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Time Warner Inc. (NYSE: TWX) is the world's largest media and entertainment conglomerate headquartered in New York City, with major operations in film, television, publishing, Internet service and telecommunications. Among its subsidiaries are Time Inc., AOL, Warner Bros. Entertainment, Time Warner Cable, CNN, HBO, TBS, Turner Broadcasting System and The CW Television Network.

In 2000, a new company called AOL Time Warner was created when AOL purchased Time Warner for US$164bn. The deal, announced on 10 January 2000 and officially filed on 11 February 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 the European Commission on 11 October 2000. The shareholders of AOL owned 55% of the new company while Time Warner shareholders owned only 45%, meaning that the smaller AOL had in fact bought out the far larger Time Warner.

Source: Wikipedia