Time Warner Chairman Dick Parsons covers the left side of Black Enterprise Magazine

"My new job is to make sure that Jeff Bewkes is effectively communicating his vision and direction to the board, and that board input is being effectively received by Jeff" -TIME WARNER CHAIRMAN DICK PARSONS ON HIS CURRENT ROLL WITHIN THE COMPANY BY SDH Time Warner Chairman Dick Parsons now out of the bright lights of managing the day to day of the mega machine that is Time Warner, now has even more time on his hands to not only tend to his vineyard in Italy but to sit with Black Enterprise magazine to discuss what his roll is as Chairman of Time Warner and his legacy as the company's CEO after it's near collapse after his predecessor Geri Levine sold his soul to then AOL CEO Steve Case in a merger that was over hyped and entered with blind folds on.

Jeff Bewkes has the balls to run Time Warner

-By SDH The media business world is itching to see what new Time Warner CEO Jeff Bewkes's first move will be to get the juices flowing at Time Warner again. With the company’s stock in the shitty neighborhood of $14, Bewkes needs to do something drastic and out of the blue to send a message to investors and Wall Street, like firing Time Inc CEO Ann Moore and AOL head Randy Falco, two people who aren't capable of leading their companies in these new media times, and install new blood from outside the company. OK so maybe that’s a little too drastic right out the gate, but those are two changes that need to be made to start the process. Will Bewkes drop any hints during Time Warner's 2007 fourth-quarter and full-year results on Wednesday, February 6, his first earnings call as CEO? Under former CEO Dick Parsons, the company seemed frozen and Parsons didn't seem willing to thaw it out and get creative. Its clear the board elected Parsons to do some well needed cleaning after the disaster that was the AOL-Time Warner merger. But when Parsons was done cleaning, it’s as if he got stuck not knowing what to do next. More... Well it was only right that Bewkes stepped up as the new shot caller because according to a recent story in New York Magazine, Bewkes was Parsons' hit man, the man Parsons would send to confront individuals he couldn’t bring himself to face. Sure Parson's doesn't admit it out right but Jeff Bewkes was Parsons' muscle and he (Bewkes) wasn't afraid to tell people like Steve Case he was full of shit. Dick Parsons was perhaps too diplomatic for the CEO gig after a while. It seems as though he was worried about pissing people off than doing what he needs to do to inject some energy into the company. Then again he could have just been busy in Italy tending to his vineyard. Parsons' well liked diplomacy began to work against him after a while. Many, including Bewkes believed he (Parsons) allowed corporate thug Carl Icahn to bamboozle him into spending boat loads of cash to buy back stock when he could and probably should have used the money elsewhere. Time Warner's board and investors need not worry. They got it right when they approved Bewkes as the company's new CEO. Bewkes is clearly a take no prisoners leader who speaks his mind and will not think twice about making the changes necessary to benefit shareholders. After all they are who he works for.

5 ways Jeff Bewkes can avoid being Dick Parsons

"Bewkes has got to do something, he's got to not be Dick Parsons, first of all. And he's had enough time to think about it." -YOSH In 11 days, Jeff Bewkes will take over as CEO of the biggest media company on earth. However before he was picked to succeed the slowly retiring Dick Parsons, he walked in Parsons' shadow and most of the time echoed the big mans views and polices regarding the company. Now Bewkes gets the chance to step from behind that imposing figure and set his own goals, policies etc for a new era at Time Warner. However, he will have to work fast to step out of such a big shadow. Bewkes has to wash himself clean of Parsons' coat of paint and apply his own to show shareholders he is serious about making them happy and he is willing to gamble. Bewkes's success as Time Warner CEO will be based mostly on luck and the people in his inner circle. Here are 5 ways Jeff Bewkes can avoid being Dick Parsons. Leave all options on the table regarding the company structure In any interviews that you do, never say you being CEO of the world's biggest media company is just your job, not your life, because at the end of the day, it is, or at least a huge chuck of it. Don't wait for Time Inc's Ann Moore to retire, let her go ASAP and start the remodeling of Time Inc. Build that digital business, make acquisitions and sell off none core publications. Business can't wait on graceful retirements. Spin off AOL 100% as public company. Let Randy Falco go and poach other Internet giants for a new CEO. Always make it clear to your shareholders that you work for them, and you will only make decisions you believe are best for the company. This way if you screw up, you have little padding to fall on and they won't come down on you too hard.

Another banker joins Time Warner

-YOSH In a few weeks Jeff Bewkes will officially take over as Time Warner's big cheese. Since the announcement of his promotion, Bewkes has been slowly but surely putting in place people he wants around him and getting rid of those he doesn't, like outgoing CFO Wayne Pace. The latest member of the Bewkes administration comes not from within, or from another media company, This one comes from Bank of America. Douglas Shapiro was a media analyst for Bank of America's securities unit and has been in the Time Warner fold for about a month now. Under Bewkes he will become head of investor relations. Shapiro joining the team continues what seems to be a trend at Time Warner. Both Bewkes and Chairman Dick Parsons came from Banks. As head of the department that communicates with Time Warner’s long-suffering investors — the shares have lagged since the ill-fated 2001 merger with AOL — Mr. Shapiro will probably spend much of his time explaining how Mr. Bewkes’s plans, which will be slowly unveiled in the early months of next year, will help improve shareholder value. Media Analyst Takes Post at Time Warner [NYT]

A look back: The cover story that set in motion events leading to the near death of Time Warner

-SHOMARI HINES From time to time we like to go back, waaay back, to revisit some of the biggest Businessweek cover stories. We've went back to revisit the Businessweek cover story with then Time Warner CEO Gerald Levin who was on top of the world at the time. We also went back to revisit the cover story on how Comcast wanted to buy Disney, a deal that would’ve probably gone sour after the ink dried. Today we continue this practice. This time we look back at that Businessweek cover story that featured one of the main architects of the AOL Time Warner merger, Robert Pittman who was criticized for hawking all the attention after the merger announcement as if he was the man in charge. The cover set off a slew of rumors of infighting due to the fact that Then AOL Time Warner CEO Geri Levin felt that he should have been on the cover but was being overstepped by Pittman. It was also said that the Pittman cover was orchestrated by the AOL side to remind the Time Warner side, who was buying who. We can understand why Levin felt that way because the cover headline which read "Show Time for AOL Time Warner. Bob Pittman's job is to implement the biggest merger in U.S. history. That's a tall order" gave the impression that Pittman was the man running the show, when in fact, Pittman shared the Chief Operating Officer title with Dick Parsons and was part of a bigger team working to get the merger running smoothly, which we all know never happened. Was Pittman directing Businessweek on the tone of the article, or was Businessweek overzealous? Who knows? But in the end, Pittman was canned, and what followed will go down in history. Show Time for AOL Time Warner [Businessweek]

So does this mean in 4 years Jeff Bewkes has to identify a successor?

-By YOSH The TimeWarner board signed off on CEO-elect Jeff Bewkes's salary and bonus agreement which can dump about $10 million a year in he and Peggy's bank account, Yeeah! for Peggy!. The agreement is for 5 years, but we're sure there is an option for renewal if the board is pleased with Bewkes's performance at the end of the 5 years. Outgoing CEO Dick Parsons will completely be done with TimeWarner at the end of 2008 where he will step down as Chairman. No word on whether or not Bewkes will land the Chairmanship at that time. But one things for sure, it may seem like its too soon to be thinking about, but one of the things that needs to be on Jeff Bewke's mind is who can he groom to be TimeWarner's next CEO after him? Incoming CEO Signs 5-Year Deal With Time Warner for $10.25 Million in Annual Salary, Bonus [AP]

It came to us last night: Dick Parsons' tell all book

-BY SDH We are so hoping for a book from TimeWarner Chairman Dick Parsons. Not only would he be paid big bucks for a book, it would be a huge hit we think. The Time Warner AOL merger is dubbed the worst merger in the history of corporate America. Wouldn't America want to know what the fuck was going on leading up to when then TimeWarner CEO Gerald Levine got on all fours for AOL's Steve Case? There has never really been any real behind the curtains details disclosed about how the deal really happened and what the environment was like after the TimeWarner board realized what they did. Wouldn't we all like to know what it was like for him to take over when the company was on life support, and how he 'Tamed" it? It wouldn’t be a problem for Dick to land a book deal, he knows a lot of people who own book publishing companies. Anyway right before we called it a day yesterday it hit us over the head, and to the right is the result of our vision of what a Dick Parsons book and title should look like. Nothing too fancy just standard. We would so pre-order this book. Come on Dick, get to it.

Dick Parsons is just a big teddybear

-ZOE S. TimeWarner Chairman Dick Parsons is not only laid back, cool mannered and always ready for war, it turns out the media exec has a playful side to him as well, as described by Fortune's Richard Siklos in a look back and forward. We bet Rupert Murdoch would never dress up as Homer Simpson! Richard Parsons presided over Time Warner board meetings two weeks ago in London that included one memorable dinner in which, according to attendees, he appeared dressed in full Dumbledore regalia with the onscreen Harry Potter, Daniel Radcliffe, in tow. On he went to Delhi, where he strode, rajah-like, onto a vast stage at the city's historic Red Fort and opened the Fortune Global Forum before leading a side-trip of business leaders to Kolkata. Time Warner after Parsons [Fortune]

Will dick parsons get the cold shoulder now that he is technically no longer the boss?

When former AOL TimeWarner CEO Geri Levine announced his retirement and that Dick Parsons would take over as CEO, rumor has it that Geri immediately for no respect in the company. During one meeting he was ignored while all attention was on the new CEO Dick Parsons. Now that Jeff Bewkes is the new man in charge, will Dick experience the same cold shouldering from underlings?

LIFE AFTER TIME WARNER FOR DICK PARSONS SHOULD INCLUDE A TELL ALL BOOK

With all major media outlets reporting that he is set to hand over the keys to Jeff Bewkes, Dick Parsons should seriously consider writing a sort of tell all book. We would love to know all that went out behind the scenes leading up to the near fatal AOL Time Warner merger. We would love to know what it was like to work for Nelson Rockefeller , and what was the talk about (if at all) between him and TimeWarner CFO Wayne Pace when the whole brothel scandal broke. We think a Dick Parsons tell all would be a huge hit, especially among serious media followers. So with that we ask that you participate in the poll of the day. WOULD YOU BUY/READ A TELL ALL BOOK FROM DICK PARSONS? YES NO MAYBE SO DICK WHO?

THE BEWKES ERA IS HERE: TIME WARNER CEO DICK PARSONS to pass THE BATON TO JEFF BEWKES, possibly before you go home today

-SDH We can't believe the time has finally come. The Bewkes era at TimeWarner has arrived and will be in full swing come January 1st 2008. Following this announcement, which according to CNBC is imminent, stick around for a few more announcements about top management at the company like the departure of CFO Wayne Pace who will go on to spend more time and money with the ladies if you know what we mean! It is said that Jeff Bewkes will not name a number two exec but we've made it clear why he needs to appoint a strong number two. Outgoing TimeWarner CEO Dick Parsons will remain on board as Chairman until he officially departs next year. So how will a Bewkes administered Time Warner look? Who are possible candidates outside and inside the company to take the number two spot under Bewkes if at all? Man oh man, this is getting yummier and yummier. Time Warner CEO Parsons to step down: report [Reuters via CNBC]

Did Time Warner's Republican Chairman switch sides?

Lately Time Warner Chairman & CEO Dick Parsons has been called many things, or has came up in Google searches as many things. But one thing we're sure he is not is a Democrat, at least last we checked. However this doesn't stop the media exec from rubbing elbows with star Dems like Obama. Is Dick secretly throwing his support and money behind the Presidential hopeful or is this photo simply of two passing friends catching up?

In His Defense: Why is Dick Parsons' expected departure being played up Merrill Lynch style?

With the very public firing of Merrill Lynch CEO Stan O'Neal, is the media playing up Time Warner CEO Dick Parsons' planned departure in a negative manner. One article already said that he is being forced out which isn't the case. Parsons has always said that he will hand over the keys at a time of the board's choosing but the transition has already started. Before the whole Merrill Lynch thing, Parsons' pending departure was being put in a different light, reports used to called it a retirement. Did the media forget that his contract is literally up come next year? Now all of a sudden, he is being forced out, and he is the problem, and Jeff Bewkes will save Time Warner etc. lets not forget that Bewkes learned from people like Dick Parsons and will no doubt call on him whenever he needs some seasoned advice. Let the man step down as he is scheduled to do, due to his contract being up, and stop trying to Merrill Lynch a respected and well liked media exec.

Jeff Bewkes has his first order of business when he becomes TimeWarner CEO

TimeWarner is now conveniently embracing a plan to break up the media giant in an effort to create shareholder value. With incoming CEO Jeff Bewkes many have predicted that he will be the one to break up the company by spinning off it's cable and AOL businesses. With this new embrace, will a Bewkes announcement come before the new year? None of this will happen overnight, though it is possible that when reporting an unexciting quarter next week the company will make some reference to a split-off of cable, perhaps in an effort to keep an otherwise sagging stock from sagging some more.The plan to split off its 85% ownership stake in Time Warner Cable seems to have picked up speed since the company's board meeting in London last week. While any actual split would not occur until after the first quarter of next year, when it becomes a non-taxable event, outside advisers who would plan for such a thing say it is underway. Time Warner Is Embracing Plan To Break Up Company [CNBC]

New York Times' Ron Stodghill says Dick Parsons is being forced to stand down and more in this morning's not so worthy media news

The head of Merrill Lynch got canned and Dick Parsons is about to hand over control of Time Warner to Jeff Bewkes. Does this spell doom for black chief execs in America? [NYT] Ted Turner knows when to back down from a fight he can't win. The mouth of the south made nice with the world's biggest media mogul, Rupert Murdoch over lunch signaling the end of many years of back and forth insults. Good for you Teddy. [DHD] NBC Universal shutters yet another online failure. First it was NBCi, then NBBC , now its Dotcomedy.com which was basically like Viacom's thedailyshow.com. Dotcomedy.com ran clips of SNL but never gained any real traction. Could it be because SNL lost traction about 5 years ago? [MW] While getting roasted by colleagues, former bosses and friends, former NBCer turned AOLer Randy Falco said that AOL is worth fighting for. Um.....OK [B&C]

The NY Sun's Grace Rauh still expects Dick Parsons to step down this week, and reminds us he isn't running for Mayor

NY Sun reporter Grace Rauh is one of those reporters who digs up old news and recycles it like new, then again don't we all. We've all accepted Dick Parsons's word that he has no plans to run for Mayor of NYC. And we've all kinda leaned off the rumor that Dick will step down as TimeWarner CEO this week, well at least kinda. We all know the latter will happen but we don't think this week is the week, kinda. On his long rumored Mayoral run, political consultant, Joseph Mercurio painfully reiterates the whole not running for Mayor part. But a GOP political strategist who didn't want to give his name to the Sun because he is lingering for a job in the 2009 campaigns, speaks of another potential candidate whose name he says dwarf's that of the gigantic Parsons, NYC Police Commissioner Ray Kelly. Wait why do we sound, like fucking Wonkette? OK back to the media biz for us. Parsons Seen Departing, Without a Run [NYSun]

UPDATE: Is our count down clock to the Bewkes era too far out? According to published reports, it may be

It looks like our countdown clock may not be too far out after all, or is it? It looks like the Times of London was was jumping the gun a bit or did they? A TimeWarner mouthpiece has denied the Times' report that Parsons will be stepping down as early as next week. However the mouthpiece didn't offer up any other comment which to us just solidifies The Times' report of an imminent change at the top of the TimeWarner Center. Wait a minute, are we to believe that Rupert Murdoch planted this story? Then again why would he? The rumor is working in TimeWarner's favor as far as their stock price, and we know King Rupe wouldn't want to play in roll in that. According to the London Times, Time Warner CEO Dick Parsons may be packing it in as CEO as early as next week which would officially launch the Bewkes era. Were we too quick to think Dick would hold the CEO title until early next year. Holy hell has Jeff Bewkes already been named CEO but its top secret and will be made public next week. Oh man Oh man. We took it up on ourselves to put a call into TimeWarner headquarters but got pushed around until we heard dial tone.....fuckers!!!! 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. Richard Parsons set to announce Time Warner exit [TimeOnline]

The Break up: Will Jeff Bewkes Viacomize Time Warner?

With the keys to the biggest media company (in terms of assets) about to be handed to him, are investors expecting major changes under a Bewkes administration at Time Warner? Perhaps. Bewkes has said that corporate thug Carl Icahn's suggestion of a break up was a valid one and was still on the table. Is this a sign that he will seek to break off AOL and Time Inc to drive shareholder value? Or did he just say that at the time just for the sake of saying it. We think saying a suggestion like Icahn's was a valid one and is still on the table is Jeff keeping all options open in case he has to act fast which we guess is smart. But how would breaking up the company, if at all hurt his and Dick Parsons' relationship? Parsons was firm on his decision to not break up the company which at the time was backed by Bewkes. Is Jeff waiting to grab the CEO title so his true colors can shine? As you can imagine we're really anxious about this announcement as you can see by our estimated count down clock to the start of the Bewkes era. Bewkes appears likely to receive a steady picture at Time Warner [FT]

Team Bewkes already being assembled

The signs are getting stronger by the week that the Bewkes era at Time Warner is nearing. It is widely expected (DUH!) that the Time Warner board will announce Jeff Bewkes as CEO elect in the coming weeks putting to rest the obvious. But Jeff won't sit around and wait for that day to come. He, along with the help of current Time Warner big bear Dick Parsons may have already found Time Warner's next money man to replace the outgoing brothel regular and current Time Warner money man Wayne Pace. It is widely expected that Parsons and Bewkes will tap Time Warner Cable CFO John Martin to be the new Wayne Pace sans the regular brothel visits. Why John Martin? Word is, he knows how to talk that Wall Street talk and make spin offs work. He joined Time Warner Cable in 2005, before Time Warner Inc's 16 percent stake was spun off. Martin's skills in mergers and acquisitions and strategic planning could come in handy if Time Warner Inc decides to sell a bigger portion of the cable company. Time Warner close to naming Martin as CFO [Reuters]

Note to Jeff Bewkes: Get a respected number two if and when you become the new Dick Parsons

Its said that if and when current Time Warner Prexy Jeff Bewkes does indeed gets upped to CEO at Time Warner in the coming months, he may not appoint a second in command. But we think that could be problematic for the lanky one time banker turned media big shot. Currently as Time Warner's second in command, all division heads report to him, while CEO Parsons focuses on the big picture and his vineyard. Bewkes may put too much pressure on himself if he tries to balance big picture duties and talking up Wall Street with day to day operations. Our verdict is that Bewkes should bring in a strong number two, an operations superstar who can keep the joints greased and running smoothly preferably from outside the Time Warner lines. The individual doesn't have to be a media insider, he/she just has to be a strong business manager. Because who is Jeff kidding? He will need a co-captain to help man the ship so he can focus on how in the world he can beef up Time Warner's stunted stock price, while a retired Dick Parsons gets drunk on his own wine somewhere in Italy as Laura looks on with a "What the fuck?" expression on her face.

The media industry's nice guy begins his looong goodbye tour

Time Warner CEO Dick Parsons has officially begun his loooong goodbye tour. Dubbed as the media industry's diplomat, or the media industry's nice guy (OK we made that one up) The big bear of a media exec is packing it in as soon as the board says so. He has been talking up Jeff Bewkes as the best person to take over, as if he really needs to do that, and that he will be leaving the company in good shape. However Parsons does have his critics but that isn't going to stop the man who survived a merger disaster, lawsuits, Carl Icahn, his CFO's expensive taste in female companions and many other obstacles he faced from going out on a good note. “We’re in the passing lane right now, Jeff and I,” Parsons said. “The exact timing is up to our board to decide. But I’m running hard and Mr. Bewkes is running hard.” Parsons Prepares to Pass Baton to Bewkes [MCN]

Speculations about a Bewkes lead Time Warner getting stronger and stronger

CFO Wayne Pace will have more time on his hands for his other interests! At the world's biggest media company, what has come to be known as the Bewkes era is almost here and many are wondering what Time Warner will look like under the CEOing of Jeff Bewkes. Some believe he will continue to carry out current CEO Dick Parsons' vision while others believe he is just playing nice guy for now until Parsons' steps off and will seek to break up the behemoth. So far one almost definite thing is that Bewkes will not opt for a second in command. This could be a sign of a hands-on style management or a sign that Bewkes wants to make the first and final call on all things across the company. There is also word that the company is already looking for a new money man to replace current CFO Wayne Pace, who is getting into retirement mode. Bottom line, only Jeff Bewkes knows what the hell Jeff Bewkes will do with Time Warner when he becomes CEO. Then again we forgot to mention the few who thinks he shouldn't be CEO.

Lehman Brothers analysts predict the already predicted for Time Warner

-SDH The media analysts at Lehman Brothers must feel like geniouses. They recently started covering Time Warner again and made some very predictable predictions. Wonder how they were able to come up with it? Lehman Brothers restarted coverage of media conglomerate Time Warner, Inc at overweight, saying it thinks the prospects of a structural transformation into a simpler content/advertising story could increase over the next 18 to 24 months with Jeff Bewkes as the CEO heir apparent, continuing and possibly expanding what current CEO Richard Parsons started. Time Warner restarted at overweight at Lehman, change seen [Market Watch]

No. Dick Parsons will not, and cannot fix your fucking cable, AOL or mail you your missing issues of Time magazine

-SDH Time Warner CEO Dick Parsons is just your cliché media mogul who likes to do cliché media mogul things, well kinda. The big man in the corner office at the Time Warner Center likes to kick back, smoke a stogie, sip a glass of wine and say fuck the world, just for a bit. Dick spills the beans for New York Magazine, on how and why Rupert Murdoch is Rupert Murdoch and that his biggest pain in the ass is Time Warner's stock price. Oh yeah and if you think its cool to be the man in charge of the biggest media company in the world, flying on the company jet to your vineyard, then you're mistaking. Hello!! It’s different for, say, Rupert Murdoch. Even as Parsons is pressured to get rid of the influential, but financially undynamic, Time Inc. magazines, the News Corp. chairman got to pursue his $5 billion personal quest to own The Wall Street Journal. “Rupert has an advantage in that he has a large, publicly traded company but he’s in a controlling position,” Parsons says. “He can indulge thinking long term. If almost anybody else did it, they’d get killed. Everybody’d be saying, ‘Why are you buying a newspaper? Where’s the growth?’ ” Mogul Dick Parsons Likes Cigars, Believes in Terroir [NYM]

Analyst deeply hurt by Time Warner brass doing what big media brass does, talk shit

-SDH A know-it-all analyst who felt hurt because Time Warner's Dick Parsons and Jeff Bewkes allegedly over estimated AOL's expected results or something like that, is now suggesting that the company be broken up and Jeff Bewkes not be named CEO of the company because they and the TW board can’t be trusted. He also got pissed when in a recent interview Dick Parsons said that, being Time Warner CEO is just his job, not his life. But it is his job, and clearly unlike the analyst, Dick Parsons has a life. See the thing is an analyst stays on the outside looking in. He/She has no clue what it is to be in the shoes of the people they yap about. Not saying we do. But when a fucking overpaid so-called media analyst bases his opinions on the above mentioned he too needs to be analyzed by a shrink, because clearly he has some issues he needs to deal with. Can you say sensitive?. Time Warner was the victim Thursday of an unusually scathing Wall Street report by an analyst who called for a breakup of the company, told his clients that top executives aren't to be trusted and called Richard Parsons a "lame duck" chairman and CEO."We have simply lost faith/trust in TW's executive management team and board of directors," wrote Pali Research analyst Richard Greenfield, cutting his recommendation on the stock from "buy" to "neutral."Greenfield's dour tone mostly stems from TW's changing outlook regarding its AOL unit, where he predicts massive layoffs before the company's next quarterly earnings report in November.The analyst painstakingly goes through management's discussions of AOL's online advertising success, culminating with an abrupt change last month when executives made it known that the unit was vastly underperforming expectations. Richard Greenfield, get a woman/man and/or a life you over analyzing gas bag! Street blasts 'lame duck' Parsons, Time Warner [THR]

TIP: Time Warner could announce succession plan this week

-LENN HINDSMANN Checking our tip box this morning which is usually packed with spam or shit we already know, one stood out due to its very attention grabbing subject line which is the title of this post. Now we can't confirm this but we felt we should put it out there in hopes that someone can. Below is the actual email sent in by the tipster as is. Hi, I am familiar with inner plans within Time Warner and wanted to give you a heads up that some major news will be coming out this week regarding the future management of the company. The board is planning to announce Jeff Bewkes as CEO elect of the company. I think Dick will be holding on to the chairman title after even when Jeff is named CEO because the board loves his diplomatic approach to issues. Can't say anything else because thats all I know for now. Any tips sent to Mediawiredaily.com are rumors, hearsay, gossip etc until proven via an official press release or published report. EARLIER: Our mock Businessweek cover with Jeff Bewkes is getting closer to reality, well at least the headline is

Dick Parsons rewarded for Carl Icahn's thuggery?

-SHOMARI Time Warner big bear and possible candidate for New York City Mayor Dick Parsons took home some serious bacon to wife Laura last year. Dick reportedly took home $22.5 million because according to the Time Warner board, he reached most of his targets. However he could have taken home double that but we guess the board didn't want any attention regarding any big pay outs. This is all good and dandy, but does Dick Parsons and company owe a little thank you to corporate thug Carl Icahn? He did attempt to shake things up at the media giant even selecting the man who would take Dick's spot if he was successful in a takeover. In the end though, Icahn and Parsons came to some closed door deal, and not long after that the company started to initiate some of Icahn's earlier suggestions. Wonder what Time Warner heir Jeff Bewkes took home to Peggy? TW CHIEF DESERVES $22.5M PAYDAY [NYP]

Questionable future for a legendary business

-SHOMARI HINES At a recent town hall, Time Warner CEO Dick Parsons revealed that he was considering selling off the gigantic Time Inc unit. However during a phone conversation with Warren Buffet, the zillionaire advised him to hold on to the $16 Billion unit, but also added that if he does decide to sell, he should sell it to him. Now it could just be us, but when Warren Buffet, tells you that if you want to sell, sell it to him, that’s even more reason to hold on to a business right? So for now it looks as if Dick will hold on to the unit or so he wants us all to believe. But what will happen when Jeff Bewkes takes over as CEO in a year or so? Will he ignore what many would call credible advice from a legend, or will he go with whatever his gut tells him? Jeff may be playing the roll of loyal number two right now, but every CEO wants to make his or her own mark and selling or spinning off Time Inc could be Jeff's way of saying I’m here and I’m the man. If it’s any indication, some analysts believe that when Jeff Bewkes takes over, Time Warner will morph into a pit bull. The Monday after Mr. Parsons' "town hall," as it happens, a Bear Stearns analyst raised his rating on Time Warner to "outperform" partly because he believes the company, particularly once Mr. Bewkes takes over, will get more aggressive about restructuring its portfolio. To wit: It could merge AOL with another leading web property -- or perhaps could spin off Time Inc. Hottest Media Property That's Not for Sale? Time Inc. [Adage]

Dick leaving all options on the table regarding life after Time Warner

-SHOMARI HINES Time Warner big bear Dick Parsons refuses to give direct answers and/or rule anything out when it comes to what he plans to do after his contract is up in 2008. at a Baruch College forum yesterday, Dick managed to skip around the question when it was asked. But with all the talk surrounding his contract being up in 2008, is it not possible for him to renew if the board wants him to stay? No seriously we're really asking. Well maybe he wants to be done with the media industry anyway. Who can blame the guy, after struggling to bring back the company after its nuclear like merger with AOL and dealing with thugs like Carl Icahn. Anyway if Dick does end up running for NYC mayor its a decision he will probably make on his own while in bed with Laura. “It's not smart to let people push you [into a decision]," he said, explaining why he planned to take time to "cool out" once he leaves the media giant. "It's much better to go off somewhere and clear your mind and figure out what to do next." Time Warner CEO on mayoral run [New York Business]

We bet you don't remember Strauss "I'm Mr. Zelnick" Zelnick?

-Shomari Hines Speaking of Reader's Digest. Mary Berner isn't the only one who came out on top after Ripplewood Holdings' $2.4 billion purchase of Reader's Digest Association. Remember that cool cat who most recently was the head of BMG Music? The dude that forced then Arista Records CEO Clive Davis to step off? Yeah Strauss Zelnick? Well apparently his firm ZelnickMedia pocketed a sweet $90 million after the Readers Digest deal closed last week. Lost in the media coverage of private equity firm Ripplewood Holdings' purchase of Reader's Digest Association was the company's simultaneous purchase of Time-Life, which resulted in a roughly $90 million profit for media mogul Strauss Zelnick's investment firm. See what taking Time Warner's stepchild business of their hand can do? ZELNICK NETS $90M [NYP]