revenue: $6.5 billion
america online chairman-ceo: Barry Schuler
the challenge: Taking AOL's subscription success story in the States globally, since the service will have to play a major role in the company's hopes to eventually bring in half of its revenues from non-U.S. sources.
revenue: $6.2 billion
warner bros. chairman-ceo: Barry Meyer
new line cinema co-chairmen-ceos: Robert Shaye, Michael Lynne
the challenge: Ensure that next two "Harry Potter" movies have as much magic as current one, as well as the next two "Lord of the Rings," and that the third "Austin Powers" movie next year has people saying, "Yeah, baby!" Convince cast of "Friends" (produced by Warner Bros.) to come back for at least another season.
revenue: $5.2 billion
turner broadcasting system chairman-ceo: Jamie Kellner
hbo chairman-ceo: Jeffrey Bewkes
the challenge: Keep "Sex and the City" an HBO smash if lead character Carrie (Sarah Jessica Parker) actually goes through with plans to get married, outfox Fox News in a post-Sept. 11 world and weather limp ad market that's hurting TNT and TBS.
revenue: $5.1 billion
time warner cable chairman-ceo: Glenn Britt
the challenge: Signing up more consumers for digital cable and high-speed Internet access, possibly through negotiating an acquisition of AT&T Broadband and its 13.4 million cable households.
revenue: $3.3 billion
time inc. chairman-ceo: Don Logan
time warner trade publishing chairman-ceo: Laurence Kirshbaum
the challenge: Grappling with dreadful advertising and circulation climates for magazines and ensuring Jack Welch's memoirs sell well in paperback.
revenue: $2.7 billion
warner music group chairman-ceo: Roger Ames
the challenge: Reviving what analysts term the company's most disappointing segment for this year. Many of its top acts-save Missy Elliott and Linkin Park-are long-in-the-toothers like Red Hot Chili Peppers, Madonna and Don Henley.
*Total does not reflect ad spending between divisions, which is eliminated before total revenue is calculated. For January through September, adjustment for intersegment spending was $1.36 billion.
Source: AOL Time Warner financial statements, Advertising Age