If the two companies had merged, they would have created one of the biggest media companies in the world. But Time Warner has shown no signs of wanting to get bigger. The company has slowly been shedding its various businesses, like AOL, Inc. (NYSE:AOL), Time Warner Cable Inc (NYSE:TWC) and Time Inc. The result has been a smaller company that has caught the eye of bigger rivals like Twenty-First Century Fox as a potential acquisition target.