Time Warner may not be doing any game company acquisitions at the moment, but it has made some maneuvers in the space. Most recently, it's invested in Turbine (Lord of the Rings Online) and Eidos. We'll have to wait and see if the siren call of gaming turns Time Warner's intrigue into lustful desire.
[Disclosure: Time Warner owns AOL which, in turn, owns Joystiq ... which means Time Warner also owns our wildly successful publishing arm, Joystiq Games. Well ... soon-to-be wildly successful, as soon as our debut title, Imagine Vin Diesel Kart Racerz: The Fast and the Curious, hits the market.]