SEC Filings

WARNER MEDIA, LLC filed this Form S-4/A on 03/24/2000
Entire Document
Time Warner Inc.
75 Rockefeller Plaza
New York, New York 10019
(212) 484-8000
   Time Warner is the world's largest media and entertainment company. Time
Warner's principal business objective is to create and distribute branded
information and entertainment throughout the world. Time Warner classifies its
business interests into the following fundamental areas:     
  .  cable networks, consisting principally of interests in cable television
     programming, including WTBS Superstation, TNT, Cartoon Network, CNN News
     Group and Home Box Office;
  .  publishing, consisting principally of interests in magazine publishing,
     book publishing and direct marketing, including Time, People, Sports
     Illustrated, Warner Books and Time Life Inc.;
  .  music, consisting principally of interests in recorded music and music
     publishing, including Warner Music Group and its labels Atlantic,
     Elektra, Rhino, Sire, Warner Bros. Records and Warner Music
  .  filmed entertainment, consisting principally of interests in filmed
     entertainment, television production and television broadcasting,
     including Warner Bros., New Line Cinema and the WB Network;
  .  cable, consisting principally of interests in cable television systems,
     including Time Warner Cable; and
  .  digital media, consisting principally of interests in Internet-related
     and digital media businesses.
   Time Warner is a holding company that derives its operating income and cash
flow from its investments in its subsidiaries, including Time Warner
Entertainment Company, L.P., or "TWE," a limited partnership that owns a
majority of Time Warner's interests in filmed entertainment and cable
television systems and a portion of its interests in cable networks. Time
Warner owns general and limited partnership interests in TWE consisting of
74.49% of the pro rata priority capital and residual equity capital, and 100%
of the junior priority capital. The remaining 25.51% limited partnership
interests in the pro rata priority capital and residual equity capital of TWE
are held by a subsidiary of MediaOne Group, Inc. A significant portion of TWE's
cable television systems are held by the Time Warner Entertainment-
Advance/Newhouse Partnership, of which TWE is the managing partner and owns a
65% interest.
   Recent Developments. On January 24, 2000, Time Warner and EMI Group plc
announced that they had signed definitive agreements to combine their recorded
music and music publishing businesses into a global joint venture. The new
company, Warner EMI Music, will be one of the world's leading music companies,
with broad domestic and international holdings. The global joint venture will
be owned equally by Time Warner and EMI Group. The eleven-member Warner EMI
Music board of directors, controlled by Time Warner, will consist of six Time
Warner designees and five EMI designees. The transaction is subject to certain
conditions, including regulatory consents and EMI Group shareholder approval,
and is expected to be completed by the end of 2000.