitalized, unhappy about the criticism from Time Warner executives, and seeing nowhere to move up in firm as Parsons was firmly entrenched as CEO. [56] Pittman's departure was seen as a great victory to Time Warner executives who wanted to undo the merger. In a sign of AOL's diminishing importance to the media conglomerate, Pittman's responsibilities were divided between two Time Warner Entertainment veterans; Jeffrey Bewkes who was CEO of Home Box Office, and Don Logan who had been CEO of Time. Logan became chairman of the newly created media and communications group, overseeing America Online, Time, Time Warner Cable, the AOL Time Warner Book Group, and the Interactive Video unit, relegating AOL to being just another division in the conglomerate. Bewkes became chairman of the entertainment and networks group, comprising HBO, Cinemax, New Line Cinema, The WB, TNT, Turner Networks, Warner Bros., and Warner Music Group. Both Logan and Bewkes, who had initially opposed the merger, were chosen because they were considered the most successful operational executives in the conglomerate and they would report to AOL Time Warner CEO Richard Parsons. [55] [57] Logan, generally admired at Time Warner Entertainment and reviled by AOL for being a corporate timeserver who stressed incremental steady growth and not much of a risk-taker, moved to purge AOL of Pittman allies. [53]

Time Warner (2003–2018)

Logo for Time Warner (2003-2018) Time Warner wordmark.svg
Logo for Time Warner (2003–2018)

AOL Time Warner Chairman Steve Case took on added prominence as the co-head of a new strategy committee of the board, making speeches to divisions on synergism and the promise of the Internet. However, under pressure from institutional investor vice-president Gordon Crawford who lined up dissenters, Case stated in January 2003 that he would not stand for re-election as executive chairman in the upcoming annual meeting, making CEO Richard Parsons the chairman-elect. In July 2003, [58] the company dropped the "AOL" from its name, and spun off Time-Life's ownership under the legal name Direct Holdings Americas, Inc. [59] On November 24, 2003, Time Warner announced they would sell the Warner Music Group, which hosted a variety of acts such as Madonna and Prince, to an investor group led by Edgar Bronfman Jr. and Thomas H. Lee Partners, in order to cut its debt down to US $20 billion. [60] Case resigned from the Time Warner board on October 31, 2005. [53] [61] Jeff Bewkes, who eventually became CEO of Time Warner in 2008, described the 2001 merger with AOL as 'the biggest mistake in corporate history'. [62]

In 2005, Time Warner was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush. [63] [64] [65] 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. [66] On February 28, 2008, co-chairmen and co-CEOs of New Line Cinema Bob Shaye and Michael Lynne resigned from the 40-year-old movie studio in response to Jeffrey Bewkes' demand for cost-cutting measures at the studio, which he intended to dissolve into Warner Bros. [67]

In 2009, Time Warner spun out its Time Warner Cable division (it is now part of Charter Communications), [68] and later AOL, as independent companies; AOL was later purchased by Verizon in 2015. [69]

In the first quarter of 2010, Time Warner purchased additional interests in HBO Latin America Group for $217 million, which resulted HBO owning 80% of the equity interests of HBO LAG. In 2010, HBO purchased the remainder of its partners' interests in HBO Europe [70] (formerly HBO Central Europe) for $136 million, net of cash acquired. In August 2010, Time Warner agreed to acquire Shed Media, a television production company, for £100 million. Its distribution operation, Outright Distribution, was folded into Warner Bros. International Television Production. [71] On August 26, 2010, Time Warner acquired Chilevisión. [72] WarnerMedia already operated in the country with CNN Chile. [73]

In May 2011, Warner Bros. Home Entertainment Group acquired Flixster, [74] a movie discovery application company. The acquisition also includes Rotten Tomatoes, a movie review aggregator. [75]

In June 2012, Time Warner acquired Alloy Entertainment, a publisher and television studio whose works are aimed at teen girls and young women. [76] On August 6, 2012, Time Warner acquired Bleacher Report, a sports news website. The property was placed under the control of the Turner Sports division. [77]

On March 6, 2013, Time Warner intended to spin off its publishing division Time Inc. as a separate, publicly traded company. The transaction was completed on June 6, 2014. [78] [79]

In January 2014, Time Warner, Related Companies, and Oxford Properties Group announced that the then Time Warner intended to relocate the company's corporate headquarters and its New York City-based employees to 30 Hudson Yards in the Hudson Yards neighborhood in Chelsea, Manhattan, and has accordingly made an initial financial commitment. [80] Time Warner sold its stake in the Columbus Circle building for $1.3 billion to Related and two wealth funds. The move would be completed in 2019. [81]

In June 2014, Rupert Murdoch made a bid for Time Warner at $85 per share in stock and cash ($80 billion total) which Time Warner's board of directors turned down in July. Time Warner's CNN unit would have been sold to ease antitrust issues of the purchase. [82] On August 5, 2014, Murdoch withdrew his offer to purchase Time Warner. [83]

AT&T acquisition; as WarnerMedia (2018–2021)

On October 20, 2016, it was reported that AT&T was in talks to acquire Time Warner. The proposed deal would give AT&T significant holdings in the media industry. AT&T's competitor Comcast had previously acquired NBCUniversal in a similar bid to increase its media holdings, in concert with its ownership of television and internet providers. [84] [85] [8] On October 22, 2016, AT&T reached a deal to buy Time Warner for $85.4 billion. The merger would bring Time Warner's properties under the same umbrella as AT&T's telecommunication holdings, including satellite provider DirecTV. [86] [87] The deal faced criticism for the possibility that AT&T could use Time Warner content as leverage to discriminate against or limit access to the content by competing providers. [88]

On February 15, 2017, Time Warner shareholders approved the merger. [89] On February 28, Federal Communications Commission (FCC) chairman Ajit Pai refused to review the deal, leaving the review to the Department of Justice (DOJ). [90] On March 15, 2017, the merger was approved by the European Commission (EC). [91] On August 22, 2017, the merger was approved by the Mexican Comisión Federal de Competencia. [92] On September 5, 2017, the merger was approved by the Chilean Fiscalía Nacional Económica. [93]

In the wake of the U.S. presidency of Donald Trump, Time Warner's ownership of CNN was considered a potential source of scrutiny for the deal, as Trump had repeatedly criticized the network for how it covered his administration, and stated during his campaign that he planned to block the acquisition because of the potential impact of the resulting consolidation. Following his election, however, his transition team stated that the government planned to evaluate the deal without prejudice. [94] [95] [96] [97] [98]

On November 8, 2017, reports of a meeting between AT&T CEO Randall L. Stephenson and Makan Delrahim, assistant Attorney General of the Department of Justice's Antitrust Division, indicated that AT&T had been recommended to divest DirecTV or Turner Broadcasting, seek alternative antitrust remedies, or abandon the acquisition. Some news outlets reported that AT&T had been ordered to specifically divest CNN, but these claims were denied by both Stephenson and a government official the following day, with the latter criticizing the reports as being an effort to politicize the deal. Stephenson also disputed the relevance of CNN to the antitrust concerns surrounding the acquisition, as AT&T did not already own a national news channel. [99] [100] [101] [102]

On November 20, 2017, the Department of Justice filed an antitrust lawsuit over the acquisition; Delrahim stated that the deal would "greatly harm American consumers". AT&T asserted that this suit was a "radical and inexplicable departure from decades of antitrust precedent". [103] On December 22, 2017, the merger agreement deadline was extended to June 21, 2018, under a vote of confidence. [104]

On June 12, 2018, District Judge Richard J. Leon ruled in favor of AT&T, thus allowing the acquisition to go ahead with no conditions or remedies. Leon argued that the Department of Justice provided insufficient evidence that the proposed transaction would result in lessened competition. He also warned the government that attempting to obtain an appeal or stay on the ruling would be manifest unjust, as it would cause "certain irreparable harm to the defendants". [105] [106] [107] [108]

On June 14, 2018, AT&T announced that it had closed the acquisition of Time Warner. Jeff Bewkes stepped down as CEO of Time Warner while retaining ties with the company as senior advisor of AT&T. John Stankey, who headed the AT&T/Time Warner integration team, took over as CEO. On the next day, AT&T renamed the company as WarnerMedia (legally Warner Media, LLC). [13]

Former logo for WarnerMedia (2018-2020) WarnerMedia.svg
Former logo for WarnerMedia (2018–2020)

On July 12, 2018, the Department of Justice filed a notice of appeal with the D.C. Circuit to reverse the District Court's approval. Although the Department of Justice reportedly contemplated requesting an injunction to stop the deal from closing after the District Court's ruling, the department ultimately did not file the motion because WarnerMedia's operation as a separate group from the rest of AT&T would make the business relatively easy to unwind should the appeal be successful. [109] The next day, however, AT&T CEO Randall Stephenson told CNBC that the appeal would not affect its plans to integrate WarnerMedia into AT&T, or services already launched. [110] In a brief filed by the Justice Department, it was argued that the decision to approve the acquisition ran "contrary to fundamental economic logic and the evidence". [111] [112]

On August 7, 2018, AT&T acquired the remaining controlling stake in Otter Media from the Chernin Group for an undisclosed amount. The company operated as a division of WarnerMedia. [113] [114]

On August 29, 2018, Makan Delrahim told Recode that if the government were to win the appeal, AT&T would only sell Turner and if they lost the appeal then the February 2019 expiration of a consent decree AT&T reached with the Justice Department shortly before the deal closed would allow AT&T to do what they want with Turner. [115] The appeal was expected to have zero impact on the integration. [116] By September 2018, nine state Attorneys General sided with AT&T on the case. [117]

On October 10, 2018, WarnerMedia announced that it would launch an over-the-top streaming service in late 2019, featuring content from its entertainment brands. [118] On December 14, 2018, Kevin Reilly, president of TNT and TBS, was promoted to chief content officer of all WarnerMedia digital and subscription activities, including HBO Max, reporting to both Turner's president David Levy and WarnerMedia's CEO John Stankey. [119] [120] [121] The U.S. Court of Appeals in Washington D.C. unanimously upheld the lower court's ruling in favor of AT&T on February 26, 2019, stating it did not believe the merger with Time Warner would have a negative impact on either consumers or competition. [122] The Justice Department declined to appeal the decision further, [123] thus allowing the consent decree to expire.

On March 4, 2019, AT&T announced a major reorganization of its broadcasting assets to effectively break-up the Turner Broadcasting System. Its assets were dispersed across two new camps, WarnerMedia Entertainment and WarnerMedia News & Sports. WarnerMedia Entertainment would consist of HBO, TBS, TNT, TruTV, and the direct-to-consumer video service HBO Max. WarnerMedia News & Sports would have CNN Worldwide, Turner Sports (later known briefly as Warner Bros. Discovery Sports, and TNT Sports from 2023), and the AT&T SportsNet regional networks led by CNN president Jeff Zucker. Cartoon Network, Adult Swim, Boomerang, their respective production studios, as well as Turner Classic Movies and Otter Media would be moved directly under Warner Bros. Gerhard Zeiler moved from being president of Turner International to chief revenue officer of WarnerMedia, and would oversee the consolidated advertising and affiliation sales. [124] David Levy and HBO chief Richard Plepler stepped down as part of the reorganization, which was described by The Wall Street Journal as being intended to end "fiefdoms". [125] Turner Podcast Network, formed within Turner Content Distribution in 2017, [126] became WarnerMedia Podcast Network by May 2019. [127]

In May 2019, Kevin Reilly signed a four-year extension of his contract with the company, which additionally made him president of TruTV (alongside the other three WarnerMedia Entertainment basic cable networks), and chief content officer of direct-to-consumer for the new streaming service. [128] On May 31, 2019, Otter Media was transferred from Warner Bros. to WarnerMedia Entertainment, and Otter's COO Andy Forssell became the executive vice president and general manager of the streaming service, while still reporting to Otter CEO Tony Goncalves — who would lead development. [129] On July 9, 2019, it was announced that the new streaming service would be known as HBO Max, which was launched on May 27, 2020. [130] [131]

In September 2019, Stankey was promoted to AT&T president and chief operating officer. By April 1, 2020, former Hulu chief Jason Kilar took over as WarnerMedia CEO. [132]

In August 2020, the company had a significant restructuring laying off around 800 employees including around 600 from Warner and 150+ from HBO. [133] At WarnerMedia's Atlanta base, marketing and cable operations teams were particularly affected. [134]

On August 10, 2020, WarnerMedia restructured several of its units in a major corporate revamp that resulted in TBS, TNT and TruTV being brought back under the same umbrella as Cartoon Network/Adult Swim, Boomerang and TCM, under a consolidation of WarnerMedia Entertainment and Warner Bros. Entertainment's respective assets that formed the combined WarnerMedia Studios & Networks Group unit. Casey Bloys—who has been with WarnerMedia since 2004 (as director of development at HBO Independent Productions), and was eventually elevated to President of Programming at HBO and Cinemax in May 2016—added oversight of WarnerMedia's basic cable networks and HBO Max to his purview. [14] [15] [135] In October 2020, it was announced that the company was planning to execute over a 1,000 job cuts in order to reduce costs. WarnerMedia plans to reduce costs by at least 20% in order to deal with the profit shortage caused by the COVID-19 pandemic. [136]

As a result of planned cost cutting programs, the sale of Warner Bros. Interactive Entertainment was proposed, but ultimately abandoned due to COVID-19 related growth in the Gaming industry, as well as a positive reception to upcoming DC Comics, Lego Star Wars, and Harry Potter titles from fans and critics. [137]

Crunchyroll was sold to Sony's Funimation for US$1.175 billion in December 2020, with the acquisition closing in August 2021. [138] [139]

On December 21, 2020, WarnerMedia acquired You.i TV, an Ottawa, Ontario-based developer of tools for building cross-platform video streaming apps. The company's products have been the basis of various WarnerMedia streaming platforms, including AT&T TV Now and the Turner channels' apps, and would be used as part of international expansion of HBO Max. [140] [141]

Spin-off from AT&T and merger with Discovery, Inc. (2021–2022)

On May 16, 2021, it was reported that AT&T was in talks with Discovery, Inc.—which primarily operated television channels and platforms devoted to non-fiction and unscripted content—for it to merge with WarnerMedia, forming a publicly traded company that would be divided between its shareholders. [142] The proposed spin-off and merger was officially announced the next day, which is to be structured as a Reverse Morris Trust. AT&T shareholders would receive a 71% stake in the merged company, which is expected to be led by Discovery's current CEO David Zaslav. [143] [144]

Electronic Arts, who were a bidder in the proposed sale of Warner Bros. Interactive Entertainment, purchased the mobile gaming studio Playdemic from WBIE for US$1.4 billion in June 2021. [145]

In September 2021, WarnerMedia sold TMZ to Fox Corporation in a deal worth about $50 million, with TMZ being operated under the Fox Entertainment division. [146]

In November 2021, Discovery and WarnerMedia discussed a plan to combine the two streaming services, HBO Max and Discovery+, into one streaming service in two phases: an initial phase that allows for quick bundling of the services and a second phase that allows for a common service on one tech platform. [147] In the same month, it was announced that Discovery would rename itself Warner Bros. and reclassify and convert its stock into stock of WBD. [148]

On December 22, 2021, it was announced that the deal was approved by the European Commission and it was scheduled to be completed on April 8, 2022, subject to approval by Discovery shareholders and additional closing conditions. [149] [150]

On January 5, 2022, The Wall Street Journal reported that WarnerMedia and ViacomCBS (now known as Paramount Global) were exploring a possible sale of either a majority stake or all of The CW, and that Nexstar Media Group was considered a leading bidder. [151] The reports indicated that WarnerMedia and ViacomCBS could include a contractual commitment that would require any new owner to buy new programming from those companies, allowing them to reap some continual revenue through the network. [152] The network's then-president and CEO Mark Pedowitz at the time confirmed talks of a potential sale in a memo to CW staffers, but added that "It's too early to speculate what might happen." [153] [154]

On January 26, 2022, it was reported that the merger between WarnerMedia and Discovery, Inc. was expected to close sometime during the second quarter of 2022. [155] [156]

On February 1, 2022, it was reported that AT&T was going to spin off WarnerMedia in a $43 billion deal. [157] [158] Also on the same month, it was announced that the WarnerMedia and Discovery merger was approved by the Brazilian antitrust regulator Cade. [159]

On February 9, 2022, it was announced that the deal was approved by the United States Department of Justice. [160] A day later, it was announced that Discovery's shareholders would board on meeting on March 11 to vote on the WarnerMedia merger. [161] The deal was approved by Discovery shareholders on the same date. [162]

On February 23, 2022, it was announced that the WarnerMedia-Discovery merger would close on April 8. [163] On March 25, it was announced that AT&T would spin off WarnerMedia on April 8, marking AT&T's official exit from the entertainment business. [164]

On April 5, it was announced that Kilar; Ann Sarnoff, Chair and CEO of WarnerMedia Studios and Networks Group; as well as Andy Forssell, executive vice president and general manager of HBO Max; were stepping down from their roles. [165] The next day, chief financial officer Jennifer Biry, chief human resources officer Jim Cummings, chief revenue officer Tony Goncalves, communications and chief inclusion officer Christy Haubegger, WarnerMedia general counsel Jim Meza and chief technology officer Richard Tom were confirmed to be stepping down. [166] The merger was completed on April 8. [167]

The WarnerMedia media conglomerate became defunct on April 8 due to the merger with Discovery, Inc. to form Warner Bros. Discovery (WBD), but the name is still used, such as on products of WBD's subsidiaries like on the DVDs of Cartoon Network and Adult Swim shows and movies.

Units

WarnerMedia's businesses operated under the following five primary divisions:

Leadership

* Note: all executives listed below were in office until its merger with Discovery, Inc. on April 8, 2022.

Related Research Articles

<span class="mw-page-title-main">TNT (American TV network)</span> American pay television channel

TNT is an American basic cable television channel owned by the Warner Bros. Discovery Networks unit of Warner Bros. Discovery that launched on October 3, 1988. TNT's original purpose was to air classic films and television series to which Turner Broadcasting maintained spillover rights through its sister station TBS. Since June 2001, the network has shifted its focus to dramatic television series and feature films, along with some sporting events, as TBS shifted its focus to comedic programming.

<span class="mw-page-title-main">Turner Broadcasting System</span> American media conglomerate (1965–2019)

Turner Broadcasting System, Inc. was an American television and media conglomerate founded by Ted Turner in 1965. Based in Atlanta, Georgia, it merged with Time Warner on October 10, 1996. As of April 2022, all of its assets are now owned by Warner Bros. Discovery (WBD). The headquarters of Turner's properties are largely located at the CNN Center in Downtown Atlanta, and the Turner Broadcasting campus off Techwood Drive in Midtown Atlanta, which also houses Techwood Studios. Some of their operations are housed within WBD's corporate and global headquarters inside 30 Hudson Yards in Manhattan's West Side district, and at 230 Park Avenue South in Midtown Manhattan, both in New York City, respectively.

<span class="mw-page-title-main">Discovery, Inc.</span> American factual media company (1985–2022)

Discovery, Inc. was an American multinational mass media factual television conglomerate based in New York City. Established in 1982, the company operated a group of factual and lifestyle television brands, such as the namesake Discovery Channel, Animal Planet, Science Channel, and TLC. In 2018, the company acquired Scripps Networks Interactive, adding networks such as Food Network, HGTV, and Travel Channel to its portfolio. Since the purchase, Discovery described itself as serving members of "passionate" audiences, and also placed a focus on streaming services built around its properties.

<span class="mw-page-title-main">Warner Bros. Discovery Home Entertainment</span> Home video distribution arm of Warner Bros. Entertainment

Warner Bros. Discovery Home Entertainment, Inc. is the American home video distribution division of Warner Bros. Discovery.

<span class="mw-page-title-main">Warner Bros. Games</span> American video game publisher

Warner Bros. Games is an American video game publisher based in Burbank, California, and part of the Global Streaming and Interactive Entertainment unit of Warner Bros. Discovery (WBD). The publisher was founded as Warner Bros. Interactive Entertainment on January 14, 2004, under Warner Bros. Entertainment and transferred to its Home Entertainment division when that company was formed in October 2005. Warner Bros. Games manages the wholly owned game development studios TT Games, Rocksteady Studios, NetherRealm Studios, Monolith Productions, WB Games Boston, Avalanche Software, WB Games Montréal and Player First Games, among others.

<span class="mw-page-title-main">Home Box Office, Inc.</span> American mass media company owned by Warner Bros. Discovery

Home Box Office, Inc. (HBO) is an American multinational media and entertainment company operating as a unit of Warner Bros. Discovery. Founded by Charles Dolan and based out of WarnerMedia's former corporate headquarters at the 30 Hudson Yards complex in the West Side of Manhattan, its main properties include its namesake pay television network Home Box Office (HBO), sister service Cinemax, HBO Films, and the international HBO Go streaming service. It has also licensed or maintained ownership interests in international versions of HBO and Cinemax, most of which are managed by Home Box Office, Inc. through sister division Warner Bros. Discovery International.

The Cable News Network (CNN), is an American basic cable and satellite television channel owned by the CNN Worldwide division of Warner Bros. Discovery. Upon its launch, CNN became the first channel to provide 24-hour television news coverage, and was the first all-news television network in the United States.

David Zaslav is an American media executive who is the current CEO and president of Warner Bros. Discovery (WBD). Zaslav became CEO and president of Discovery, Inc. in 2006, and focused on the company’s core networks, programming, and expanding its reach into Digital media. Since the merger, Zaslav's new focus for the WBD has been to become more of a "content company" versus "just a cable company". In 2018, Zaslav oversaw Discovery’s acquisition of Scripps Networks Interactive, which owned networks such as Food Network, HGTV, and DIY Network, for $14.6 billion. The combined company was renamed Discovery, Inc. Prior to Discovery, Zaslav worked at NBCUniversal where he helped develop and launch the cable channels CNBC and MSNBC.

Cartoon Network is an American basic cable and satellite television channel that is part of The Cartoon Network, Inc. unit of the Warner Bros. Discovery Networks division of Warner Bros. Discovery which primarily focuses on animated programs.

John T. Stankey is an American businessman who is the CEO of AT&T. He previously was AT&T's president and COO and before that CEO of WarnerMedia. Stankey led AT&T's acquisition of DirecTV and Time Warner in 2015 and 2018, respectively. He assumed the CEO role of AT&T in July 2020, succeeding Randall L. Stephenson.

<span class="mw-page-title-main">Warner Bros. Pictures</span> American film studio

Warner Bros. Pictures is an American film production and distribution company and the flagship studio of the Warner Bros. Motion Picture Group division of Warner Bros., a flagship of Warner Bros. Discovery. It is headquartered at the Warner Bros. Studios complex in Burbank, California. Animated films produced by Warner Bros. Pictures Animation are also released under the studio banner.

<span class="mw-page-title-main">Max (streaming service)</span> American video streaming service

Max, formerly and still known in some regions as HBO Max, is an American subscription video on-demand over-the-top streaming service. It is a proprietary unit of Warner Bros. Discovery Global Streaming & Games, which is itself a division of Warner Bros. Discovery (WBD). The platform offers content from the libraries of Warner Bros., Discovery, HBO, CNN, Cartoon Network, Adult Swim, Animal Planet, TBS, TNT, Eurosport, and their related brands. Max first launched in the United States on May 27, 2020.

<span class="mw-page-title-main">Discovery+</span> American video streaming service

Discovery+ is an American multinational subscription video on-demand over-the-top streaming service owned by Warner Bros. Discovery (WBD). The service focuses on factual programming drawn from the libraries of Discovery's main channel brands, as well as original series, and other acquired content.

<span class="mw-page-title-main">Warner Bros. Discovery</span> American mass media and entertainment conglomerate

Warner Bros. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed from WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. on April 8, 2022.

Warner Bros. Discovery International, formerly known as Turner Broadcasting System International and WarnerMedia International, is an international unit of Warner Bros. Discovery led by president Gerhard Zeiler. The division oversees the production, broadcasting and promotion of key WBD brands outside of the United States. These brands include Adult Swim, Animal Planet, Boomerang, Cartoon Network, Discovery Channel, HBO, TLC, TBS, TNT, and Warner TV, as well as Polish owned TVN Group channels and has a stake of some networks operated by CTV Speciality Television Inc., a joint venture between Bell Media and ESPN Inc. such as Discovery and Animal Planet.

Warner Bros. Discovery Networks, formerly known as Turner EntertainmentNetworks, is an American mass media division of Warner Bros. Discovery that oversees the operations of many of its television channels and assets owned and operated in the United States. Its related international division is Warner Bros. Discovery International.

Warner Bros. Discovery India also known as is a division of Warner Bros. Discovery Asia-Pacific that operates several television channels in India. The division is responsible for delivering a range of content across various genres, catering to diverse audience interests. Additionally, Warner Bros. Discovery India manages the Discovery+ streaming service, which offers on-demand access to a variety of programming.

References

  1. ↑ "Financial and Operational Schedules & Non-GAAP Reconciliations" (PDF). AT&T . January 26, 2022. Archived (PDF) from the original on March 13, 2022. Retrieved April 27, 2022.
  2. ↑ Cohen, Roger (December 21, 1992). "The Creator of Time Warner, Steven J. Ross, Is Dead at 65". The New York Times. Archived from the original on May 9, 2021. Retrieved April 11, 2018.
  3. ↑ "Time Warner Inc. Reports Fourth-Quarter and Full-Year 2017 Results (10-K)". Time Warner. February 1, 2018. Archived from the original on December 2, 2017. Retrieved February 5, 2018.
  4. ↑ "AT&T Corporate Profile". about.att.com. Archived from the original on 2022-03-14. Retrieved 2020-11-03.
  5. ↑ "Business Units | WarnerMedia". warnermediagroup.com. Archived from the original on August 11, 2020. Retrieved April 25, 2019.
  6. ↑ formerly CBS Corporation
  7. ↑ Flint, Joe (March 11, 2014). "Time Inc. spinoff probably won't mean name change for Time Warner". Los Angeles Times. Archived from the original on May 2, 2019. Retrieved April 6, 2018.
  8. 1 2 Hagey, Keach; Sharma, Amol; Cimilluca, Dana; Gryta, Thomas (October 22, 2016). "AT&T Is in Advanced Talks to Acquire Time Warner". The Wall Street Journal . ISSN   0099-9660. Archived from the original on October 22, 2016. Retrieved March 18, 2019.
  9. ↑ Littleton, Cynthia (October 22, 2016). "AT&T Sets $85.4 Billion Time Warner Deal, CEOs Talks 'Unique' Potential of Combination". Variety. Archived from the original on October 23, 2016. Retrieved October 23, 2016.
  10. ↑ Gold, Hadas. "Judge approves $85 billion AT&T-Time Warner deal". CNNMoney. Archived from the original on July 11, 2018. Retrieved June 12, 2018.
  11. ↑ Kang, Cecilia; Merced, Michael (November 20, 2017). "Justice Department Sues to Block AT&T-Time Warner Merger". The New York Times. ISSN   0362-4331. Archived from the original on December 11, 2017. Retrieved December 11, 2017.
  12. ↑ "AT&T Completes Acquisition of Time Warner Inc". AT&T. June 15, 2018. Archived from the original on June 15, 2018. Retrieved June 15, 2018.
  13. 1 2 "Time Warner is changing its name to WarnerMedia; Turner CEO to depart". CNBC . June 15, 2018. Archived from the original on March 20, 2020. Retrieved June 15, 2018.
  14. 1 2 Hayes, Dade (August 10, 2020). "WarnerMedia Begins Layoffs In Latest Streamlining Effort". Deadline Hollywood. Archived from the original on August 23, 2022. Retrieved August 31, 2020.
  15. 1 2 Goldberg, Lesley (August 7, 2020). "Bob Greenblatt, Kevin Reilly Out Amid Major WarnerMedia Restructuring". The Hollywood Reporter. Archived from the original on August 7, 2020. Retrieved August 31, 2020.
  16. ↑ "Fortune 500 Companies 2018: Who Made the List". Fortune.com. Archived from the original on March 5, 2019. Retrieved November 10, 2018.
  17. ↑ Connie Bruck (2013). Master of the Game: Steve Ross and the Creation of Time Warner. New York: Simon and Schuster. ISBN   9781476737706 . Retrieved August 30, 2015.
  18. ↑ Jones Jr., William B. Classics Illustrated: A Cultural History, 2d ed. (McFarland & Company, 2017).
  19. ↑ Williams Publishing Archived 2021-04-29 at the Wayback Machine , Grand Comics Database. Retrieved April 30, 2021.
  20. ↑ Williams Archived 2021-04-30 at the Wayback Machine , Grand Comics Database. Retrieved April 30, 2021.
  21. ↑ Kustannus Oy Williams Archived 2021-04-30 at the Wayback Machine , Grand Comics Database. Retrieved April 30, 2021.
  22. ↑ Williams France Archived 2021-04-30 at the Wayback Machine , Grand Comics Database. Retrieved April 30, 2021.
  23. ↑ BSV – Williams Archived 2021-04-30 at the Wayback Machine , Grand Comics Database. Retrieved April 30, 2021.
  24. ↑ "Edizioni Williams Inteuropa Archived 2021-04-30 at the Wayback Machine ", Grand Comics Database. Retrieved April 30, 2021.
  25. ↑ Classics/Williams Archived 2021-05-01 at the Wayback Machine , Grand Comics Database. Retrieved April 30, 2021.
  26. ↑ Illustrerte Klassikere / Williams Forlag Archived 2021-05-25 at the Wayback Machine , Grand Comics Database. Retrieved June 22, 2021.
  27. ↑ Williams Förlags AB Archived 2021-04-28 at the Wayback Machine , Grand Comics Database. Retrieved April 30, 2021.
  28. ↑ "Copyrights of Golden-Age Comics". Golden-Age Comic book Superheroes & Villains Encyclopedia. Archived from the original on September 21, 2011. Retrieved September 20, 2011.
  29. ↑ David E. Sanger (July 3, 1984). "Warner Sells Atari to Tramiel". The New York Times . Archived from the original on October 2, 2021. Retrieved November 2, 2023.
  30. ↑ Norris, Floyd (March 5, 1989). "Time Inc. and Warner to Merge, Creating Largest Media Company". The New York Times. ISSN   0362-4331. Archived from the original on September 1, 2020. Retrieved March 18, 2019.
  31. ↑ "P. M. Briefing : 2 Simon & Schuster Units Sold". Los Angeles Times. October 31, 1989. Archived from the original on October 26, 2021. Retrieved October 26, 2021.
  32. ↑ "URGENT Delaware Court Rules In Favor Of Time-Warner Merger". AP NEWS. Archived from the original on 2022-05-05. Retrieved 2022-05-05.
  33. ↑ You Must Remember This: The Warner Bros. Story (2008), p. 255.
  34. ↑ WB retained a pair of features from 1949 that they merely distributed, and all short subjects released on or after September 1, 1948; in addition to all cartoons released in August 1948.
  35. ↑ Fabrikant, Geraldine (October 11, 1996). "Holders Back Time Warner-Turner Merger". The New York Times. ISSN   0362-4331. Archived from the original on February 14, 2015. Retrieved March 18, 2019.
  36. ↑ "TURNER ACQUIRING MOVIE COMPANIES". The Morning Call. 18 August 1993. Archived from the original on 2024-05-03. Retrieved 2022-05-05.
  37. ↑ Bryant, Rebecca (September 21, 1993). "Time Warner Completes Six Flags Purchase : Amusement: Company will use more of its cartoon characters at theme parks, including site near Valencia". Los Angeles Times. Archived from the original on 2022-04-07. Retrieved 2020-07-25.
  38. ↑ Time Warner COO: For Media, Corporate Diversity Is About Business Archived 2022-04-18 at the Wayback Machine , Time
  39. ↑ "The winning streak". The Economist. Archived from the original on 2021-10-28. Retrieved 2020-07-25.
  40. ↑ "WordPress.com". Wordpress.com. June 18, 2013. Archived from the original on June 18, 2013. Retrieved December 16, 2017.
  41. ↑ "CNN News Website – Wikipedia". labnol.org. Archived from the original on 2021-10-27. Retrieved 2020-07-25.
  42. ↑ "DVD Basics and History". Spannerworks.net. Archived from the original on 2013-06-25. Retrieved 2013-06-11.
  43. ↑ "HBO CTO Zitter to Step Down". Multichannel.com. Archived from the original on February 23, 2013. Retrieved July 25, 2020.
  44. ↑ "Statistics on Mergers & Acquisitions (M&A) – M&A Courses | Company Valuation Courses | Mergers & Acquisitions Courses". Imaa-institute.org. Archived from the original on January 6, 2012. Retrieved December 27, 2011.
  45. 1 2 "America Online and Time Warner Will Merge to Create World's First Internet-Age Media and Communications Company". Time Warner corporate homepage. January 10, 2000. Retrieved May 6, 2007.[ permanent dead link ]
  46. ↑ Munk, Nina (2004). Fools Rush In.
  47. 1 2 Federal Communications Commission (March 25, 2003). "America Online-Time Warner Merger Page". Federal Communications Commission homepage. Retrieved May 6, 2007.[ permanent dead link ]
  48. ↑ Federal Trade Commission (December 14, 2000). "FTC Approves AOL/Time Warner Merger with Conditions". Federal Trade Commission website. Archived from the original on May 16, 2007. Retrieved May 6, 2007.
  49. ↑ Patrick Ross, Evan Hansen (January 11, 2001). "AOL, Time Warner complete merger with FCC blessing". CNET News.com. Archived from the original on June 7, 2021. Retrieved May 6, 2007.
  50. ↑ "EU statement: AOL, Time Warner". BBC News Online. October 11, 2000. Archived from the original on October 26, 2021. Retrieved May 6, 2007.
  51. 1 2 "Power Failure". Nina Munk. Archived from the original on July 14, 2011. Retrieved June 25, 2013.
  52. ↑ Li, Kenneth (July 26, 2006). "AOL expected to scrap charges". Yahoo! News. Yahoo!. Archived from the original on August 18, 2006. Retrieved August 9, 2006.
  53. 1 2 3 "Anthony Bianco – Cover Stories". Ajbianco.com. May 19, 2003. Archived from the original on May 18, 2010. Retrieved December 27, 2011.
  54. ↑ Roberts, Johnnie L. (2001-12-16). "Make Way For The Ceo". Newsweek. Archived from the original on 2022-05-05. Retrieved 2022-05-05.
  55. 1 2 Swisher, Kara (August 6, 2008). "The $125 Million-Sweet DailyCandy Revenge of Bob "Pitchman"". kara.allthingsd.com . Archived from the original on August 9, 2020. Retrieved December 27, 2011.
  56. 1 2 Hagan, Joe. "Pittman's Last Stand | The New York Observer". Observer.com. Archived from the original on May 3, 2024. Retrieved December 27, 2011.
  57. ↑ "Pittman to leave AOL Time Warner – CNET News". CNET. CBS Interactive. Archived from the original on February 1, 2016. Retrieved December 27, 2011.
  58. ↑ Roberts, Joel (October 22, 2003). "Time Warner Drops AOL Name". CBS News. Archived from the original on April 28, 2020. Retrieved February 12, 2020.
  59. ↑ "Time Life Unit Sold to Private Investing Group". The Washington Post . Archived from the original on 2023-03-26.
  60. ↑ "Warner Music to be sold for $2.6B". CNN Money. November 24, 2003. Archived from the original on October 26, 2020. Retrieved March 17, 2020.
  61. ↑ "CNN.com – Steve Case quits Time Warner board – Oct 31, 2005". CNN. Archived from the original on August 25, 2010. Retrieved May 25, 2010.
  62. ↑ Barnett & Andrews, Emma & Amanda (September 28, 2010). "AOL merger was 'the biggest mistake in corporate history', believes Time Warner chief Jeff Bewkes" . London: Telegraph Media Group Limited. Archived from the original on January 10, 2022. Retrieved February 26, 2013.
  63. ↑ Drinkard, Jim (January 17, 2005). "Donors get good seats, great access this week". USA Today. Gannett Company. Archived from the original on June 28, 2012. Retrieved May 25, 2008.
  64. ↑ "Financing the inauguration". USA Today. Gannett Company. January 16, 2005. Archived from the original on June 28, 2012. Retrieved May 25, 2008.
  65. ↑ "Some question inaugural's multi-million price tag". USA Today. Gannett Company. January 14, 2005. Archived from the original on June 28, 2012. Retrieved May 25, 2008.
  66. ↑ "Time Warner May End Reign as Largest Media Company (Update2)". bloomberg.com. Archived from the original on February 21, 2012.
  67. ↑ Waxman, Sharon (February 28, 2008). "RIP Bob Shaye and Michael Lynne". TheWrap. Archived from the original on October 2, 2020. Retrieved September 10, 2020.
  68. ↑ "Time Warner Cable Spinoff to Finish Next Month". The New York Times. February 27, 2009. Archived from the original on November 7, 2010. Retrieved May 25, 2010.
  69. ↑ Smith, Aaron. "Time Warner to split off AOL". Money.cnn.com. Archived from the original on November 9, 2017. Retrieved November 9, 2017.
  70. ↑ "HBO Europe". HBO Europe. Archived from the original on September 20, 2021. Retrieved June 25, 2013.
  71. ↑ Busfield, Steve (August 5, 2010). "Time Warner buys Shed Media". the Guardian. Archived from the original on March 5, 2017. Retrieved December 17, 2016.
  72. ↑ "Press Releases". Time Warner. Archived from the original on November 6, 2018. Retrieved July 25, 2020.
  73. ↑ "Time Warner buys broadcaster Chilevision". Reuters. August 25, 2010. Archived from the original on September 24, 2015. Retrieved July 2, 2017.
  74. ↑ "Press Releases". Time Warner. Archived from the original on 2018-11-06. Retrieved 2020-07-25.
  75. ↑ Knegt, Peter (2011-05-04). "Warner Brothers Buys Flixster, Rotten Tomatoes". IndieWire. Archived from the original on 2022-05-05. Retrieved 2022-05-05.
  76. ↑ Goldberg, Lesley (June 11, 2012). "Warner Bros. TV Group Acquires 'Gossip Girl' Producer Alloy Entertainment". The Hollywood Reporter. Eldridge Industries. Archived from the original on February 28, 2020. Retrieved February 18, 2020.
  77. ↑ "Update: It's Done. Time Warner Buys Bleacher Report, Price Reportedly $175M". TechCrunch. Oath Inc. May 23, 2011. Archived from the original on September 3, 2019. Retrieved July 17, 2012.
  78. ↑ Chozick, Amy (March 6, 2013). "Time Warner Ends Talks With Meredith and Will Spin Off Time Inc. Into Separate Company". Mediadecoder.blogs.nytimes.com. Archived from the original on July 25, 2020. Retrieved July 25, 2020.
  79. ↑ Lieberman, David (June 9, 2014). "Time Inc Shares Slip As Magazine Company Goes Public". Deadline Hollywood. Penske Media Corporation. Archived from the original on July 14, 2014. Retrieved October 20, 2016.
  80. ↑ "Time Warner Press Releases". Time Warner. January 16, 2014. Archived from the original on November 16, 2018. Retrieved July 31, 2014.
  81. ↑ Bagli, Charles V. (January 16, 2014). "Time Warner Is Planning a Move to Hudson Yards". The New York Times. ISSN   0362-4331. Archived from the original on September 17, 2020. Retrieved March 18, 2019.
  82. ↑ Sorkin, Andrew Ross; de la Merced, Michael J. (July 17, 2014). "Murdoch Puts Time Warner on His Wish List". DealBook. Archived from the original on February 24, 2019. Retrieved March 18, 2019.
  83. ↑ Lieberman, David (August 5, 2014). "RUPE'S REVERSAL: Fox Withdraws Time Warner Bid, Will Spend $6B To Repurchase Shares". Deadline Hollywood. Penske Media Corporation. Archived from the original on April 24, 2021. Retrieved March 23, 2021.
  84. ↑ Hammond, Ed; Sherman, Alex; Moritz, Scott (October 20, 2016). "AT&T Discussed Idea of Takeover in Time Warner Meetings". Bloomberg. Archived from the original on October 21, 2016. Retrieved October 20, 2016.
  85. ↑ Yu, Roger (October 20, 2016). "Time Warner shares soar on AT&T's interest". USA Today. Gannett Company. Archived from the original on October 24, 2016. Retrieved October 20, 2016.
  86. ↑ Yu, Roger (October 22, 2016). "AT&T agrees to buy Time Warner for $85.4 billion". USA Today. Gannett Company. Archived from the original on October 23, 2016. Retrieved October 22, 2016.
  87. ↑ Gryta, Thomas; Hagey, Keach; Cimilluca, Dana; Sharma, Amol (October 23, 2016). "AT&T Reaches Deal to Buy Time Warner for $85.4 Billion". The Wall Street Journal . ISSN   0099-9660. Archived from the original on October 23, 2016. Retrieved March 18, 2019.
  88. ↑ Chandler, Adam. "Why the AT&T-Time Warner Deal Is So Unpopular". The Atlantic. Archived from the original on April 5, 2023. Retrieved November 8, 2017.
  89. ↑ Kludt, Tom (February 15, 2017). "Time Warner shareholders vote to approve AT&T merger". CNNMoney. Time Warner. Archived from the original on April 1, 2019. Retrieved July 25, 2020.
  90. ↑ "FCC chief: AT&T-Time Warner deal won't face agency's scrutiny". USA Today. Archived from the original on 2017-10-11. Retrieved 2017-08-22.
  91. ↑ "European Commission Approves AT&T Acquisition of Time Warner". The Hollywood Reporter. Archived from the original on 2020-07-31. Retrieved 2020-02-18.
  92. ↑ Aycock, Jason (August 22, 2017). "AT&T's $85B Time Warner deal gets Mexico's approval". Seeking Alpha. Archived from the original on June 17, 2018. Retrieved August 22, 2017.
  93. ↑ Munson, Ben (September 5, 2017). "AT&T-Time Warner merger approved with conditions by Chilean regulators". Fierce Cable. Archived from the original on December 1, 2017. Retrieved November 21, 2017.
  94. ↑ FitzGerald, Drew; Flint, Joe (Aug 17, 2017). "Donald Trump hasn't been able to kill the AT&T-Time Warner deal, now in advanced stage". MarketWatch. Archived from the original on November 9, 2017. Retrieved November 8, 2017.
  95. ↑ Levin, Bess (July 6, 2017). "Did the White House Just Use the Time Warner-AT&T Deal to Threaten CNN?". The Hive. Archived from the original on August 8, 2017. Retrieved October 27, 2017.
  96. ↑ Johnson, Ted (July 11, 2017). "Senators Press Trump on White House Contacts Over AT&T-Time Warner Merger". Variety . Archived from the original on October 27, 2017. Retrieved October 27, 2017.
  97. ↑ "Senator Concerned That Trump-CNN Clash Could Doom AT&T-Time Warner Deal". The Hollywood Reporter. Archived from the original on October 27, 2017. Retrieved October 27, 2017.
  98. ↑ "White House could use AT&T/Time Warner deal as "leverage" against CNN". Ars Technica. Archived from the original on October 27, 2017. Retrieved October 27, 2017.
  99. ↑ "Government never tried to force CNN sale in AT&T-Time Warner deal, official says". CNBC . November 9, 2017. Archived from the original on November 10, 2017. Retrieved November 10, 2017.
  100. ↑ Johnson, Ted (November 9, 2017). "AT&T CEO Randall Stephenson: We're Not Selling CNN and We'll Fight for Time Warner in Court". Variety . Archived from the original on November 9, 2017. Retrieved November 10, 2017.
  101. ↑ James, Meg. "AT&T says it will not sell CNN despite pressure from Trump's Justice Department". Los Angeles Times. Archived from the original on November 8, 2017. Retrieved November 8, 2017.
  102. ↑ Steinberg, Brian (November 8, 2017). "AT&T Can't Easily Cut a Connection With CNN or Turner (Analysis)". Variety . Archived from the original on April 6, 2023. Retrieved November 8, 2017.
  103. ↑ Foden, Sara; McLaughlin, David; Moritz, Scott (November 20, 2017). "AT&T Sued by U.S. Seeking to Block Merger With Time Warner". Bloomberg. Archived from the original on November 20, 2017. Retrieved November 20, 2017.
  104. ↑ Littleton, Cynthia (December 22, 2017). "AT&T, Time Warner Extend Merger Agreement Deadline as Trial Looms". Variety . Archived from the original on December 24, 2017. Retrieved December 22, 2017.
  105. ↑ Winkler, Elizabeth (June 12, 2018). "AT&T-Time Warner Judge Fires Starting Gun in the Battle Against Tech". The Wall Street Journal . ISSN   0099-9660. Archived from the original on June 13, 2018. Retrieved June 12, 2018.
  106. ↑ "AT&T-Time Warner merger approved, setting the stage for more consolidation across corporate America". June 12, 2018. Archived from the original on June 12, 2018. Retrieved June 12, 2018.
  107. ↑ Kang, Cecilia (June 12, 2018). "Why the AT&T-Time Warner Case Was So Closely Watched". The New York Times. ISSN   0362-4331. Archived from the original on March 21, 2019. Retrieved March 18, 2019.
  108. ↑ Johnson, Ted (June 12, 2018). "AT&T-Time Warner Merger Approved". Variety . Archived from the original on June 12, 2018. Retrieved June 12, 2018.
  109. ↑ Kang, Cecilia; Lee, Edmund (July 12, 2018). "AT&T-Time Warner Deal Approval Gets Justice Department Challenge". The New York Times. ISSN   0362-4331. Archived from the original on March 18, 2019. Retrieved March 18, 2019.
  110. ↑ Shapiro, Ariel (July 13, 2018). "DOJ challenge to AT&T-Time Warner deal could affect Disney and Comcast's bidding war for Fox, says AT&T's Stephenson". CNBC. Archived from the original on July 13, 2018. Retrieved August 6, 2018.
  111. ↑ "Justice Department appeal says AT&T-Time Warner merger decision is 'contrary to fundamental economic logic'". The Verge. Archived from the original on April 5, 2023. Retrieved August 6, 2018.
  112. ↑ "Justice Dept. calls judge's approval of AT&T-Time Warner merger 'deeply flawed'". Washington Post. Archived from the original on August 6, 2018. Retrieved August 6, 2018.
  113. ↑ Spangler, Todd (August 7, 2018). "AT&T Buys Out Chernin Group's Stake in Otter Media". Variety . Archived from the original on October 11, 2018. Retrieved August 10, 2018.
  114. ↑ Salinas, Sara (August 7, 2018). "AT&T buys Otter Media, carrying on with M&A strategy despite DOJ challenge". CNBC. Archived from the original on August 8, 2018. Retrieved August 9, 2018.
  115. ↑ "Full Q&A: Assistant Attorney General Makan Delrahim talks antitrust on Recode Decode". Recode. September 2018. Archived from the original on September 3, 2018. Retrieved September 1, 2018.
  116. ↑ "AT&T CEO Randall Stephenson: Netflix is Walmart of video streaming". CNBC . September 12, 2018. Archived from the original on September 12, 2018. Retrieved September 12, 2018.
  117. ↑ "Nine state attorneys general back AT&T in Time Warner appeal". Reuters. September 27, 2018. Archived from the original on September 27, 2018. Retrieved September 27, 2018.
  118. ↑ Lee, Ryan; Faughnder, Wendy (October 10, 2018). "WarnerMedia announces new streaming service to compete with Netflix and Disney" . Los Angeles Times . Archived from the original on October 13, 2018. Retrieved October 13, 2018.
  119. ↑ Andreeva, Nellie (December 14, 2018). "Kevin Reilly Named Head of Content & Strategy for WarnerMedia's New Streaming Service". Deadline Hollywood . Archived from the original on December 12, 2023. Retrieved December 14, 2018.
  120. ↑ Jarvey, Natalie (December 14, 2018). "Kevin Reilly to Run Content for WarnerMedia Streaming Service". The Hollywood Reporter . Archived from the original on December 14, 2018. Retrieved December 14, 2018.
  121. ↑ Holloway, Daniel (December 14, 2018). "Kevin Reilly Named Content Chief for WarnerMedia Streaming Service". Variety . Archived from the original on April 5, 2023. Retrieved December 14, 2018.
  122. ↑ "U.S. appeals court OKs $81 billion merger of AT&T and Time Warner". CBS News . February 27, 2019. Archived from the original on March 31, 2019. Retrieved March 4, 2019.
  123. ↑ "U.S. Justice Department will not appeal AT&T, Time Warner merger after court loss". Reuters . February 26, 2019. Archived from the original on March 19, 2021. Retrieved March 19, 2021.
  124. ↑ Feiner, Lauren (March 4, 2019). "WarnerMedia reorganizes its leadership team after AT&T acquisition". CNBC. Archived from the original on March 4, 2019. Retrieved March 4, 2019.
  125. ↑ Flint, Joe (March 2, 2019). "AT&T to HBO, Turner: No More Fiefdoms". The Wall Street Journal . ISSN   0099-9660. Archived from the original on March 26, 2023. Retrieved March 18, 2019.
  126. ↑ Rubin, Rebecca (June 6, 2017). "TV News Roundup: Zoe Saldana to Develop Adaptation of Israeli Unscripted Series 'Mothers'". Variety . Archived from the original on September 10, 2017. Retrieved July 11, 2019.
  127. ↑ Moss, E. B. (May 2, 2019). "Corralling Conan to CNN: Building the WarnerMedia Podcast Network". MediaVillage. Archived from the original on July 11, 2019. Retrieved July 11, 2019.
  128. ↑ Littleton, Cynthia (May 16, 2019). "Kevin Reilly Signs New Deal With WarnerMedia, Takes Over TruTV". Variety . Archived from the original on April 6, 2023. Retrieved July 10, 2019.
  129. ↑ Spangler, Todd (May 31, 2019). "WarnerMedia Reorg Gives Otter Media's Tony Goncalves Oversight of Streaming Service Development". Variety . Archived from the original on July 10, 2019. Retrieved July 9, 2019.
  130. ↑ Spangler, Todd (July 9, 2019). "'Friends' to Leave Netflix for WarnerMedia's HBO Max Streaming Service in 2020". Variety . Archived from the original on July 9, 2019. Retrieved July 9, 2019.
  131. ↑ Roberts, Samuel (May 27, 2020). "HBO Max: price, free trial, movies, the Snyder Cut and more explained". techradar.com. Archived from the original on May 29, 2020. Retrieved May 28, 2020.
  132. ↑ Littleton, Cynthia (April 1, 2020). "Former Hulu Chief Jason Kilar Named CEO of WarnerMedia". Variety . Archived from the original on April 6, 2023. Retrieved April 24, 2020.
  133. ↑ Owusu, Tony (August 10, 2020). "AT&T WarnerMedia Is Said to Cut Hundreds of Jobs". thestreet.com. Archived from the original on August 12, 2020. Retrieved August 13, 2020.
  134. ↑ Siegel, Tatiana (August 10, 2020). "WarnerMedia Begins Massive Round of Layoffs". The Hollywood Reporter . Archived from the original on August 28, 2020. Retrieved August 20, 2020.>
  135. ↑ Tatiana Siegel (August 10, 2020). "WarnerMedia Begins Massive Round of Layoffs". The Hollywood Reporter. Billboard-Hollywood Reporter Media Group. Archived from the original on August 28, 2020. Retrieved August 31, 2020.
  136. ↑ FitzGerald, Drew; Flint, Joe; Mullin, Benjamin (October 8, 2020). "WarnerMedia Plans Thousands of Job Cuts in Restructuring". The Wall Street Journal . Archived from the original on October 9, 2020. Retrieved October 9, 2020.
  137. ↑ Ahmed, Nabila; Moritz, Scott (September 1, 2020). "AT&T to Scrap Sale of Warner Bros. Video-Game Unit". Bloomberg.com. Archived from the original on September 4, 2020. Retrieved October 9, 2020.
  138. ↑ Moore, D.M. (December 9, 2020). "Sony's Funimation acquires anime streaming service Crunchyroll for $1.175 billion". Polygon . Archived from the original on February 2, 2021. Retrieved December 9, 2020.
  139. ↑ Mateo, Alex (August 9, 2021). "Sony's Funimation Global Group Completes Acquisition of Crunchyroll from AT&T". Anime News Network . Archived from the original on August 9, 2021. Retrieved August 9, 2021.
  140. ↑ "WarnerMedia Acquires You.i TV". Bloomberg. December 21, 2020. Archived from the original on October 28, 2021. Retrieved December 21, 2020.
  141. ↑ "WarnerMedia buys You.i TV ahead of HBO Max global expansion". Fierce Video. December 22, 2020. Archived from the original on December 22, 2020. Retrieved December 22, 2020.
  142. ↑ Sherman, Alex (May 16, 2021). "AT&T in advanced talks to merge WarnerMedia with Discovery, deal expected as soon as tomorrow". CNBC. Archived from the original on May 31, 2022. Retrieved May 16, 2021.
  143. ↑ Meredith, Steve; Kovach, Sam (May 17, 2021). "AT&T announces $43 billion deal to merge WarnerMedia with Discovery". CNBC. Archived from the original on January 20, 2022. Retrieved May 17, 2021.
  144. ↑ Hayes, Dade (May 17, 2021). "David Zaslav And John Stankey Outline Plans For Merging Discovery And WarnerMedia, Addressing Future Of Jason Kilar, CNN, Streaming". Deadline Hollywood. Archived from the original on May 17, 2021. Retrieved May 17, 2021.
  145. ↑ Goldsmith, Jill (June 23, 2021). "AT&T, WarnerMedia Sell Playdemic Mobile Game Studio To Electronic Arts For $1.4 Billion". Deadline Hollywood . Archived from the original on March 31, 2022. Retrieved June 23, 2021.
  146. ↑ Hayes, Dade (September 13, 2021). "Fox Entertainment Closes Acquisition Of TMZ From WarnerMedia". Yahoo! . Archived from the original on March 6, 2023. Retrieved September 13, 2021.
  147. ↑ Bunson, Ben (November 3, 2021). "Discovery+, HBO Max may bundle before combining after merger". FierceVideo. Archived from the original on November 11, 2021. Retrieved November 11, 2021.
  148. ↑ Goldsmith, Jill (November 18, 2021). "Discovery, AT&T's WarnerMedia Talks Collapsed In April Before They Clinched May Deal, According To Massive SEC Filing". Deadline Hollywood. Archived from the original on March 6, 2023. Retrieved November 18, 2021.
  149. ↑ Vlessing, Etan (December 22, 2021). "Discovery-WarnerMedia Merger Gets European Union Approval". The Hollywood Reporter . Archived from the original on May 26, 2022. Retrieved December 22, 2021.
  150. ↑ "European Commission grants approval for Discovery acquisition of WarnerMedia". Reuters . December 22, 2021. Archived from the original on May 26, 2022. Retrieved December 22, 2021.
  151. ↑ Flint, Joe (January 5, 2022). "WarnerMedia and ViacomCBS Are Exploring Possible Sale of CW Network". The Wall Street Journal. Archived from the original on January 6, 2022. Retrieved January 6, 2022.
  152. ↑ Farley, Ashley (January 13, 2022). "REPORT: The CW's Potential Sale May Kill Its Original Programming". Comic Book Resources. Archived from the original on January 14, 2022. Retrieved January 14, 2022.
  153. ↑ Goldberg, Lesley; Weprin, Alex (January 6, 2022). "ViacomCBS and WarnerMedia Exploring Sale of The CW". The Hollywood Reporter. Archived from the original on January 6, 2022. Retrieved January 9, 2022.
  154. ↑ Andreeva, Nellie (January 6, 2022). "The CW CEO Mark Pedowitz Confirms WarnerMedia & ViacomCBS Exploring "Strategic Opportunities" As Majority Stake In Network Is Shopped With Nexstar Among Suitors" As Majority Stake In Network Is Shopped With Nexstar Among Suitors – Update". Deadline Hollywood. Archived from the original on January 6, 2022. Retrieved January 6, 2022.
  155. ↑ Hepburn, Tmera (January 26, 2022). "WarnerMedia and Discovery Merger Now Expected to Close This Spring". Cord Cutters News. Archived from the original on January 26, 2022. Retrieved January 27, 2022.
  156. ↑ Pinto, Jordan (January 27, 2022). "WarnerMedia-Discovery merger expected to close in Q2, says AT&T's Stankey". C21 Media. Archived from the original on January 27, 2022. Retrieved January 27, 2022.
  157. ↑ Spangler, Todd (February 1, 2022). "AT&T Sets Plan to Spin Off WarnerMedia in $43 Billion Deal". Variety. Archived from the original on February 1, 2022. Retrieved February 1, 2022.
  158. ↑ Szalai, George (February 1, 2022). "AT&T Picks WarnerMedia Spin-Off as Structure for Key Step in Discovery Merger". The Hollywood Reporter. Archived from the original on February 1, 2022. Retrieved February 1, 2022.
  159. ↑ "Cade surpreende e aprova fusão Discovery/WarnerMedia sem restrições". Notícias da TV (in Portuguese). February 7, 2022. Archived from the original on February 9, 2022. Retrieved February 8, 2022.
  160. ↑ Szalai, Georg (February 9, 2022). "Discovery-WarnerMedia Merger Gets U.S. Antitrust Clearance". The Hollywood Reporter . Archived from the original on April 16, 2022. Retrieved February 9, 2022.
  161. ↑ Goldsmith, Jill (February 10, 2022). "Discovery Sets March 11 For Shareholder Vote On WarnerMedia Merger". Deadline Hollywood. Archived from the original on May 26, 2022. Retrieved February 10, 2022.
  162. ↑ "Discovery Shareholders Approve $43 Billion WarnerMedia Merger". Variety. 11 March 2022. Archived from the original on 26 May 2022. Retrieved March 11, 2022.
  163. ↑ Maas, Jennifer (February 23, 2022). "AT&T, Discovery Prepare for Mid-April Close of WarnerMedia Deal". Variety. Archived from the original on March 6, 2023. Retrieved February 27, 2022.
  164. ↑ "AT&T Announces Details for Completion of WM Spin-Off". AT&T . March 25, 2022. Archived from the original on March 25, 2022. Retrieved March 26, 2022.
  165. ↑ Hayes, Dade; D'Alessandro, Anthony (April 5, 2022). "Ann Sarnoff Departing As WarnerMedia Studios And Networks Chief". Deadline Hollywood. Archived from the original on June 6, 2023. Retrieved April 6, 2022.
  166. ↑ Maas, Jennifer (April 6, 2022). "Discovery Makes Big WarnerMedia Executive Suite Changes Ahead of Merger; Toby Emmerich and Gerhard Zeiler to Remain". Variety. Archived from the original on March 29, 2023. Retrieved April 7, 2022.
  167. ↑ Koblin, John (April 8, 2022). "Hollywood Gets a New Giant". The New York Times. Archived from the original on October 13, 2023. Retrieved April 8, 2022.
  168. 1 2 3 4 5 "WarnerMedia Organization Update". August 7, 2020. Archived from the original on August 10, 2020. Retrieved August 8, 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.