Correction: Time Warner reports a 41 percent decline in fourth-quarter profits, Bewkes shares his immediate plans

"In change lies opportunity, and I have great confidence in our future" -Jeff Bewkes, CEO TimeWarner -SDH In its first earnings report under new CEO Jeff Bewkes, Time Warner reported a 41 percent decline in fourth-quarter profits but met or exceeded financial objectives for 2007. Looking ahead Jeff Bewkes claims that the company has identified key initiatives that will allow them to deliver strong results well into the future. Apparently that will start with the pink slipping of over 60 employees followed by a long awaited restructuring. Wall Street is still wondering what will happen with AOL now that a sale of the internet giant valued at $20 billion may not be a reality. For now AOL continues to undergo a major overhaul from sleepy dial up to an ad driven portal. Investor have focused on AOL, which is in the midst of a radical overhaul as it gets out of the dial-up Internet business and builds up its online advertising model. Wall Street had hoped Time Warner could sell or spin off AOL, but those prospects became murkier last week after Microsoft Corp. announced an unsolicited bid for Yahoo Inc. That would not only eliminate two likely bidders for AOL, but also create a major online advertising power. Cable TV Drives Time Warner Profit [NYT]