Time Warner, Inc.
In July 1989, Time Ine. and Wamer Communications eompleted a eorporate merger that would make it the largest media eompany in the world. The merging of Time Ine. and Warner Communications has to be understood in the eontext that it was part of a larger worldwide movement toward transnational eeonomic eonsolidation. The purpose of the Time Warner merger was perhaps best summarized in the eompany's fIrst annual report to its stoekholders:
In the Eighties we witnessed the most profound political and economic changes since the end of the Second World War. As these changes unfolded, Time Ine. and Warner Communications Inc. came independently to the same fundamental conclusion: globalization was rapidly evolving from a prophecy to a fact of life. No serious competitor could hope for any long-term success unless, building on asecure horne base, it achieved a major presence in all of the world's important markets. 1
Also important to reeognize about the Time Warner merger were the personal motivations and unique eontributions of a few seleet men who were intimately involved in the planning proeess. Those individual personalities would have a profound influenee on the fInal outeome of the agreement and the long-term future of the newly eombined eompany.