In 1989, Warner Communications was merged with Time Inc. in a $14 billion deal creating the largest media and entertainment company at the time. The merger was seen as a perfect fit: Warner's business was 40 percent international while Time's business was 91% percent domestic; Warner had no magazines while Time had 23 titles; Warner had the world's largest record business while Time was not involved in music; and both were big in the capital intensive cable business where economies of scale mattered. Originally advertised as a combination of equals with both Ross and J. Richard Munro of Time Inc. listed as Co-Chief Operating Officers, within a year of the merger, Ross became the sole CEO. By 1989, Time Warner owned "Time", "People" and "Sports Illustrated" magazines (the three largest advertising draws in American publishing); the Warner Bros. studio in Hollywood; the Warner, Atlantic, Elektra and Asylum record companies; Warner Books; DC Comics; Home Box Office and some of the country's largest cable television systems.