Time Warner, Inc. (TWX) is an American media and entertainment company that operates some of the best-known film and television brands in the world. It reported revenue of approximately $31.27 billion in 2017. As of June 2018, the company has a market cap of more than $75.275 billion.

Time Warner's operations are organized into three main business divisions: Warner Bros. Entertainment Inc.; Turner Broadcasting System, Inc.; and Home Box Office, Inc. Time Warner completed a spinoff of its telecommunications business in 2009, creating a new independent company, Time Warner Cable, Inc., over which it retains no control. Similarly, Time Warner spun off its publishing arm, Time, Inc., in June 2014. Time Warner also holds a 47% voting interest as of 2017, in Central European Media Enterprises Ltd., which operates television networks in Eastern Europe.

On June 12, 2018, U.S. District Court Judge Richard Leon ruled in favor of AT&T Inc.'s $85.4 billion purchase of Time Warner in an anti-trust case brought by the U.S. Government. This decision has cleared the path for an extremely significant deal. According to Thomson Reuters data, the merger, including debt, will be the fourth largest deal ever pursued in the global telecom, media and entertainment space.

1. Warner Bros. Entertainment, Inc.

Warner Bros. Entertainment, Inc., known as Warner Bros., is one of the biggest film and television production companies in the world. In 2017, it reported revenue of approximately $13.86 billion across its film and television operations.

In 2017, Warner Bros. had its best year at the global box office. Its films grossed over $5 billion in box office receipts, led by hits like Wonder Woman, It, and Dunkirk. Warner Bros. is still the top supplier of television shows for the broadcast networks.

While many series produced for the U.S. market are later licensed for broadcast overseas, Warner Bros. produces series specifically for foreign markets through wholly owned subsidiaries in 16 countries. After initial release in theaters or on television, Warner Bros. distributes many of its original films and television series on DVD and Blu-ray disks, and licenses films and series for airing on broadcast and cable television and for distribution through other delivery channels.

Warner Bros has found itself in hot water after their superhero team-up tentpole "Justice League" came in below expectations, grossing just $96 million. With a budget reportedly near $300 million, this was a huge flop, could have huge effects on the studio. 

Warner Bros. is also a partner in two television broadcast companies. It is an equal partner with CBS Corporation in The CW Network, LLC., which operates the U.S. broadcast network known as The CW.

2. Turner Broadcasting System, Inc.

Turner Broadcasting System, Inc. owns and operates more than 175 cable television networks that combine to reach more than 200 countries around the world. Its business accounted for revenue of nearly $12.08 billion in 2017.

Turner Broadcasting System's American-based networks include CNN, TNT, TBS and Cartoon Network. The company produces original series, reality programming and live programming for its networks and also licenses content from other companies. Turner Sports, a wholly owned subsidiary, produces live sports programming for several Turner Broadcasting System networks. 

Turner Broadcasting System operates a variety of digital properties, including websites affiliated with its cable properties, such as CNN.com and TBS.com, and those it operates for other companies, such as NCAA.com, PGA.com and NBA.com. It also owns Bleacher Report, Inc., publisher of one of the top American online sports destinations, BleacherReport.com.

3. Home Box Office, Inc.

Home Box Office, Inc. owns and operates the multichannel subscription television properties HBO and Cinemax. At the close of 2016, Home Box Office reported a total of 134 million paid subscribers worldwide, including 49 million subscribers in the U.S. The company also distributes its original programming on DVD and Blu-ray disks and through other delivery channels. Its revenue was nearly $6.33 billion in 2017.

HBO and Cinemax feature a combination of original programming and licensed content that includes many recently released feature films from some of the country's top film studios. Original programming includes dramatic and comedic series, feature films and live programming, including sports, comedy and music events. Home Box Office partners with Warner Bros. Entertainment to develop and produce many of its original series. In April 2015, the company introduced its paid HBO Now streaming video service, which provides full access to original HBO programming with no cable subscription requirement.

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