WarnerMedia

Warner Media, LLC. was an American multinational entertainment and media conglomerate headquartered at 30 Hudson Yards in Manhattan, New York City. After being acquired by AT&T in June 2018, WarnerMedia was reorganized as a privately-owned subsidiary. The corporate predecessors to WarnerMedia are Time Inc. and Warner Communications Inc. (WCI) By the late 1960s, both companies began repositioning themselves as major players in cable television and mass media through multiple acquisitions. In 1990, both companies merged to form Time Warner, which was the world's largest media conglomerate for 18 years. Time Warner expanded by forming Time Warner Cable in 1992 and acquiring Turner Broadcasting System in 1996. Its 2001 merger with AOL, which formed AOL Time Warner, became one of worst business deals in corporate history, which led to the company revert its name to Time Warner in 2003. Heavy losses from within AOL led Time Warner to pursue a years-long divestment strategy that culminated with Time Inc.'s spin-off in 2014. Despite spinning off Time Inc., the Time Warner name was kept until June 15, 2018, when AT&T completed its $108.7 billion acquisition of the company and renamed it to WarnerMedia. Under AT&T, a centralized approach was adopted, with the company's subsidiaries being consolidated into five divisions and HBO Max being launched in 2020, to serve as the company's primary streaming service. These moves were intended to synergize WarnerMedia's content libraries with AT&T's wireless distribution, to reposition the telecom giant as a diversified entertainment giant, but lackluster results led AT&T to reverse course. On May 17, 2021, AT&T announced its spin-off of WarnerMedia through a Reverse Morris Trust, and it subsequently merged with Discovery, Inc. to form Warner Bros. Discovery (WBD) in April 2022. After the merger closed, WarnerMedia became an inactive shell corporation. In 2018, the company was ranked number...