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Two formerly separate companies, Warner Communications, Inc. and Time Inc. (along with the assets of a third company, Turner Broadcasting System, Inc.), form the current Time Warner, with major operations in film, television and publishing. Among its subsidiaries are New Line Cinema, Time Inc., HBO, Turner Broadcasting System, The CW Television Network, TheWB.com, Warner Bros., Kids' WB, Cartoon Network, Boomerang, Adult Swim, CNN, DC Comics, Warner Bros. Animation, Cartoon Network Studios and Castle Rock Entertainment. The company used to also have telecommunications assets through Time Warner Cable and AOL, but in 2009 they were spun off from Time Warner into independent companies.
In 2016, AT&T proposed to purchase Time Warner and its assets for $85 billion as well as assuming the company's debt. This would have possibly allowed AT&T's mobile network to stream Warner Bros./Turner titles without data cost, including Looney Tunes.