Time Warner Inc.  (TWX)
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Time Warner Inc. Segments

Home Box Office
   25.23 % of total Revenue
Warner Bros
   42.68 % of total Revenue
   32.08 % of total Revenue
   17.62 % of total Revenue
   13.11 % of total Revenue
   1.35 % of total Revenue
Theatrical product
   14.82 % of total Revenue
Television product
   19.53 % of total Revenue
Television licensing
   21.7 % of total Revenue
Home video electronic delivery
   6.66 % of total Revenue
Consumer products
   2.53 % of total Revenue

Business Segments (Sep. 30, 2015)
(in millions $)
III. Quarter
(of total Revenues)
(Sep. 30, 2015)
(in millions $)
III. Quarter
(Profit Margin)
Home Box Office
1,886.00 25.23 % 519.00 27.52 %
Warner Bros
3,190.00 42.68 % 385.00 12.07 %
2,398.00 32.08 % 1,072.00 44.7 %
1,317.00 17.62 % 0.00 -
980.00 13.11 % 0.00 -
101.00 1.35 % 0.00 -
Theatrical product
1,108.00 14.82 % 0.00 -
Television product
1,460.00 19.53 % 0.00 -
Television licensing
1,622.00 21.7 % 0.00 -
Home video electronic delivery
498.00 6.66 % 0.00 -
Consumer products
189.00 2.53 % 0.00 -
7,474.00 100 % 1,457.00 19.49 %

• View Income Statement • View Competition by Segment • View Annual Report

Growth rates by Segment (Sep. 30, 2015)
Y/Y Revenue
III. Quarter
Q/Q Revenue
(Sep. 30, 2015)
Y/Y Income
III. Quarter
Q/Q Income
Home Box Office
12 % -3.08 % 36.58 % 2.17 %
Warner Bros
14.95 % -3.27 % 62.45 % 12.9 %
-1.96 % -15.18 % 218.1 % -5.13 %
-47.7 % -1.94 % - -
0 % -22.96 % - -
-96.15 % -52.36 % - -
Theatrical product
-4.97 % -12.27 % - -
Television product
22.07 % 11.62 % - -
Television licensing
13.98 % 14.55 % - -
Home video electronic delivery
-6.74 % -9.95 % - -
Consumer products
41.04 % 24.34 % - -
8.24 % -7.4 % 153.83 % -0.95 %

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Time Warner's Home Box Office, Warner Bros, Turner, Subscription, Advertising, Content, Theatrical product, Television product, Television licensing, Home video electronic delivery, Consumer products, Total segment. Select each division with the arrow.

  Time Warner's

Business Segments Description


The Company’s Networks businesses consist principally of domestic and international networks and premium pay television services. The networks owned by Turner Broadcasting System, Inc. (“Turner”), which are described below, are collectively referred to as the “Turner Networks.” Premium pay television services consist of the multi-channel HBO and Cinemax 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 principally from providing programming to cable system operators, satellite distribution services, telephone companies and other distributors (known as affiliates) that have contracted to receive and distribute this programming and from the sale of advertising (other than Turner Classic Movies and Boomerang, which sell advertising only in certain international markets). Turner’s agreements with its affiliates are typically long-term arrangements that provide for annual service fee increases and have fee arrangements that are generally related to the number of subscribers served by the affiliate and the package of programming provided to the affiliate by each network. Expirations of affiliate agreements are staggered.

Turner’s advertising revenues consist of consumer advertising, which is sold primarily on a national basis in the U.S. and on a pan-regional or local-language feed basis outside the U.S. Advertising contracts generally have terms of one year or less. Advertising revenues are generated from a wide variety of advertising categories, including food and beverage, automotive, motion picture, restaurants, pharmaceuticals and medical, financial and business services, retail, telecommunications, insurance and household products. In the U.S., advertising revenues are a function of the size and demographics of the audience delivered, the “CPM,” which is the cost per thousand viewers delivered, and the number of units of time sold. Units sold and CPMs are influenced by the quantitative and qualitative characteristics of the audience of each network, the perceived quality of the network and of the particular programming, as well as overall advertiser demand in the marketplace and general economic conditions. Outside the U.S., advertising is generally not sold based on audience delivery, but rather is sold at a fixed rate for the unit of time sold, determined by the time of day and network. Turner also operates various websites, including CNN.com, NASCAR.com, CartoonNetwork.com, SI.com and Golf.com, that generate revenues principally from the sale of advertising.

Home Box Office, a wholly-owned subsidiary of the Company, generates revenues principally from providing programming to cable, satellite and telephone company affiliates that 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 typically long-term arrangements that provide for annual service fee increases and retail promotion activities and have fees that are generally related to 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 films, mini-series and series through the sale of DVDs and Blu-ray Discs, as well as from the licensing of original programming in syndication and to basic cable channels.

The Company’s Networks business has been pursuing international expansion in select areas, and the Company anticipates that international expansion will continue to be an area of focus at the Networks business for the foreseeable future.

Turner Networks

Key contributors to Turner’s success are its strong brands and continued investments in high-quality popular programming focused on sports, original and syndicated series, news, network movie premieres and animation to drive audience delivery and revenue growth.

Domestic Networks

Turner’s networks in the U.S. consist of entertainment and news networks. Turner’s entertainment networks include TBS, TNT, Cartoon Network, truTV, Turner Classic Movies and Boomerang. High Definition (“HD”) feeds of TBS, TNT, Cartoon Network, truTV, Turner Classic Movies and CNN are made available to affiliates. Programming for these entertainment networks is derived, in part, from the Company’s film, made-for-television and animation libraries to which Turner or other divisions of the Company own the copyrights and also includes sports programming and other licensed programming, including syndicated television series and network movie premieres. Turner’s news networks include CNN and HLN.

TBS is television’s “very funny” network and shows contemporary comedies such as the syndicated series Family Guy and The Office and late night talk shows Conan and Lopez Tonight. TBS is also the home of a growing roster of original series, including Tyler Perry’s Meet the Browns, Glory Daze and Are We There Yet? for the 2010-2011 season. TBS has the right to produce and telecast a certain number of Major League Baseball regular season and playoff games through the 2013 season. Under an agreement among Turner, CBS Broadcasting, Inc. (“CBS”) and The National Collegiate

Athletic Association (the “NCAA”), starting in 2011 through 2024, the NCAA Division I Men’s Basketball Championship tournament games (the “NCAA Tournament Games”) will be telecast on Turner’s TBS, TNT and truTV networks and on the CBS network. Turner and CBS have agreed to work together to produce and distribute the NCAA Tournament Games and related programming and sell advertising on a joint basis. Further, Turner and CBS have agreed to share advertising and sponsorship revenues, the programming rights fee and production costs, subject to annual caps on CBS’ share of any resulting losses.

TNT focuses on drama and is home to syndicated series such as Bones, Supernatural, Las Vegas, Law & Order, CSI: NY, Cold Case and Numb3rs, as well as network premiere movies. For the 2010-2011 season, TNT’s original series include The Closer, Rizzoli & Isles, Men of a Certain Age, Leverage, HawthoRNe and Memphis Beat. TNT also has the right to produce and telecast a certain number of National Basketball Association (“NBA”) regular season and playoff games through the 2015-2016 season, certain NASCAR Sprint Cup Series races through 2014 and certain Professional Golfers’ Association (“PGA”) events through 2019. TNT also will telecast certain NCAA Tournament Games from 2011 through 2024.

Cartoon Network offers original and syndicated series and movies for youth and families. For the 2010-2011 season, Cartoon Network’s original series include Tower Prep, Adventure Time, Regular Show, Ben 10: Ultimate Alien, MAD, Generator Rex, Destroy Build Destroy, Hole in the Wall and Dude, What Would Happen. For the 2010-2011 season, adult swim’s original series include Childrens Hospital, Robot Chicken, Aqua Teen Hunger Force, Venture Brothers, Metalocalypse, Delocated, Squidbillies, NTSF:SD:SUV::, Mongo Wrestling Alliance and Eagleheart.

truTV features expert trial coverage under the name IN SESSION. For the 2010-2011 season, truTV’s original series include The Smoking Gun Presents: World’s Dumbest..., Conspiracy Theory with Jesse Ventura, It Only Hurts When I Laugh and Operation Repo. Starting in 2011 through 2024, truTV also will telecast certain NCAA Tournament Games.

Turner Classic Movies is a commercial-free network that presents classic films from some of the largest film libraries in the world. Turner Classic Movies also offers interviews, original documentaries and specials.

Boomerang is a commercial-free network that offers classic animated entertainment such as Yogi Bear, Tom & Jerry, The Flintstones, Pink Panther and The Jetsons.

CNN, the original cable television news service. CNN managed 47 news bureaus and editorial operations, of which 15 are located in the U.S. CNN’s programs included American Morning, The Situation Room with Wolf Blitzer, John King, USA, Parker Spitzer, Larry King Live and Anderson Cooper 360°. Piers Morgan Tonight replaced Larry King Live in January 2011.

HLN, the “news and views” service. In the fall of 2010, HLN’s programs included Morning Express with Robin Meade, Issues with Jane Velez-Mitchell, Nancy Grace, The Joy Behar Show and Showbiz Tonight. A new program featuring Dr. Drew Pinsky is scheduled to launch in April 2011.

International Networks

Turner provides entertainment and news programming to cable system operators, satellite distribution services, telephone companies, Internet Protocol Television (or IPTV) system operators, mobile device operators, broadcasters and other distributors for delivery to households, hotels and other viewers in various countries around the world. Turner distributed its global entertainment and news brands (TNT, Cartoon Network, Adult Swim, TBS very funny, Turner Classic Movies, Boomerang, truTV, CNN International, CNN en Español and HLN) and its regional entertainment brands in over 200 countries around the world. Turner has been pursuing international expansion in select areas and in recent years has expanded its presence in the Baltics, Germany, Japan, Korea, Latin America, the Nordics, Russia and Southeast Asia.

In Latin America, Turner’s regional entertainment brands include Space, Infinito, I-Sat, Glitz*, HTV, MuchMusic and Tooncast. These brands air motion pictures and series, documentaries, fashion and lifestyle content, music videos and kids programming. Chilevisión, a leading free-to-air television broadcaster in Chile that is owned and operated by Turner, airs local news and entertainment. Turner also has a minority equity investment in Esporte Interativo, the only sports channel in Brazil nationally available via free-to-air networks and pay television platforms. In addition, 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), HTV (a music network) and Glitz* (a lifestyle network). In addition, Turner distributes Boing (a kids entertainment network) in France and Spain. Boing also airs in Italy through a joint venture.
In India and certain other South Asian territories, Turner owns and operates POGO, Cartoonito and Toonami, which are entertainment networks for children. Turner also distributes and sells advertising for Home Box Office in India. In Japan, Turner owns and operates MONDO TV, an entertainment network geared toward men, and TABI CHANNEL, an entertainment network focused on travel. Turner also distributes WB, an English language entertainment network in India that features movies and television programming that is primarily licensed from Warner Bros. Entertainment Inc. In Korea, Turner operates Cartoon Network Korea through a joint venture.

CNN International, an English language news network, was distributed in more than 200 countries. CNN International has network feeds in five regions: Europe/Middle East/Africa, Asia Pacific, South Asia, Latin America and North America. CNN en Español, a separate Spanish language news network, is distributed in Latin America and the U.S. HLN is distributed in Canada, the Caribbean, parts of Latin America and the Asia Pacific region.
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; CNN Chile, a Spanish language 24-hour news network distributed in Chile; and CNNj, an English-with-Japanese-translation news service in Japan. In addition, CNN content is distributed through CNN-IBN, a co-branded, 24-hour, English language general news and current affairs network in India.

Websites and Digital Applications and Initiatives

Turner operates various websites that generate revenues primarily from the sale of advertising. In 2010, Turner entered into an agreement with the NCAA, pursuant to which Turner will manage and operate the NCAA’s digital portfolio, including NCAA.com, through 2024. Turner will also manage advertising sales for NCAA digital platforms.

CNN has multiple websites, including CNN.com and several localized editions that operate in Turner’s international markets. CNN also operates CNNMoney.com in partnership with Time Inc.’s Money and Fortune magazines and CNNMexico.com pursuant to a joint venture with Time Inc.’s Grupo Expansión, a leading Mexican consumer magazine publisher. Turner operates the NASCAR websites NASCAR.com and NASCAR.com en Español under an agreement with NASCAR that runs through 2014, and the websites of the PGA and PGA Tour, PGA.com and PGATour.com, respectively, under an agreement with the PGA that runs through 2019 and an agreement with the PGA Tour that runs through 2011. Effective through the 2015/2016 season, Turner and the NBA jointly manage a portfolio of the NBA’s digital businesses, including NBA.com. Turner also operates CartoonNetwork.com, as well as 61 international websites affiliated with the regional children’s services feeds.

Turner also publishes several Apps in Apple Inc.’s iTunes App Store and Google Inc.’s Android Market App Store, including CNN Mobile, which became available internationally in 2010, and the CNN App for iPad and truTV Mobile, which were launched in 2010.

Home Box Office

HBO, operated by Home Box Office, is the nation’s most widely distributed premium pay television service. Both HBO and Cinemax are made available in HD on a number of multiplex channels. Home Box Office also offers HBO and Cinemax On Demand, subscription products that enable Subscribers to view programs at the time they choose.

A major portion of the programming on HBO and Cinemax consists of recently released, uncut and uncensored theatrical motion pictures. Home Box Office’s practice has been to negotiate licensing agreements of varying duration with major motion picture studios and independent producers and distributors in order to ensure continued access to such films. These agreements typically grant to Home Box Office the exclusive right to exhibit and distribute recently released and certain older films owned by the particular studio, producer or distributor on a subscription basis (including via broadband networks) in exchange for negotiated fees, which may be a function of, among other things, the box office performances of the films.

Home Box Office also generates revenues from the exploitation of its original programming through multiple distribution outlets. HBO Home Entertainment markets a variety of HBO’s original programming on DVD and Blu-ray Discs. Home Box Office licenses its original series, such as The Sopranos, Sex and the City, Entourage and Curb Your Enthusiasm, to basic cable channels and has also licensed Entourage and Curb Your Enthusiasm in syndication. The Home Box Office-produced show Everybody Loves Raymond, which aired for nine seasons on broadcast television, is currently in syndication as well. Home Box Office content is also distributed by Apple Inc., Amazon and Sony PlayStation through their respective online stores in the U.S. and various international regions, as well as on various mobile telephone platforms.

HBO- and Cinemax-branded premium pay and basic cable services are distributed in more than 50 countries in Latin America, Asia and Central Europe, primarily through various joint ventures.

The CW

Launched at the beginning of the Fall 2006 broadcast season, The CW broadcast network is a 50-50 joint venture between Warner Bros. and CBS Corporation. The CW’s schedule includes, among other things, a 5-night, 10-hour primetime lineup with programming such as Gossip Girl, 90210, One Tree Hill, America’s Next Top Model, The Vampire Diaries, Nikita, Hellcats, Smallville and Supernatural, as well as a five-hour block of animated children’s programming on Saturday mornings.
Central Media Enterprises Ltd.


The Company’s Filmed Entertainment businesses produce and distribute theatrical motion pictures, television shows, animation 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 principally conducted by various subsidiaries and affiliates of Warner Bros. Entertainment Inc., a wholly owned subsidiary of the Company, that are known collectively as the Warner Bros. Entertainment Group (“Warner Bros.”).

Feature Films

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 completed films produced by others. Warner Bros.’ feature films are produced under the Warner Bros. Pictures, New Line Cinema and Castle Rock banners. The terms of Warner Bros.’ agreements with independent producers and other entities are separately negotiated and vary depending on the production, the amount and type of financing by Warner Bros., the media and territories covered, the distribution term and other factors.


Warner Bros. Television Group (“WBTVG”) is one of the world’s leading suppliers of television programming, distributing programming in the U.S. as well as in more than 220 international territories and in more than 145 languages. WBTVG both develops and produces new 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, VOD and EST.

Home Entertainment

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 various content-producing subsidiaries and divisions, including Warner Bros. Pictures, Warner Bros. Television, New Line Cinema, Home Box Office and Turner.

Interactive Videogames

Warner Bros. Interactive Entertainment (“WBIE”), a division of WBHE, develops, publishes and licenses interactive videogames for a variety of platforms based on Warner Bros. and DC Comics properties, as well as original game properties.

Digital Media

Warner Bros. Digital Distribution (“WBDD”), a division of WBHE, enters into domestic and international licensing arrangements for distribution of Warner Bros.’ film and television content as well as acquired content through VOD and EST transactions via cable, IPTV systems, satellite and online services for delivery to consumers worldwide. WBDD licenses film and television content for both VOD and EST to affiliates such as Comcast, Time Warner Cable, DirecTV, DISH Network and Verizon, as well as broadband customers.

Other Entertainment Assets

Warner Bros. Consumer Products Inc. licenses rights to licensees, manufacturers, publishers, retailers and theme park operators in both domestic and international markets to the names, likenesses, images, logos and other representations of characters and copyrighted material from the films and television series produced or distributed by Warner Bros., including the superhero characters of DC Comics, Hanna-Barbera characters, classic films and Looney Tunes.


The Company’s publishing business is conducted primarily by Time Inc., a wholly owned subsidiary of the Company. Time Inc. is the largest magazine publisher in the U.S. based on advertising revenues, as measured by Publishers Information Bureau (“PIB”). In addition to publishing magazines, Time Inc. also operates or has editorial responsibility for a number of websites, as well as certain direct-marketing and marketing services businesses.


Time Inc. published 22 magazines in the U.S., including People, Sports Illustrated, Time, InStyle, Real Simple, Southern Living, Entertainment Weekly and Fortune, and over 70 magazines outside the U.S., primarily through IPC Media (“IPC”) in the U.K. and Grupo Expansión (“GEX”) in Mexico. In addition, Time Inc. operates or has editorial responsibility for over 45 magazine websites, such as CNNMoney.com, People.com, and Time.com, that collectively had average monthly unique visitors of over 50 million in the U.S., the U.K., Mexico and other countries.

Central European Media Enterprises Ltd.
Time Warner held an approximate 49.9% voting interest and a 65.0% economic interest in the equity interests of Central European Media Enterprises Ltd. (“CME”), a publicly-traded broadcasting company that operates leading television networks in Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia. CME also operates Voyo, a Central and Eastern European regional VOD service. Time Warner’s investment consists of (i) common stock, (ii) convertible preferred stock that has voting rights and (iii) convertible redeemable preferred shares that do not have voting rights. Time Warner accounts for its investment in CME’s common stock and convertible preferred stock under the equity method of accounting, and it accounts for its investment in CME’s convertible redeemable preferred shares under the cost method of accounting.

The CW
The CW broadcast network (“The CW”) is a 50-50 joint venture between Warner Bros. and CBS Corporation. The CW’s schedule includes, among other things, a 5-night, 10-hour primetime lineup of advertising-supported original programming such as America’s Next Top Model, Arrow, Beauty and the Beast, The Carrie Diaries, Hart of Dixie, Nikita, The Originals, Reign, Supernatural, The Tomorrow People and The Vampire Diaries, as well as a five-hour block of advertising-supported, animated children’s programming on Saturday mornings. Advertising-supported full episodes of The CW’s series are also available on cwtv.com. The CW programming is also available for streaming through Netflix and Hulu. The Company accounts for its investment in The CW under the equity method of accounting.


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