Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Richard Parsons set to announce Time Warner exit (Dinosaur Media DeathWatch™)
Times of London ^ | October 26, 2007 | Dan Sabbagh

Posted on 10/26/2007 11:22:37 AM PDT by abb

Jeff Bewkes is poised to take over the reigns at one of the world's largest media groups as soon as next week

Richard Parsons, the chief executive of Time Warner, is poised to announce that he will hand over the top job at the CNN to Harry Potter conglomerate to longstanding number two Jeff Bewkes.

The announcement of the end of the African-American’s five and a half year tenure could come as soon as next week, after the matter was discussed at a board meeting in London on Wednesday and Thursday of this week.

Technically, no final decision was taken by the board — otherwise Time Warner would have had to make an immediate disclosure — but it is an open secret at the New York based group that the handover is “coming soon”. Some now believe that it is imminent, and well before a previously disclosed backstop date at end of the year.

Mr Parsons’ contract formally expires in May 2008 and it is not clear if that will be honoured precisely. He may also continue as chairman for a short period after that while Bewkes beds in. Mr Parsons himself started as just chief executive until the enforced departure of former AOL boss Steve Case in 2003.

The handover is widely expected to be followed by a review of strategy — because Mr Bewkes is widely felt to be less wedded to Time Warner’s existing corporate structure, which makes it the largest traditional, content-producing media group in the world.

Mr Parsons held together Time Warner during a difficult period after the merger with AOL soured — and maintained the conglomerate structure of the group in the face of pressure from corporate raider Carl Icahn. But the stock price — $17.72 yesterday morning — is little changed from the $17 to $19 range in the chief executive’s first month in charge in May 2002.

However, Mr Bewkes is described as far less sentimental, and could preside over a sale or spin-off the still struggling AOL and its majority-owned cable division, which the company has no present intention of replicating internationally.

Time Warner’s businesses are grouped in five divisions, ranging from the Warner Brothers and New Line film studios, to the Time Inc magazine division, with television networks such as Turner Broadcasting, AOL and US cable networks completing the set. It earned $2.27 billion in the first half, on revenues of $22.16 billion.


TOPICS: Business/Economy; News/Current Events
KEYWORDS: cnn; dbm; time; timewarner
I Ain't Got TIME Anymore TIME has Come Today TIME (Clock Of The Heart) For The Longest TIME
1 posted on 10/26/2007 11:22:38 AM PDT by abb
[ Post Reply | Private Reply | View Replies]

To: 04-Bravo; aimhigh; andyandval; Arizona Carolyn; backhoe; Bahbah; bert; bilhosty; Caipirabob; ...

ping


2 posted on 10/26/2007 11:23:25 AM PDT by abb (The Dinosaur Media: A One-Way Medium in a Two-Way World)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

Yawnkid says, "yawn."

3 posted on 10/26/2007 11:25:18 AM PDT by martin_fierro (< |:)~)
[ Post Reply | Private Reply | To 1 | View Replies]

To: martin_fierro
No TIME
4 posted on 10/26/2007 11:36:10 AM PDT by abb (The Dinosaur Media: A One-Way Medium in a Two-Way World)
[ Post Reply | Private Reply | To 3 | View Replies]

To: abb

This is the bum that won’t negotiate with the NFL Networks and is making a lot of people miss good games.


5 posted on 10/26/2007 11:37:06 AM PDT by tobyhill (The media lies so much the truth is the exception)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

How do I submit my resume to take over the job.


6 posted on 10/26/2007 11:45:29 AM PDT by edcoil (Reality doesn't say much - doesn't need too)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb
>No TIME

(No time left for you) On my way to better things
(No time left for you) I found myself some wings
(No time left for you) Distant roads are callin' me
(No time left for you) Da-un-da-un-da-un-da-un-da

No time for a summer friend
No time for the love you send
Seasons change and so did I
You need not wonder why
You need not wonder why
There's no time left for you
No time left for you

(No time left for you) On my way to better things
(No time left for you) I found myself some wings
(No time left for you) Distant roads are callin' me
(No time left for you) Day-un-day-un-day-un-day-un-day

No time for a gentle rain
No time for my watch and chain
No time for revolving doors
No time for the killin' floor
No time for the killin' floor
There's no time left for you
No time left for you

No time for a summer friend
No time for the love you send
Seasons change and so did I
You need not wonder why
You need not wonder why
There's no time left for you
No time left for you

No time, no time, no time, no time
No time, no time, no time, no time
I got, got, got, got no time
I got, got, got, got no time
I got, got, got, got no time




---------------------------------------------------------------------

(The released version
of this song had some "secret
words" in one chorus . . .)

7 posted on 10/26/2007 11:47:38 AM PDT by theFIRMbss
[ Post Reply | Private Reply | To 4 | View Replies]

To: edcoil
How do I submit my resume to take over the job.

I suggest we resurrect Ted Turner for the job. He would finish them off this time, I think.

8 posted on 10/26/2007 11:50:39 AM PDT by abb (The Dinosaur Media: A One-Way Medium in a Two-Way World)
[ Post Reply | Private Reply | To 6 | View Replies]

To: abb

Selling of the cable division would be great for the cable division but to whom or would that be who.


9 posted on 10/26/2007 11:55:25 AM PDT by Rightly Biased (Courage is not the lack of fear it is acting in spite of it<><)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Rightly Biased

Time Warner Cable has already been split off as a stand alone company from the rest of Time Warner however I would not be surprised if Time Warner still owns a lot of the company and the talk may be about selling some of its investment.


10 posted on 10/26/2007 12:28:27 PM PDT by Tall_Texan (No Third Term For Bill Clinton!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: abb

Adios, mo fo!

You and your vile Slime pseudo news mag will not be missed. You are heading for the liberal dust pile before Slime does.


11 posted on 10/26/2007 1:28:58 PM PDT by Grampa Dave (("Ron Paul and his flaming antiwar spam monkeys can Kiss my Ass!!"- Jim Robinson, Sept, 30, 2007))
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb
Richard Parsons, the chief executive of Time Warner, is poised to announce that he will hand over the top job at the CNN to Harry Potter conglomerate to longstanding number two Jeff Bewkes.

I wonder if Dumbledorf or whatever his name is will do the "Homosexual Agenda Hour".

12 posted on 10/26/2007 1:32:49 PM PDT by MEGoody (Ye shall know the truth, and the truth shall make you free.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: abb

Time Warner: Parsons' Value to TWX = -$1.5 Billion

twx.png

What news sent Time Warner stock zooming this afternoon?  A report from the Times of London that CEO Dick Parsons is about to step aside. 

True?  We haven't the faintest idea.  But always interesting to get a real-time snap shot of what investors consider to be your value to your company.

In Dick's case, unfortunately, the news isn't good: -$0.40 a share.  With 3.7 billion shares outstanding, this translates to a Dick Parsons-value-to-Time Warner of negative $1.5 billion.

13 posted on 10/26/2007 8:41:16 PM PDT by Milhous (Gn 22:17 your descendants shall take possession of the gates of their enemies)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson