Even among media titans, this company is a giant. Time Warner is one of the world's largest media conglomerate behind Walt Disney and News Corporation, with operations spanning television and film. Through subsidiary Turner Broadcasting, the company runs a portfolio of popular cable TV networks including CNN, TBS, and TNT. Time Warner also operates pay-TV channels HBO and Cinemax. Its Warner Bros. Entertainment, meanwhile, includes films studios (Warner Bros. Pictures, New Line Cinema), TV production units (Warner Bros. Television Group), and comic book publisher DC Entertainment. In 2014 the company spun off its print publishing operations.
Time Warner's content and brands have a truly global reach. However, in fiscal 2012 more than 70% of the company's revenue came from the US.
Sales and Marketing
While the company's various media holdings earn millions through advertising sales, Time Warner itself spent $2.465 billion on advertising in fiscal 2012, after spending $2.987 billion in fiscal 2011 and $2.824 billion on advertising back in fiscal 2010.
Time Warner is greater than the sum total of its parts. Like other media conglomerates, the company focuses on maximizing the profit potential of its original content by distributing that material through multiple channels. For example, a film produced by Warner Bros. can be shown in theaters, aired for subscribers on HBO, and then aired again on one of its advertising-supported cable outlets. The company also uses its vast array of media outlets to cross-promote its movies, TV shows, and magazines.
The company's Networks segment has adopted a successful programming strategy: TBS has positioned itself as a popular outlet for sitcoms and other comedy programming and TNT has focused largely on airing dramatic movies and TV shows.
Time Warner spun off its Publishing unit that had been struggling with the challenging environment of declining print readership.
Mergers and Acquisitions
Time Warner has never been shy about expanding its portfolio and strengthening its capabilities through acquisitions. In 2012 Turner Broadcasting System strengthened its digital capability with the acquisition of Bleacher Report, a leading online and mobile sports property, for about $170 million.