The following is a
chronology of key events in the history of Time Warner Inc. and America Online
Inc.
1923
Time, a weekly magazine
is founded by Henry Luce and Briton Hadden with����������������������������
$86,375 borrowed from friends
and Yale classmates. First issue of Time, with fewer than 20,000
subscribers; magazine loses $39,454 in 1923.
1924
Time turns a profit.
1930���
Fortune, a monthly magazine, is published.
1936
Life, a weekly photojournal
is published with circulation of more than 500,000 in less than four
weeks.� Company diversifies into radio,
newsreels,book publishing, oil, and forest products.
1960
�
90
percent of company�s revenues come from magazines.
1964
Time Inc. trades from
over-the counter to the NYSE
1967
Time revenues reach $600
million.
1969
Time's bottom line takes a
beating as television becomes a major threat.
1972
Life ceases publication; Money is launched.� HBO, a new form of pay TV, where viewers pay
a monthly fee rather than per-view, debuts. �Its first Vice President of Programming is Gerald Levin.
1974�
People magazine is launched.
1975
Gerald Levin, now President
and Chairman and CEO of HBO persuades Time Inc. to buy $7.5 million of
satellite time to distribute HBO programming, making it available nationwide by
April. HBO is owner of 52 cable systems around the country.� By end of year, HBO had 287,000 customers
but decifit continues until 1977.
1980
Profits from Time�s video
divisions exceed those from magazines for the first time.
One of 10 television
households receives HBO.� Time begins to
be seen as a cable company.
1985
Levin initiates program
suggesting merging with newspapers, broadcasting stations, and network.
AOL is
incorporated under original founding name, Quantum Computer Services,
registered in Delaware
1986
Warner buys out American
Express share of Warner-AMEX Cable for $400 million.
1987
Time joined with TCI, the
country�s largest multi-system cable operator and other cable companies to bail
out overextended Turner Broadcasting System, Cable News Network (CNN).
1988
Warner acquires Lorimar
Telepictures.
1989
Time merges with Warner
Communications, setting the stage for a string of media consolidations.
America Online
service is launched for Macintosh and Apple II
1992
Steve Ross, the architect of
the Time Warner deal, dies in December. Levin is named chairman and chief
executive officer.
America Online
goes public on the NASDAQ market at original price of $11.50 under symbol AMER
1993
Windows
version of America Online launched.
1994
AOL reaches 1
million members.
1996
�Time Warner acquires Turner Broadcasting System. Time Warner
regroups its operations into Filmed Entertainment, Cable Networks, Publishing
& Cable Systems divisions.
AOL tops 5
million members.
1997
AOL tops 10
million members.
1998
AOL completes
acquisition of CompuServe.
Standard &
Poor announces that America Online will be added to the S&P 500 Index.
1999
Time Warner announces joint venture
with ATT to offer local telephone service in 33 states over Time Warner's
infrastructure.
AOL completes
its acquisition of Netscape Communication Corporation.
AOL tops 20
Million Subscribers
2000
Time Warner and America
Online announce a $181 billion merger.
Source: Time Warner, America
Online.