In 1967, Jack gave in to advancing age and the changing times, selling control of the studio and its music business for $78 million to Seven Arts Productions, run by the Canadian investors Elliot and Kenneth Hyman, whose Associated Artists Productions had once owned the pre-1948 Warner film library. The company, including the studio, was renamed Warner Bros.-Seven Arts.

Two years later the Hymans accepted a cash-and-stock offer from an odd conglomerate called Kinney National Company. Originating as a chain of funeral parlors, Kinney had grown by buying service businesses like parking lots, office cleaners, and a Hollywood talent agency, Ashley-Famous. It was Ted Ashley who led Kinney-head Steve Ross to the purchase of Warners, and Ashley became the new head of the studio, again called Warner Bros. Pictures.

From 1971 until the end of 1987, Warner's international distribution operations were a joint venture with Columbia Pictures, and in some countries, this joint venture also distributed films from other companies (like EMI Films and Cannon Films in the UK). Warner ended the venture in 1988 and joined up with Walt Disney Pictures, this joint venture lasted until 1993, when Disney created Buena Vista International

In 1997 Time Warner sold the Six Flags unit. The takeover of Time Warner in 2000 by then-high-flying AOL did not prove a good match, and following the collapse in "dot-com" stocks, the AOL name was banished from the corporate nameplate.