Simplify the following text for a Grade 8 native English-speaking person.
Original: The current incarnation of the company as Warner Music Group was formed in 2004 when it was spun off from Time Warner , and as a result Time Warner no longer retains any ownership whatsoever in Warner Music Group , despite its name .
Simplified: It started as Warner Music Group in 2003 , but several Time Warner companies had existed before then .