Media company in the mirror: Time Warner could take on a familiar face

-YOSH Do you remember that MTV show where fucked up teens went under the knife to look like their favorite celebrity? Well as the time comes closer for the beginning of a new era at Time Warner, speculations continue to grow regarding what the mighty media company will look like in about a year. Analysts continue to predict that new Time Warner CEO Jeff Bewkes will do a drastic makeover of the company that many are saying will resemble Viacom. Is such a remake in the works and is Bewkes using Viacom as his template? Jeff Bewkes may be realizing that in today's media environment, size doesn't matter. Bewkes may spin off the cable-television division and sell the AOL Web and Time Inc. magazine units, said Gamco Investors Inc. fund manager Chris Marangi and National City Bank analyst Daniel Poole. The remaining company, anchored by the film studio and cable-TV networks, would resemble Viacom Inc. -- and accordingly command higher multiples, Marangi said. Time Warner May End Reign as Largest Media Company (Update1) [Bloomberg] EARLIER: Is TimeWarner’s problem, its size, and could a Viacom style break up be the answer to its long standing woes?