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On June 14, 2018, Time Warner was acquired by multinational conglomerate AT&T, who subsequently renamed Time Warner ‘WarnerMedia’. AT&T reported WarnerMedia’s global operating income as 8.19 billion U.S. dollars in 2020. Previous figures can be viewed for the purposes of tracking Time Warner’s income but due to being recorded pre-acquisition, cannot be compared to the company’s 2020 income.

What were the results of the AT&T-Time Warner acquisition?

The acquisition cost AT&T 85 billion U.S. dollars, and allowed AT&T to greatly increase its media holdings which it can leverage to support and grow existing and future direct-to-consumer services. AT&T now also owns WarnerMedia Entertainment subsidiary HBO, which includes streaming services HBO Go and HBO Now. New service HBO Max will launch in 2020 featuring popular American sitcom ‘Friends’, which will be removed from rival platform Netflix for the occasion.

AT&T also reorganized its broadcasting assets by dissolving Turner Broadcasting and dispersing it across WarnerMedia – WarnerMedia Entertainment is now comprised of HBO, TNT, TruTV, and TBS, and will also include HBO Max. Meanwhile, Cartoon Network, Adult Swim and others were moved to Warner Bros. and all sports content now comes under WarnerMedia News & Sports. WarnerMedia generated between eight and nine billion U.S. dollars in revenue in the quarters directly after the acquisition, and as such looks to be a lucrative investment for its new owner.

WarnerMedia's global operating income from 2018 to 2020 (in billion U.S. dollars)

Characteristic	Operating income in billion U.S. dollars
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Release date

February 2021

More information

Region

Worldwide

Survey time period

2018 to 2020

Supplementary notes

Time Warner was acquired by AT&T on June 14, 2018, thereby changing its name from Time Warner Inc. to Warner Media. The 2018 and 2019 AT&T Annual reports did not include results from Time Warner operations prior to the acquisition - figures from 2010 to 2017 should not be compared to 2018 as they were recorded pre-acquisition.
2008 includes a 7.139 billion noncash impairment to reduce the carrying value of goodwill and intangible assets at the publishing segment.
Figures have been rounded.

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