As citizens rely on information to make political choices, media are an important element in the process of public opinion formation. They decide which topics and issues are on the agenda or not; which individuals or societal groups are given broadcasting time or publishing space and which aspects and facts are presented or suppressed. Media therefore have the ability to influence public opinion and those controlling the media are to a certain extent capable of altering the nature of discourse in their desired direction.
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The largest media conglomerate in the world, Time Warner resulted from the merger of the publisher Time Inc. and the media company Turner Broadcasting Systems, Inc. in 1996. Time Inc. founded in 1922 primarily concentrated on magazines and books and in the 1950s moved into the broadcasting and entertainment industry, but in the 1970s announced that it was selling its broadcasting holdings and concentrating on cable television. In 1989 Time Inc. merged with Warner Communications Inc., which besides being a major motion-picture and television studio, was also one of the biggest U.S. music recordings producers and cable-television operators.
In January 2000 Time Warner merged with AOL (America Online) in a US$ 243.3 billion deal. Although AOL so far generated far less profit and turnover than Time Warner its quotation on the stock exchange was clearly higher, making Time Warner the junior partner (45 percent) in the new company. Through its merger with AOL, which is a major player in the online-business and owns several Internet-services like Compuserve, Netscape and Netcenter, the new media conglomerate could significantly enlarge its online presence and also complement its traditional media activities.
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