×
You will be redirected back to your article in seconds

No. 1: AOL Time Warner

New York

Revenue: $36.2 billion

Loss: $4.4 billion

A media behemoth forged early this year from a merger of two well-known names, AOL Time Warner shows no sign of curbing its expansion in the U.S. and overseas.

Its assets range from the Turner cable networks, Warner Bros.’ the WB network, HBO and Time Inc. to sprawling cable systems and the world’s largest Internet service provider — making it a dominant force in content and distribution. Its size has made it a conspicuous target for complaints from media watchers fearful that media assets are concentrated in ever fewer hands.

Conglom laid off 2,400 workers earlier this year and another 1,700 at AOL and Netcape recently. It also failed to meet second-quarter revenue targets in a weak ad environment. But its breadth and management makes it a Wall Street favorite. It’s been busy retooling CNN, trying to turn around sluggish Warner Music, celebrating hit factory HBO (“The Sopranos”), promoting its movies on service portal America Online and seeking other synergies to make its merger profitable. It recently bought big U.K. magazine group IPC. Chairman Steve Case and CEO Gerald Levin have prioritized international expansion.

Some say conglom’s latest gambit may well be a play for AT&T Broadband, the telco’s giant cable division that’s for sale — at the right price. AOL Time Warner certainly has the cash but could face a tough time from regulators.

More Biz

  • Here’s How Much Money 10 Artists

    Here’s How Much Money 10 Artists Are Owed by PledgeMusic

    For eight years, PledgeMusic was a success story: A direct-to-fan platform where artists worked directly with their audiences to fund their albums, tours and all stripes of merchandise, with fans able to purchase everything from custom guitar picks to private concerts. Yet last June, Variety broke the news that the company is struggling to pay [...]

  • Korea's CJ CGV Switches Turkey CEOs

    Korea's CJ CGV Switches Turkey CEOs as It Battles With Local Industry

    Yeun Seung-ro has been appointed as CEO of CGV Mars Entertainment, the Korean-owned company that operates Turkey’s largest cinema chain. He replaces Kwak Dong Won, another veteran of the CJ-CGV group. The change of personnel may reflect two ongoing battles within the Turkish film industry. CJ-CGV, which bought Mars for some $650 million in 2016. [...]

  • China Video Streaming Giant iQIYI Loses

    Chinese Video Giant iQIYI Loses $1.3 Billion in 2018

    Chinese video streaming firm iQIYI lost over $1.3 billion in 2018, as revenues and subscriber numbers ballooned. The deepening losses reflected ever higher spending on original content production. Announcing its first full-year financials since a March IPO that launched it onto the NASDAQ, iQIYI said that it lost $1.3 billion (RMB9.1 billion) last compared with [...]

  • Lisa Borders Time's Up

    Time's Up CEO Resigned After Son Was Accused of Sexual Assault

    Time’s Up has announced in a statement posted to Instagram that its former president and CEO Lisa Borders, who resigned Feb. 18, did so after her son was accused of sexual assault in a “private forum.” “Within 24 hours, Lisa made the decision to resign as President and CEO of Time’s Up and we agreed [...]

  • Louis Tomlinson Signs With Arista (EXCLUSIVE)

    Louis Tomlinson Signs With Arista (EXCLUSIVE)

    One Direction’s Louis Tomlinson has signed with Arista, sources tell Variety. While the singer was formerly linked with Epic Records in 2017, he is signed directly to Simon Cowell’s Syco label and will move within the Sony Music family to Arista. Tomlinson teased a new single on Feb. 2, posting on Twitter, “Just heard the [...]

  • Jussie Smollett

    Jussie Smollett's Bail Set at $100,000, Must Surrender Passport

    UPDATED: A Chicago judge set a $100,000 bond for Jussie Smollett on Thursday, as the “Empire” actor made his first court appearance. Smollett faces one felony count of filing a false police report. Police allege that Smollett staged a Jan. 29 attack, telling detectives that he was accosted by two men who used racial and [...]

More From Our Brands

Access exclusive content