The AOL-Time Warner Merger: What Happened to the Brands?
The AOL-Time Warner merger was called the worst deal in history. Twenty-five years later, the brands from that merger are scattered across multiple companies. Here is where they all ended up.
The Worst Deal in Corporate History
On January 10, 2000, America Online (AOL) and Time Warner announced a $164 billion merger that would create the world's largest media company. The deal was supposed to combine AOL's internet dominance with Time Warner's unmatched portfolio of media brands: CNN, HBO, Warner Bros., Time magazine, Sports Illustrated, and dozens more.
Instead, it became the most notorious corporate disaster in American history. The dot-com bubble burst weeks after the merger closed in January 2001. AOL's dial-up business collapsed as broadband took over. The combined company lost over $200 billion in market value. By 2009, AOL was spun off as an independent company. The "merger of equals" had been a catastrophe.
But the brands survived. Twenty-five years later, the media properties that once sat under one corporate roof are scattered across half a dozen different companies. Tracing where they ended up tells the story of how media ownership has been reshuffled in the streaming era.
The Original AOL Time Warner Brand Portfolio (2001)
When the merger closed, AOL Time Warner owned an extraordinary collection of brands:
Internet: AOL, CompuServe, Netscape, MapQuest, ICQ, AIM (AOL Instant Messenger)
Film & TV: Warner Bros., New Line Cinema, HBO, Cartoon Network, Adult Swim, TNT, TBS, CNN, HLN
Publishing: Time, Sports Illustrated, Fortune, People, InStyle, Entertainment Weekly
Music: Warner Music Group (Atlantic Records, Elektra, Warner Records)
Cable: Time Warner Cable (one of the largest U.S. cable providers)
It was arguably the most diverse media portfolio ever assembled under one company.
Where Every Brand Ended Up
The Internet Brands (AOL)
| Brand | Current Owner | What Happened |
|---|---|---|
| AOL | Yahoo (Apollo Global) | Spun off 2009, sold to Verizon 2015 ($4.4B), sold to Apollo 2021 |
| AIM | Discontinued | Shut down December 2017 |
| CompuServe | Discontinued | Folded into AOL, eventually shut down |
| Netscape | Discontinued | Browser discontinued 2008 |
| MapQuest | Yahoo (Apollo Global) | Still exists but largely irrelevant vs Google Maps |
| ICQ | VK (Russia) | Sold to Digital Sky Technologies (2010), shut down June 2024 |
Almost every AOL internet brand is now dead, sold for scraps, or irrelevant. The entire internet business that justified the $164 billion merger price evaporated within a decade.
The Film & TV Brands
| Brand | Current Owner | Path |
|---|---|---|
| Warner Bros. | Warner Bros. Discovery (NASDAQ: WBD) | Remained with Time Warner through AT&T acquisition (2018), then merged with Discovery (2022) |
| HBO | Warner Bros. Discovery | Same path as Warner Bros. |
| CNN | Warner Bros. Discovery | Same path |
| Cartoon Network | Warner Bros. Discovery | Same path |
| TNT/TBS | Warner Bros. Discovery (being spun off as Versant Media) | Linear networks being separated from studio/streaming |
| New Line Cinema | Warner Bros. Discovery | Absorbed into Warner Bros. Pictures |
The film and TV brands have stayed together through multiple corporate transactions. Time Warner was acquired by AT&T in 2018 for $85 billion (renamed WarnerMedia). AT&T then merged WarnerMedia with Discovery in 2022 to form Warner Bros. Discovery.
In October 2025, WBD disclosed it was reviewing acquisition offers, including a hostile $108.4 billion bid from Netflix. WBD is also planning to separate its linear TV networks into a new company called Versant Media (via Comcast's cable spinoff structure) while keeping the studio and streaming operations.
The Publishing Brands
| Brand | Current Owner | Path |
|---|---|---|
| Time magazine | Marc Benioff (Salesforce CEO) | Sold by Time Inc. to Benioff personally in 2018 for $190M |
| Sports Illustrated | Authentic Brands Group (ABG) | Sold by Meredith, licensed to various publishers |
| People | Dotdash Meredith (IAC) | Time Inc. sold to Meredith (2018), Meredith sold to IAC's Dotdash (2021) |
| Fortune | Thai businessman Chatchaval Jiaravanon | Sold by Time Inc. in 2018 for ~$150M |
| Entertainment Weekly | Dotdash Meredith (IAC) | Same path as People |
| InStyle | Dotdash Meredith (IAC) | Same path, print edition discontinued 2022 |
Time Inc. was spun off from Time Warner in 2014 as a separate public company. It was then acquired by Meredith Corporation in 2018, which was itself acquired by IAC's Dotdash division in 2021. The publishing brands were scattered across multiple owners.
The Music Brands
| Brand | Current Owner | Path |
|---|---|---|
| Warner Music Group | Access Industries (Len Blavatnik) | Spun off 2004, taken private 2011, re-IPO'd 2020 (NASDAQ: WMG) |
| Atlantic Records | Warner Music Group | Part of WMG |
| Elektra Records | Warner Music Group | Part of WMG |
Warner Music Group was spun off from Time Warner in 2004 and is now controlled by Access Industries, the investment firm of Ukrainian-American billionaire Len Blavatnik.
The Cable Business
| Brand | Current Owner | Path |
|---|---|---|
| Time Warner Cable | Charter Communications (Spectrum) | Spun off 2009, acquired by Charter 2016 for $78.7B |
Time Warner Cable was spun off from Time Warner in 2009 and later acquired by Charter Communications in 2016 for $78.7 billion, becoming the Spectrum brand.
The Corporate Domino Effect
The AOL-Time Warner merger triggered a chain of corporate transactions that continues to this day:
2003: AOL Time Warner renamed itself back to Time Warner, dropping the AOL name.
2004: Warner Music Group spun off.
2009: AOL spun off as independent company. Time Warner Cable spun off.
2014: Time Inc. (publishing) spun off.
2015: AOL sold to Verizon for $4.4 billion.
2016: Time Warner Cable acquired by Charter ($78.7B).
2018: AT&T acquired Time Warner for $85 billion (renamed WarnerMedia).
2018: Time Inc. acquired by Meredith.
2021: Dotdash (IAC) acquired Meredith. Verizon sold AOL/Yahoo to Apollo.
2022: AT&T merged WarnerMedia with Discovery to form WBD.
2025: Netflix bid $108.4 billion for WBD. WBD reviewing offers.
Every major transaction can be traced back to the original merger's failure and the subsequent need to restructure, divest, and find new homes for the brands.
Lessons for Brand Ownership
1. Brand value survives corporate disasters. HBO, CNN, Warner Bros., and Time magazine are all still valuable brands despite the catastrophic merger that once housed them. Corporate failures destroy shareholder value, not brand equity.
2. Media consolidation is cyclical. The brands that were assembled under AOL Time Warner in 2001 were scattered to the winds by 2015, and are now being re-consolidated through streaming-era deals. Netflix's bid for WBD would reunite some of these brands under new corporate management.
3. Technology disruption reshapes ownership. AOL's collapse, the rise of streaming, and the decline of print media all forced ownership changes. The brands adapted; the corporate structures did not.
Frequently Asked Questions
What happened to AOL?
AOL was spun off from Time Warner in 2009, sold to Verizon in 2015 for $4.4 billion, and then sold again (along with Yahoo) to Apollo Global Management in 2021. AOL still exists as a web portal but is a fraction of its former self.
Who owns HBO now?
HBO is owned by Warner Bros. Discovery (NASDAQ: WBD). HBO content streams on Max (formerly HBO Max). Netflix has made a hostile bid to acquire WBD, which would give Netflix control of HBO.
Who owns CNN now?
CNN is owned by Warner Bros. Discovery. It is part of the linear TV networks that WBD plans to separate into a new entity.
Was the AOL-Time Warner merger the worst deal ever?
By most financial measures, yes. The combined company lost over $200 billion in market value. AOL's business collapsed almost immediately after the merger closed. The deal is studied in business schools as the definitive example of merger failure.
The Bottom Line
The AOL-Time Warner merger created the largest media company in the world, and its failure scattered some of the most iconic media brands across a dozen different owners. Twenty-five years later, those brands are being reshuffled once again through streaming-era consolidation. Understanding where every AOL Time Warner brand ended up helps explain the current media ownership landscape and why companies like Netflix are making aggressive moves to acquire legacy media assets.
Explore media brand ownership on WhoBrands or browse entertainment brands.
Sources
1. Wikipedia. "WarnerMedia." "Warner Bros. Discovery." 2. Deadline. "Netflix Execs Say Warner Bros. Deal Is No AOL Time Warner Fiasco." December 2025. 3. Britannica. "Warner Bros. Discovery: History, Description & Mergers." 4. Fortune. "Netflix-Warner Deal Would Drive Streaming Market Further Down." December 2025. 5. Warner Bros. Discovery. Investor Relations. 2025.
All brand ownership data verified through WhoBrands.com's research methodology. Last updated: January 23, 2026.
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