Time Warner Inc. is an American multinational media and entertainment conglomerate headquartered in New York City. It is currently the worlds third largest entertainment company in terms of revenue, after Comcast and The Walt Disney Company. It was also once the worlds largest media conglomerate. Time Warner was first founded in 1990 with the merger of Time Inc. and Warner Communications. The current company consists largely of the assets of the former Warner Communications, and the assets of Turner Broadcasting. Time Warner currently has major operations in film and television, with a limited amount in publishing operations. Among its most popular assets are HBO, Turner Broadcasting System, The CW Television Network, Warner Bros., CNN, DC Comics, and as of August 2016, Hulu, owning 10%. In the past, other major divisions of Time Warner included Time Inc., AOL, Time Warner Cable, Warner Books and Warner Music Group. All of these operations were either sold to other investors or spun off as independent companies from 2004 to 2014.