Profile: Time Warner Inc (TWX)

TWX on New York Consolidated

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Time Warner Inc. (Time Warner), February 4, 2000, is a media and entertainment company. The Company operates in three reporting segments: Networks, Film and TV Entertainment and Publishing. Networks consist of television networks and premium pay and basic tier television services and digital media properties. Film and TV Entertainment consists of feature film, television, home video and videogame production and distribution. Publishing consists of magazine publishing. In August 2012, Turner Broadcasting System, Inc. acquired Bleacher Report.

Networks

The Company’s Networks businesses consist of domestic and international networks, premium pay and basic tier television services and digital media properties, which consist of brand-aligned Websites. The networks owned by Turner Broadcasting System, Inc. (Turner) are referred to as the Turner Networks. Premium pay television services consist of the multi-channel HBO and Cinemax premium pay television services (collectively, the Home Box Office Services) operated by Home Box Office, Inc. (Home Box Office). Turner, a wholly owned subsidiary of the Company, generates revenues from providing programming to cable system operators, satellite service distributors, telephone companies and other distributors, which have contracted to receive and distribute this programming and from the sale of advertising. Turner’s advertising revenues consist of consumer advertising, which is sold on a national basis in the United States and on a pan-regional or local-language feed basis outside the United States. Advertising revenues are generated from a range of advertising categories, including food and beverage, automotive, movie studios, insurance, restaurants, financial and business services, pharmaceutical, telecommunications, apparel and household products. Turner’s Websites, including cartoonnetwork.com and CNN.com, and the Websites that Turner manages and operates for third parties, including NASCAR.com andNCAA.com, generate revenues principally from the sale of advertising and sponsorships.

Home Box Office, a wholly owned subsidiary of the Company, generates revenues from providing programming to cable system operators, satellite service distributors, telephone companies and other distributors, which have contracted to receive and distribute, such programming to their customers who choose to subscribe to the Home Box Office Services (Subscribers). Home Box Office’s agreements with its affiliates are arrangements, which provide for annual service fee increases and retail promotion activities and have fees, which are based on the number of Subscribers served by the affiliates. Home Box Office and its affiliates engage in marketing and promotional activities to retain existing Subscribers and acquire new Subscribers. Home Box Office also derives revenues from its original programming through the sale of digital versatile disks (DVDs) and Blu-ray Discs, as well as from the domestic and international licensing of original programming to television networks and in syndication.

Turner’s networks in the United States consist of entertainment and news networks. Turner’s entertainment networks include TBS, TNT, Cartoon Network, truTV, Turner Classic Movies and Boomerang. Turner’s news networks consist of CNN and HLN. Turner also manages and operates the NCAA’s digital portfolio, including NCAA.com and NCAA March Madness Live, which provides live and on demand streaming video and other related features across broadband and mobile devices.

TBS is television shows contemporary comedies, such as the syndicated series The Big Bang Theory, Family Guy and The Office and the late night talk show Conan. Related digital properties include TBS.com and TeamCoco.com, which promote TBS’s programming and brands and provide entertainment content, including video clips, original video content, games, community forums, episode guides and, for authenticated subscribers, full episodes of programs airing on TBS. TNT is home to syndicated series, such as Bones,Cold Case, CSI: NY, Las Vegas, Law & Order, The Mentalist and Supernatural, as well as network premiere movies. TNT.tv promotes TNT’s programming and brands and provides entertainment and sports content, including video clips, original video content, games, community forums, episode guides and, for authenticated subscribers, full episodes of programs airing on TNT.

Cartoon Network offers original and syndicated series and movies for youth and families. During 2012, Cartoon Network’s original series included Adventure Time with Finn and Jake, The Amazing World of Gumball, Ben 10: Omniverse, Dragons: Riders of Berk, The Looney Tunes Show, Regular Show and Scooby-Doo! Mystery Incorporated and its original live-action series include Incredible Crew and Level Up. Adult Swim offers original and syndicated animated and live-action comedy programming for young adults. During 2012, Adult Swim’s original series included Black Dynamite, Childrens Hospital, Delocated, Loiter Squad, Newsreaders, NTSF:SD:SUV::, Robot Chicken, Super Jail and Squidbillies.

truTV tells real-life stories from a first-person perspective. truTV is also producing and telecasting certain NCAA Tournament Games. Turner Classic Movies presents classic films from film libraries globally. Turner Classic Movies also offers interviews, original documentaries and regular programming events. Turner Classic Movies also stages special events and screenings, such as the TCM Classic Film Festival in Hollywood, California. TCM.com promotes Turner Classic Movies’ programming and brand and provides entertainment content, including movie clips, games, the TCM Movie Database featuring rare studio production and publicity material, community forums and schedule guides. Boomerang is a commercial-free network, which offers classic animated entertainment, such as The Flintstones, The Jetsons, Pink Panther, Tom and Jerry and Yogi Bear.

As of December 31, 2012, CNN managed 47 news bureaus and editorial operations, of which 15 are located in the United States. properties include CNN.com and localized, international editions, which feature the United States and international news articles and videos and related content, such as blogs and news analysis. In addition, CNN operates CNNMoney.com and related mobile Websites and apps in partnership with Time Inc.’s Money and Fortune magazines and CNNMexico.com pursuant to a joint venture with Time Inc.’s Grupo Expansion, a consumer magazine publisher.

HLN provides news and related content, including articles and video clips, community forums, episode guides and, for authenticated subscribers, full episodes of programs airing on the network. Live streaming from the network is also available to authenticated subscribers online and on mobile devices. Turner provides news and entertainment programming to cable system operators, satellite distribution services, telephone companies, Internet protocol Television (IPTV) system operators, mobile device operators, broadcasters and other distributors for delivery to households, hotels and other viewers in various countries around the world. As of December 31, 2011, Turner distributed over 70 region-specific and local-language networks of its global entertainment brands (Cartoon Network, Turner Classic Movies, Boomerang, TNT and truTV) and 57 networks of its regional entertainment brands in over 200 countries globally. In Latin America, Turner’s regional entertainment brands include Space, Infinito, I-Sat, Glitz, HTV and MuchMusic. These brands air movies and series, documentaries, fashion and lifestyle content and music videos. Chilevision, a free-to-air television broadcaster in Chile owned and operated by Turner, airs local news and entertainment. In addition, Turner represents a third-party channel, Wohoo, in Brazil, and Turner provides the advertising sales and network operations services for the WB Channel in Latin America. In Europe, Turner’s regional entertainment brands include Cartoonito (a preschool network), as well as Star (a Hollywood/celebrity/fashion network), Silver (an independent films network), Showtime (an action films network) and TNT7 (a general entertainment network). In addition, Turner distributes Boing in Italy, France and Spain on digital terrestrial television. In India and certain other South Asian territories, Turner owns and operates Pogo, an entertainment network for children. In India, Turner also holds interests in NDTV Imagine, which owns a Hindi general entertainment network. Turner also distributes and sells advertising for HBO in India and the Maldives. In Japan, Turner owns and operates Mondo TV, an entertainment network geared toward men, and Tabi, an entertainment network focused on travel. Turner also distributes WB, an English language entertainment network in India, which features movies and television programming, which is licensed from Warner Bros. In Korea, Turner operates through a joint venture Cartoon Network Korea and Q-TV, a documentary network.

As of December 31, 2012, CNN International, an English language news network, was distributed in more than 200 countries and territories. CNN International has network feeds in five regions: Europe/Middle East/Africa, Asia Pacific, South Asia, Latin America and North America. HLN is distributed in Canada, the Caribbean, parts of Latin America and the Asia Pacific region. CNN en Espanol, a separate Spanish language news network, is distributed in Latin America and the United States. In a number of regions, Turner has launched local-language versions of CNN through joint ventures or contractual arrangements with local partners. These include CNN Turk, a Turkish language 24-hour news network available in Turkey and the Netherlands; CNN Chile, a Spanish language 24-hour news network distributed in Chile, and CNNj, an English-with-Japanese-translation news service in Japan.

HBO, operated by Home Box Office, is distributed multi-channel premium pay television service. Home Box Office also offers HBO On Demand and Cinemax On Demand, products that enable Subscribers to view programs at the time they choose. Home Box Office also generates revenues from the exploitation of its original programming through multiple distribution outlets. The Home Box Office-produced show Everybody Loves Raymond, which aired for nine seasons on broadcast television, is on basic cable and in syndication. During 2012, Home Box Office also launched a premium pay television service in the Netherlands.

In addition, Home Box Office content is distributed in the United States and international regions by Apple, Amazon, Sony and Walmart’s Vudu subsidiary through their respective online stores. HBO- and Cinemax-branded premium pay and basic tier television services are distributed in more than 60 countries in Latin America, Asia and Central Europe.

The CW broadcast network (The CW) is a 50-50 joint venture between Warner Bros. and CBS Corporation. As of December 31, 2012, The CW was carried nationally by affiliated television stations covering 95% of the United States television households, including 15 stations owned by Sinclair Broadcast Group, 13 stations owned by Tribune Broadcasting and eight stations owned by CBS Corporation. In addition, in 2012, The CW launched an app for iOS, tablet and Android mobile devices that allows users to view recently aired, in-season episodes of The CW shows on demand in a branded environment. The CW programming can also be viewed on the advertising-supported Website, cwtv.com. As of December 31, 2012, the Company holds an approximate 49.9% economic interest in Central Media Enterprises Ltd., a publicly-traded broadcasting company that operates networks in six Central and Eastern European countries.

Filmed Entertainment

The Company’s Filmed Entertainment businesses produce and distribute feature films, television and other programming and videogames, distribute home video product, and license rights to the Company’s feature films, television programming and characters. All of these businesses are conducted by subsidiaries and affiliates of Warner Bros. Entertainment Inc., a wholly owned subsidiary of the Company (Warner Bros.). Warner Bros. produces feature films both wholly on its own and under co-financing arrangements with others, and also distributes its films and films produced by third parties. Warner Bros.’ feature films are produced under the Warner Bros. Pictures and New Line Cinema banners.

During 2012, Warner Bros. released 17 original films for theatrical exhibition. Films released theatrically in the United States are released in international territories either day-and-date with the domestic release or according to a staggered release schedule. In addition, Warner Bros. has distribution arrangement with Alcon Entertainment for distribution of all of Alcon’s motion pictures in domestic and certain international territories. Warner Bros. also distributes feature films acquired or produced for theatrical exhibition in more than 125 international territories. During 2012, Warner Bros. released 18 such English-language and 23 such local-language films. After their theatrical exhibition, Warner Bros. licenses its newly produced films, as well as films from its library, both domestically and internationally for distribution in various windows on broadcast and cable networks and premium pay television services and also distributes its films on DVD and Blu-ray Discs and in digital versions.

Warner Bros. Television Group (WBTVG) is a supplier of television programming, distributing programming in the United States and internationally. WBTVG both develops and produces television series, reality-based entertainment shows and animation programs for the Company’s networks and third parties. WBTVG licenses such programming for initial telecast and off-network exhibition, video on demand (VOD) and electronic sell-through (EST). WBTVG programming is produced by Warner Bros. Television (WBTV), a division of WB Studio Enterprises Inc., which produces primetime dramatic and comedy programming for broadcast and cable networks, including the Company’s networks; Warner Horizon Television Inc. (Warner Horizon), which specializes in unscripted programming for broadcast networks, as well as scripted and unscripted programming for cable networks, and Telepictures Productions Inc. (Telepictures), which specializes in reality-based and talk/variety series for the syndication and daytime markets. WBTV also produces original series for cable networks, including The Closer and Southland for TNT. WBTVG’s on-air television series are available on demand through broadband and wireless streaming and downloading and VOD platforms under agreements entered into with the networks exhibiting the series. WBTVG also licenses programming from Warner Bros.’ television library, which consists of rights to television series, reality-based entertainment shows, animation programs, and made-for-television movies, for exhibition in media in the United States and internationally. WBTVG also licenses certain off-air or library television series for exhibition online in the United States to broadcast licensees and third party video exhibition sites. Internationally, WBTVG has a range of Warner Bros. branded on-demand program services. In addition, WBTVG operates pan-regional linear Warner Bros. branded general entertainment channels in Latin America and Asia, and supplies programming to a linear Warner Bros. branded general entertainment channel in Canada and India.

Warner Bros. Animation Inc. (WBAI) creates, develops and produces contemporary animated television programming and original made-for-DVD releases. WBTVG’s TMZ.com is an entertainment news brands in the United States across online, television and mobile platforms. WBTVG operates Websites for many of its syndicated television properties. The destination site TheWB.com is an online video site featuring programming from the Warner Bros. library and original content, and WBTVG’s KidsWB.com is a casual game and video online destination site with a target audience of kids ages 6-12. WBTVG’s digital production venture, Studio 2.0, creates short-form original programming for online and mobile distribution both domestically and internationally. Warner Home Video (WHV), a division of Warner Bros. Home Entertainment Inc. (WBHE), distributes DVDs and Blu-ray Discs containing filmed entertainment product and television programming produced or otherwise acquired by the Company’s content-producing subsidiaries and divisions, including Warner Bros. Pictures, Warner Bros. Television, New Line Cinema, Home Box Office and Turner. WHV also distributes DVDs and Blu-ray Discs containing filmed entertainment product and television program from Warner Bros.’ library. In addition, WHV distributes third party content on DVDs and Blu-ray Discs for the BBC and Sesame Street in the United States and has similar distribution relationships with content producers outside the United States.

Warner Bros. Digital Distribution (WBDD), a division of WBHE, enters into domestic and international licensing arrangements for the distribution of Warner Bros.’ film and television content, as well as acquired third party content through VOD and EST transactions via cable system operators, satellite distribution services, telecommunications companies, broadband services and mobile platforms for delivery to consumers worldwide. WBDD also licenses catalog motion pictures to various domestic SVOD services, including Redbox Instant, Comcast’s Stream Pix service, Amazon and Netflix. WBDD distributes its motion pictures via VOD and/or EST in the U.S. and 106 international territories. WBDD also makes UltraViolet digital copies of motion pictures and television programs available to consumers who purchase Warner Bros.’ DVDs and Blu-ray Discs.

Warner Bros. Interactive Entertainment (WBIE), a division of WBHE, is a developer and publisher of interactive entertainment, including videogames for console and handheld platforms, social networking games and mobile games. In addition, WBIE develops, publishes and operates massively multiplayer online games through Turbine Inc. (Turbine), a subsidiary of WBHE. WBIE develops games for a range of platforms, including Sony’s PlayStation 3, Nintendo’s Wii, and Microsoft’s Xbox 360 and Kinect console systems; Sony’s PlayStation Portable and Nintendo’s Dual Screen, DSi and 3DS handheld devices; the PC; Apple’s iPhone and iPad, and various Android devices. In partnership with WBDD, WBIE also develops and publishes videogames (and additional downloadable content) for digital distribution on multiple platforms. WBIE also licenses Warner Bros. and DC Comics properties for videogames on various platforms to third party publishers, and WBIE publishes and distributes video game titles owned by third parties.

Warner Bros. Consumer Products Inc. licenses rights to manufacturers, publishers, retailers, theme park operators and other licensees both domestically and internationally. DC Entertainment, which is wholly owned by the Company, is responsible for bringing the DC Comics business, brand and characters from comics into other content and distribution businesses, including feature films, television programming, videogames, direct-to-consumer platforms, and consumer products. In 2012, DC Entertainment, the operating name of E.C. Publications, Inc., published on average more than 100 printed comic books, graphic novels and specialty books a month and nearly 350 digital comic books and graphic novels per month.

Publishing

The Company’s publishing business is conducted by Time Inc., a wholly owned subsidiary of the Company. Time Inc. is the magazine publisher in the United States based on advertising revenues. In addition to publishing magazines, Time Inc. also operates a number of Websites, as well as book publishing businesses, marketing services businesses and other marketing businesses. As of December 31, 2012, Time Inc. published 21 magazines in print in the United State, including People, Sports Illustrated, Time, InStyle, Real Simple, Southern Living, Entertainment Weekly and Fortune, and over 70 magazines outside the United States, primarily through IPC Media (IPC) in the United States and Grupo Expansion (GEX) in Mexico. As of December 31, 2012, Time Inc. operated over 45 Websites, such as CNNMoney.com, People.com and Time.com. Time Inc. also publishes magazine content on multiple digital devices and platforms. As of December 31, 2011, all of Time Inc.’s the United States magazines were available as tablet editions. Time Inc. offers an All Access model for its the United States magazines, which provides a print subscription plus cross-platform digital access to subscribers. On certain digital devices and platforms, Time Inc. offers digital-only subscriptions and single-copy issues to each of its magazines as well.

Time Inc.’s the United States magazines and companion Websites are organized into three business units Style and Entertainment, Lifestyle, News and Sports. Essence Communications Inc. (ECI) publishes Essence, a lifestyle magazine for African-American women in the United States, and Essence.com, a related Website. ECI also produces the annual Essence Music Festival and its related television show, tvOne Night Only Live From the Essence Music Festival, the latter in partnership with tvOne networks.Time is a weekly newsmagazine that summarizes the news and interprets the week’s events, both national and international. Time also has three English-language weekly editions, which circulate outside the United States. TIME.com, a related Website, provides breaking news and analysis, giving its readers access to its newsgathering operation and its vast archive. Time for Kids is a weekly current events newsmagazine for children ages five to 13. Fortune is a magazine published 18 times per year, which reports on global economic and business developments. Fortune also has two English-language international editions that circulate outside the United States. Time Inc. also publishes Money, a monthly magazine that reports on personal finance. Fortune and Money combine their resources on the CNNMoney.com Website, a financial news and personal finance Website, which is operated in partnership with CNN.

Sports Illustrated is a weekly magazine that covers sports. SI.com for Kids is a monthly sports magazine intended primarily for pre-teenagers. Time Inc. also has responsibility under a management contract for the American Express Publishing Corporation’s publishing operations, including its travel and epicurean magazines Departures, Food & Wine and Travel & Leisure and their related Websites. IPC publishes approximately 55 magazines, as well as special issues. IPC is organized into three operating divisions, Connect, Inspire and SouthBank, which are aligned with its three core audience groups of mass-market women, men and upscale women. This structure is intended to facilitate the delivery of highly targeted audiences to IPC’s advertisers and bring focus and efficiency to IPC’s operations. In addition, IPC publishes four magazines through three unconsolidated joint ventures with Groupe Marie Claire. IPC Websites include goodtoknow.co.uk, a Website for women providing advice and tips on family and health, entertainment and recipes; housetohome.co.uk, a home inspiration and decorating resource, and NME.com.

GEX, a consumer magazine publisher, publishes 11 magazines in Mexico, including Chilango, Expansion, IDC, InStyle Mexico, and Quien, a celebrity and personality magazine. In addition, GEX publishes two magazines through an unconsolidated joint venture with Hearst Corporation. GEX also owns and operates CNNExpansion.com, MedioTiempo.com, MetrosCubicos.com, a Website for classified real estate listings in Mexico, and Quien.com, a celebrity Website in Mexico. Time Inc. licenses over 55 editions of its magazines for print publication outside the United States to publishers in 25 countries. In addition, Time Inc. licenses digital content to digital and mobile platform operators in over 50 countries outside the United States.

Time Inc. derives half of its revenues from the sale of advertising, from its print magazines with advertising revenues from its Websites and the tablet editions of its magazines. Advertising carried in Time Inc.’s magazines, including on tablet editions and on its Websites, is consumer advertising, including toiletries and cosmetics, food, drugs, financial services and insurance, automobiles, retail and department stores, media and movies, travel and home, computers and telecommunications, and apparel and accessories. Time Inc. conducts marketing services businesses. The marketing services include developing customer-relationship marketing programs, custom client publications, multi-channel branded content programs and programs on other platforms, which enable clients to create and sustain relationships with their customers. The marketing services also include geographic-targeted and demographic-targeted advertising solutions for marketers in magazines, online and on other digital platforms. Time Inc. conducts niche book publishing. Time Inc.’s book publishing business consists of Time Home Entertainment Inc. (THEI) and Oxmoor House Inc., which publish how-to, lifestyle and special commemorative books and books on other topics through retail and direct mail channels under TIME books, LIFE books, Oxmoor House, Sunset and other imprints. THEI also publishes a range of books under licensed third-party brands.

Company Address

Time Warner Inc

One Time Warner Center
NEW YORK   NY   10019-8016
P: +1212.4848000
F: +1302.6555049

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