Warner Brothers, Warner Communications, Jack Warner discussed on TechStuff
Fortune, Sports Illustrated and southern living. Mourner communications was a holding company and had a really super complicated history of its own. It grew out of the one or brothers motion picture studio and their various businesses that included movie theaters and a production and distribution business in the motion picture industry. Eventually Jack Warner of the Warner Brothers was the only Warner remaining and in nineteen sixty six he decided he was going to get out of the business. So he sold his shares of the company to another company called seven arts production, limited that company also bought another media company Atlantic records, then you had a guy named Stephen Ross who had built a conglomerate of businesses. He comes in. He acquires the Warner Brothers seven arts conglomerate, and now the the whole mess. Stephen Ross is other businesses and Warner Brothers seven arts all becomes known as Kinney national services. But then. Then there's a big scandal involving one of the businesses actually a parking business as about price-fixing, and that led to Ross selling off most of the companies in the conglomerate the remaining businesses that he kept were the media wants it became Warner communications. This was in nineteen seventy one Time, inC, and Warner communications merged in nineteen eighty nine. And that's where we get Time Warner which at the time was the largest entertainment conglomerate in the world in nineteen ninety-five. This new company Time Warner had acquired Turner Broadcasting System for nine point six billion dollars. And then in two thousand America Online and Time Warner looked to merge together AOL was essentially buying Time Warner for one hundred sixty five billion dollars. So that's hell the transaction. Would look on paper that AOL the company was buying Time Warner for. For one hundred sixty five billion dollars AOL's founder Steve case took the role of chairman of the board. And the new company would be a O L. Time Warner the association wouldn't quite last full decade. But it would really make an impression in its short time in the spotlight. I'll talk a little bit more about this troubled relationship between AOL and Time Warner, but first let's take a quick break to thank our sponsor..