Facts About Time Warner

The history of Time Warner really begins with Time Inc. Time was founded by Briton Hadden and Henry Luce in 1923 with the financial backing of classmates from Yale and other friends, who contributed a combined total of $86,000. The first issue of the magazine came out that year with 20,000 subscribers. The company lost almost $40,000 that year, but by 1924 Time was turning a profit. In the following decades, Time released Fortune and Life magazines and in 1964, it finally became a publicly traded company on the NYSE. In 1989, Time merged with Warner Communications and in 1996, Time bought out the Turner Broadcasting System. America Online (AOL) merged with the already massive corporation in 2000 in a $181 billion deal.

Time Warner Inc. has numerous holdings in a range of media, including television, movies, publishing, games and websites. These holdings are divided into four main divisions: Time Inc., Home Box Office (HBO), Turner Broadcasting System and Warner Bros. Entertainment. HBO has many channels, including but not limited to HBO, HBO Asia, HBO Central Europe, HBO Latin America, Cinemax and the E! Latin America Channel. The Turner Broadcasting System division holds, among others, Cartoon Network, Adult Swim, CNN, HTV, TBS, HLN, Turner Classic Movies and Tuner Network Television. The Warner Bros. Entertainment division's holdings include DC Entertainment, New Line Cinema, Warner Bros. Home Entertainment Group, Warner Bros. Consumer Products and Warner Bros. Studio Facilities. Time Inc.'s holdings include Time, Health, Money, Sports Illustrated, Fortune, Entertainment Weekly and Essence.

As of December 2010, Time Warner employed approximately 32,000 worldwide. Chairman of the Board of Directors and CEO is long-time Time Warner executive Jeffrey L. Bewkes. Also on the Board are former Attorney General of the U.S. William P. Barr; Chairman and President of Barksdale Management Corporation, James L. Barksdale; former co-chairman and CEO of Hilton Hotels Corporation Stephen I. Bollenbach; Harvard University Professor Robert C. Clark; Dean of the School of Advanced International Studies Jessica P. Einhorn; President and CEO of Carver Bancorp Deborah C. Wright; and executives Frank J. Cawlfield, Mathias Dopfner, Fred Hassman, Michael A. Miles, Kenneth J. Novack and Paul D. Wachter.

In April 2011, Time Warner Cable Inc. and Viacom Inc. sued each other in federal court over a dispute over broadcasting rights on portable electronic devices. Time Warner contends that its contract with Viacom allows the company to deliver Viacom programming to customers via electronic devices like Apple Inc.'s iPad. In a separate suit, Viacom requests damages and an order to block Time Warner from distributing its programs over broadband without permission. In June 2011, the companies agreed to a standstill in litigation in an attempt to resolve the dispute without further legal action.