Metro-Goldwyn-Mayer

and Warner Communications, primarily a producer of film and television pro- gramming. To reduce debt, Time Warner sold 25 percent of Time Warner Entertain- ment (which included HBO, Warner Bros., and part of Time Warner Cable) to Media One Group. In 1996, Time Warner acquired Turner Broadcasting Systems, expanding its cable programming networks significantly. By the end of 1999, Time Warner had revenues in excess of $27 billion and net income of almost $2 billion. In January 2000, AOL and Time…