AOL Time Warner, LLC, d/b/a AOL Time Warner is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was originally formed in 1990 as Time Warner, from the merger of Time Inc. and Warner Communications. The company has film, television, cable, internet, email, subscripton and publishing operations, and currently consists of the assets of the former Time Inc, Warner Communications, HBO, and the Turner Broadcasting System assets which it acquired in 1996. Its assets include HBO, Turner, half of The WB, Cartoon Network, Audience, Warner Bros., CNN, DC Comics, Otter Media, Time Inc. properties, AOL, Time Warner Cable, Warner Books, Warner Music Group; and a 10% stake in Hulu.
In 2000, AOL stated its intentions to purchase Time Warner for $164 billion. Due to the larger market capitalization of AOL, their shareholders would own 55% of the new company while Time Warner shareholders owned only 45%, so in actual practice AOL had merged with Time Warner, even though Time Warner had far more assets and revenues. Time Warner had been looking for a way to embrace the digital revolution, while AOL wanted to convert its stock price into tangible assets.
The deal, officially filed on February 11, 2000, employed a merger structure in which each original company merged into a newly created entity. The Federal Trade Commission cleared the deal on December 14, 2000, and gave final approval on January 11, 2001; the company completed the merger later that day. The deal was approved on the same day by the Federal Communications Commission, and had already been cleared by the European Commission on October 11, 2000. The company was ranked No. 98 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.