Editing Ted Turner (section)

=== Time Warner merger ===
[[File:2000 Ted Turner (29902987051).jpg|thumb|Turner speaking at an industry event in 2000]]
Turner Broadcasting System merged with Time Warner Entertainment on October 10, 1996, with Turner as [[chair (official)|vice chairman]] and head of Time Warner Entertainment and Turner's cable networks division.<ref>{{cite news|url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/1995/09/23/MN70161.DTL|last=Pelline|first=Jeff|date=September 23, 1995|title=Time Warner Closes Deal for Turner|newspaper=San Francisco Chronicle}}</ref> Turner was dropped as head of cable networks by CEO [[Gerald Levin]] but remained as Vice Chairman of Time Warner Entertainment. He would be succeeded in March 2001 as head of Turner Broadcasting by [[Jamie Kellner]], who was also greatly responsible for cancelling [[WCW]]'s television contracts on networks which Turner previously ran.<ref>{{cite news|url=https://www.wsj.com/articles/SB983920915516944115|title=WB Network Chief Kellner Takes Over Turner Operations at AOL Time Warner|first1=Joe|last1=Flint|first2=Sally|last2=Beatty|publisher=Wall Street Journalism|date=March 7, 2001|accessdate=June 22, 2024}}</ref><ref name=tedturnersuccessor>{{Cite news |last=Schneider |first=Michael |date=2024-06-22 |title=Jamie Kellner, TV Maverick Who Launched Both Fox and The WB, Dies at 77 |url=https://variety.com/2024/tv/news/jamie-kellner-dies-dead-fox-the-wb-obituary-1236044943/ |access-date=2024-06-22 |work=Variety |language=en-US}}</ref><ref>{{cite news|url=https://www.fightful.com/wrestling/former-head-turner-broadcasting-jamie-kellner-passes-away|title=Former Head of Turner Broadcasting Jamie Kellner Passes Away|first=Jeremy|last=Lambert|publisher=Fightful|date=June 22, 2024|accessdate=June 22, 2024}}</ref> He resigned as AOL Time Warner vice chairman in 2003 and then from the Time Warner board of directors in 2006.<ref>{{cite web|url=https://www.latimes.com/archives/la-xpm-2003-jan-30-fi-turner30-story.html|title=Ted Turner to Resign AOL Post|first=Sallie|last=Hofmeister|work=[[Los Angeles Times]]|date=January 30, 2003|access-date=September 7, 2020}}</ref><ref>{{cite web|url=https://www.nytimes.com/2006/02/25/business/ted-turner-leaving-time-warners-board.html|title=Ted Turner Leaving Time Warner's Board|author=[[Associated Press]]|work=[[The New York Times]]|date=February 25, 2006|access-date=September 7, 2020}}</ref>

On January 11, 2001, Time Warner Entertainment was purchased by [[AOL|America Online]] (AOL) to become AOL Time Warner,<ref>{{cite web |url=http://news.cnet.com/2100-1023-250781.html |title=AOL, Time Warner complete merger with FCC blessing |work=CNET |first1=Patrick |last1=Ross |first2=Evan |last2=Hansen |date=January 11, 2001 |access-date=June 2, 2012}}</ref> a merger which Turner initially supported.<ref name=NewYorker2001>{{cite magazine |url=https://www.newyorker.com/magazine/2001/04/23/the-lost-tycoon |title=The Lost Tycoon |first=Ken |last=Auletta |magazine=[[The New Yorker]] |date=April 23, 2001 |access-date=June 24, 2018}}</ref> However, the burst of the [[dot-com bubble]] hurt the growth and profitability of the AOL division, which in turn dragged down AOL Time Warner's performance and stock price. At a board meeting in fall 2001, Turner's outburst against AOL Time Warner CEO [[Gerald M. Levin|Gerald Levin]] eventually led to Levin's announced resignation effective in early 2002, being replaced by [[Richard Parsons (businessman)|Richard Parsons]].<ref name=NinaMunk>{{cite web |url=http://www.ninamunk.com/PowerFailure.php |title=Power Failure |first=Nina |last=Munk |work=[[Vanity Fair (magazine)|Vanity Fair]] |date=July 2002 |access-date=June 26, 2018 |url-status=dead |archive-url=https://web.archive.org/web/20110714183334/http://www.ninamunk.com/documents/PowerFailure.htm |archive-date=July 14, 2011 }}</ref> In contrast to Levin, who as CEO isolated Turner from important company matters, Parsons invited Turner back to provide strategic advice, although Turner never received an operational role that he sought.<ref>{{cite web|url=https://www.nytimes.com/2001/12/16/business/at-63-ted-turner-may-yet-roar-again.html|title=At 63, Ted Turner May Yet Roar Again|first1=Jim|last1=Rutenberg|first2=Alessandra|last2=Stanley|work=[[The New York Times]]|date=December 16, 2001|access-date=September 7, 2020}}</ref> Time Warner dropped "AOL" from its name in October 2003. In December 2009, AOL was spun off from the Time Warner conglomerate as a separate company.{{citation needed|date=October 2022}}

Turner was Time Warner's biggest individual shareholder.<ref name=NinaMunk/> It is estimated he lost as much as $7 billion when the stock collapsed in the wake of the merger.<ref name=Turner2008>{{cite web |url=http://www.portfolio.com/views/blogs/mixed-media/2008/11/11/ted-turner-goes-to-town-on-time-warner |title=Ted Turner Goes to Town on Time Warner |first=Jeff |last=Bercovici |work=[[Conde Nast Portfolio]] |date=November 11, 2008 |access-date=June 23, 2018 |url-status=dead |archive-url=https://web.archive.org/web/20081113003314/http://www.portfolio.com/views/blogs/mixed-media/2008/11/11/ted-turner-goes-to-town-on-time-warner |archive-date=November 13, 2008}}</ref> When asked about buying back his former assets, he replied that he "can't afford them now".<ref>{{cite news |url=https://www.washingtonpost.com/wp-dyn/content/article/2006/02/24/AR2006022401888.html |title=Turner To Leave Time Warner |newspaper=[[The Washington Post]] |date=February 25, 2006 |access-date=March 24, 2010 |first=Steven |last=Levingston}}</ref> In June 2014, [[Rupert Murdoch]]'s [[21st Century Fox]] made a bid for Time Warner valuing it at $80 billion. The Time Warner board rejected the offer and it was formally withdrawn on August 5, 2014.<ref>{{cite magazine |last=Frizell |first=Sam |date=August 5, 2014 |title=21st Century Fox Withdraws Time Warner Takeover Bid |url=https://time.com/3083321/21st-century-fox-time-warner/ |access-date=February 25, 2024 |magazine=Time}}</ref>