Time Inc. began in 1922 with its namesake magazine; in the same year Warner Bros, a film company, opened its first studio. These two companies merged in 1989 forming the world’s largest and most diversified entertainment conglomerate that exerts an amazing amount of control in the film, publishing, television and recording industries. In 1995 Time Warner bought TBS, becoming the most important force in cable broadcasting.

Today, Time Inc. is still the premier magazine publisher with twenty-four publications— Time, Sports Illustrated, People and many others; the book division includes Warner Books, Little, Brown and Co., as well as Book of the Month Club. The Warner Music Group is the most diversified music entertainment company; Warner Bros’ film entertainment unit produces TV shows such as Friends and ER (both NBC, 1994–), as well as operating the WB network. This conglomerate also includes HBO, Cinemax and Time Warner Cable, the second-largest owner and operator of cable systems.