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AOL/Time Warner and WorldCom:Corporate Governance and the Effects of the Deregulation Paradox
Unformatted Document Text:  15 Sports Illustrated . In 1988, the magazine group was the largest magazine publisher in the US. In addition, Time Inc. was America’s leading pay-television programmer with Home Box Office and Cinemax. The company also owned America’s second largest cable (MSO), American Television & Communications. The company has since been renamed Time Warner Cable. Warner Communications brought to the merger agreement a major presence in television/ film studio production, including: Warner Brother Studios (one of Hollywood’s top three studios) and Lorimar Television Entertainment (a leading producer of television programs). In addition, Warner Brothers studios was a key supplier of programming to the cable industry, including Time’s very own HBO and Cinemax cable services. In the area of music entertainment, Warner Communications had a strong presence as well, including Warner Brothers Records, Atlantic Records and Electra Entertainment. (Clurman, 1992). Despite a rough start, the combination of Time Inc. and Warner Communications proved to be an effective combination. Time Warner Acquires Turner Broadcasting For several years, Time Inc. had wanted to acquire CNN. The opportunity presented itself in September 1995 when the newly created Time Warner Inc. acquired Turner Broadcasting Systems in a stock swap valued at $8 billion ("It’s TBS Time," 1995). The rationale behind the purchase of Turner Broadcasting was to combine the news and programming assets of Turner Broadcasting with the highly complimentary assets of Time Warner. According to Time Warner President and CEO, Jerry Levin, The complementary nature of the two organizations will allow us to maximize the value of our assets and distribution systems and position us as the leading media company in an increasingly competitive global marketplace (Time Warner Inc., 1995).

Authors: Gershon, Richard. and Alhassan, Abubakar.
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15
Sports Illustrated . In 1988, the magazine group was the largest magazine publisher in the US.

In addition, Time Inc. was America’s leading pay-television programmer with Home Box Office

and Cinemax. The company also owned America’s second largest cable (MSO), American

Television &
Communications. The company has since been renamed Time Warner Cable.
Warner Communications brought to the merger agreement a major presence in television/

film studio production, including: Warner Brother Studios (one of Hollywood’s top three studios)

and Lorimar Television Entertainment (a leading producer of television programs). In addition,

Warner Brothers studios was a key supplier of programming to the cable industry, including

Time’s very own HBO and Cinemax cable services. In the area of music entertainment, Warner

Communications had a strong presence as well, including Warner Brothers Records, Atlantic

Records
and Electra Entertainment. (Clurman, 1992). Despite a rough start, the combination

of Time Inc. and Warner Communications proved to be an effective combination.
Time Warner Acquires Turner Broadcasting
For several years, Time Inc. had wanted to acquire CNN. The opportunity presented

itself in September 1995 when the newly created Time Warner Inc. acquired Turner Broadcasting

Systems in a stock swap valued at $8 billion ("It’s TBS Time," 1995). The rationale behind the

purchase of Turner Broadcasting was to combine the news and programming assets of Turner

Broadcasting with the highly complimentary assets of Time Warner. According to Time Warner

President and CEO, Jerry Levin,
The complementary nature of the two organizations will allow us to maximize the
value of our assets and distribution systems and position us as the leading media
company in an increasingly competitive global marketplace (Time Warner Inc., 1995).


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