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Time Warner's Parsons Out (Dinosaur Media DeathWatch™) ^ | Nat Worden

Posted on 11/05/2007 1:49:11 PM PST by abb

Dick Parsons is on the way out -- officially.

Time Warner (TWX) , the world's largest media conglomerate, on Monday confirmed widespread speculation that Jeff Bewkes will take the reins from Parsons as CEO.

The move is effective at the end of the year. Parsons will remain chairman of the company.

The ascension of Bewkes, Time Warner's president and chief operating officer, to CEO has long been expected, but the timing was unclear. In recent weeks, speculation has heated up that the change would be in the near future.

"Today's decision is the culmination of a thoughtful and disciplined process that began in early 2006, when Dick Parsons initially approached the Board to discuss the timetable for the CEO succession," said Robert Clark, chairman of Time Warner's nominating and governance committee.

Parsons' departure likely comes as welcome news on Wall Street, where the CEO is perceived as a force for the status quo. Many investors are hoping that Bewkes will be more willing to restructure the company and get its stock price moving.

Parsons' five-and-a-half-year tenure at Time Warner came at a difficult period for the company following its disastrous 2000 merger with Web giant AOL and before the bursting of the dot-com stock bubble. Since then, shares of Time Warner have been largely stagnant.

Shares of Time Warner were recently up 24 cents, or 1.3%, to $18.12.

TOPICS: Business/Economy; News/Current Events
KEYWORDS: advertising; dbm; dickparsons; msmdeathwatch; newmedia; television; time; timewarner

1 posted on 11/05/2007 1:49:11 PM PST by abb
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To: 04-Bravo; aimhigh; andyandval; Arizona Carolyn; backhoe; Bahbah; bert; bilhosty; Caipirabob; ...


2 posted on 11/05/2007 1:49:41 PM PST by abb (The Dinosaur Media: A One-Way Medium in a Two-Way World)
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To: abb

The Future of TIME

3 posted on 11/05/2007 1:51:01 PM PST by abb (The Dinosaur Media: A One-Way Medium in a Two-Way World)
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To: abb
TIME has Come Today

Turn Back The Hands of TIME

TIME (Clock Of The Heart)


For The Longest TIME

TIME Waits For No One

TIME Will Crawl

I Ain't Got TIME Anymore

Monkey TIME

4 posted on 11/05/2007 1:51:30 PM PST by abb (The Dinosaur Media: A One-Way Medium in a Two-Way World)
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To: abb

He’s at it again! :)

5 posted on 11/05/2007 1:52:35 PM PST by TenthAmendmentChampion (Global warming is to Revelations as the theory of evolution is to Genesis.)
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To: TenthAmendmentChampion

Such is the beauty of FR. WE get to decide what IS and ISN’T news. And we can post the rumor like we did the other day and then post it again when it happens. Just like real Editors and Publishers.

6 posted on 11/05/2007 1:56:45 PM PST by abb (The Dinosaur Media: A One-Way Medium in a Two-Way World)
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To: TenthAmendmentChampion
I stopped reading anything from Time/Life (or whatever they’re calling the company these days) after Time published its gun issue, blaming gun ownership for suicides in the US. That was in the early 1980s.
They still send me those little prepaid envelopes which I mail back to them with whatever comes to mind.
7 posted on 11/05/2007 1:58:01 PM PST by Eric in the Ozarks (Go Hawks !)
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To: abb

November 5, 2007

To: Time Warner Colleagues

From: Dick Parsons

Subject: Jeff Bewkes Named CEO as of January 1, 2008

I am delighted to let you know that, earlier today, the Board of Directors elected Jeff Bewkes as Chief Executive Officer of Time Warner, effective January 1, 2008.

Jeff is, quite simply, the best person I could imagine to lead Time Warner. As anyone who has worked with Jeff knows, he is a leader of remarkable intelligence, integrity, energy, and business acumen. He is also a truly decent individual, with a good sense of humor and a great sense of humanity. As CEO, Jeff will bring not only a deep knowledge of our businesses, but also an unmatched understanding of the opportunities ahead for the media industry. He will be a terrific CEO.

I am also proud of what we have accomplished over the past five years to strengthen this company. We stabilized our company during some difficult and challenging times, restored our company’s reputation, consistently met or exceeded our financial goals, streamlined and strengthened our portfolio of businesses, and continued to set the standard for quality, creativity, and journalistic integrity in the media business. At the same time, we made investments to transition our businesses to a more digital, diverse, and global media environment. We invested in the people who work for this company and have made real progress in building a workforce that has the skills and diversity of backgrounds and perspectives to ensure that the company succeeds in the coming years. And, not least, we also worked hard to live up to this company’s broader mission of serving the public interest.

We still, of course, have a lot of work ahead of us. The pace of change is accelerating in the media industry. That means that our company’s strategy will also need to continue to evolve in order to take advantage of the growth opportunities that lie ahead and to deliver superior value for our stockholders.

While I’ll step down as CEO at the end of this year, I’ll remain as Chairman of the Board. Although I’m sure that there will be more opportunities for Jeff and me to communicate with you during the coming months, we thought that it would be a good idea to put together a brief video to share our initial thoughts with you. Kindly click here if you’d like to watch the video or here to read the press release we issued today on Jeff’s appointment.

Please join me in offering congratulations and support to Jeff on his election as CEO of this company. Many thanks.

8 posted on 11/05/2007 1:58:05 PM PST by Rightly Biased (Courage is not the lack of fear it is acting in spite of it<><)
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To: Rightly Biased,20812,1680750,00.html

Press Release

9 posted on 11/05/2007 1:59:25 PM PST by Rightly Biased (Courage is not the lack of fear it is acting in spite of it<><)
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To: abb
Blodget confirms my immediate suspicions upon seeing this thread. LOL.

Time Warner (TWX): Parsons Out, So Stock Leaps*

twxparsonsout.png*(And then the company announces that he's saying until January, so it tanks again.  A tough month for Dick's ego).

There it is again: Further proof that Dick Parsons is worth almost exactly -$0.40 a share (-$1.5 billion) to Time Warner shareholders. 

Two weeks ago, when the Times of London reported that Dick was headed out to pasture, the stock jumped...40 cents.  Later, when Time Warner furiously denied the report, the stock dropped...about 40 cents.  And today, as the report surfaces again, the stock jumps...about 40 cents. 

The stock market's a decent discounting mechanism, and its estimate of the value of Dick Parsons to Time Warner is both consistent and crystal clear: negative $1.5 billion.

See Also:
Parsons Stays...So Stock Tanks
Dick Parsons' Value to Time Warner: -$1.5 Billion
Dear Time Warner: We Don't Mean to Be Rude, But...
10 posted on 11/05/2007 3:21:21 PM PST by Milhous (Gn 22:17 your descendants shall take possession of the gates of their enemies)
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To: Milhous

I agree with your analysis.

11 posted on 11/05/2007 5:14:12 PM PST by ConservativeMind
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