Time Warner Inc.
Industry: Entertainment/Media

AOL-Time Warner, Inc. is an integrated, Internet-powered media and communications company. The Company was formed in connection with the merger of America Online, Inc. & Time Warner Inc. on January 11, 2001 (the Merger). As a result of the Merger, America Online & Time Warner each became wholly owned subsidiaries of AOL Time Warner. The Company's fundamental business areas are comprised of America Online, consisting principally of interactive services, Web brands, Internet technologies and electronic commerce; Cable, consisting principally of interests in cable television systems; Filmed Entertainment, consisting principally of interests in filmed entertainment & television production; Networks, consisting principally of interests in cable and broadcast television networks; Music, consisting principally of interests in recorded music and music publishing; & Publishing, consisting principally of interests in magazine publishing, book publishing & direct marketing.

Business Summary
Time Warner, Inc. operates as a media and entertainment company. It operates in five segments: America Online, Inc. (AOL), Cable, Filmed Entertainment, Network, and Publishing. AOL segment provides interactive services, Web brands, Internet technologies, and e-commerce services in the United States and Europe. Cable segment offers video, high-speed data, and digital phone services. Its video products include digital video, video-on-demand, subscription-video-on-demand, and digital video recorders. The company’s digital phone services consist of easy-to-use package of video, high-speed data, and voice services. Filmed Entertainment segment comprises Warner Bros. Entertainment Group, which operates in film, television, and home video businesses, combined with a film library and global distribution infrastructure; and New Line Cinema Corporation that creates and distributes theatrical motion pictures. As of December 31, 2004, its library included approximately 6,600 theatrical titles, and 54,000 live action and animated television titles. Networks segment include Turner Broadcasting System, Inc. (Turner), Home Box Office, and The WB Television Network (The WB Network). The company’s Turner networks include TBS, TNT, CNN, CNN Headline News, and Cartoon Network channels. The WB Network operates as a broadcast television network. Publishing segment publishes magazines through Time, Inc., and books through Time Warner Book Group, Inc. This segment also sells home decor products through approximately 35,000 independent consultants. It publishes approximately 130 magazines, including People, Sports Illustrated, In Style, Southern Living, Time, Entertainment Weekly, Fortune, Real Simple, What’s on TV, and Cooking Light. The company’s films include The Lord of the Rings trilogy, the Harry Potter series, Million Dollar Baby, and The Polar Express. Time Warner, Inc. is headquartered in New York City.

Financial Summary
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