At TimeWarner, the makeover has begun

BY SDH On Saturday, Jeff Bewkes will hit the two month mark as Time Warner CEO. It will also mark the beginning of the long awaited restructuring under the Bewkes Administration. As speculated just two weeks into the CEO gig, Jeff Bewkes has made his move on New Line Cinema. The movie studio will now be thrown under the Warner Bros umbrella and New Line Co heads Robert Shaye and Michael Lynne will get their walking papers, but of course that part is being spun as if leaving the company was their choice. This is just part of the first stage of what many expect to be a drastic makeover of one of the world's biggest media companies, whose stock has been stock in a ditch and whose dominant position has dwindled as competitors like News Corp take the lead. Now if only Bewkes didn’t decide to do a wait a see with the company’s overweight magazine business, Time Inc. We are moving quickly to improve our business performance and financial returns," Time Warner President and CEO Jeff Bewkes said in a statement. Time Warner puts New Line Cinema under Warner Bros [Reuters]

For Jeff Bewkes, it’s a damned if you do damned if you don't kinda situation

BY SDH Just a little over a month on the job and Jeff Bewkes finally gave some hints as to what his immediate first plans are to set overweight Time Warner on a path to re-invention (if you will). As you know by now from all the coverage its been getting, the lanky lord of everything from CNN to HBO to Time Inc, said that his team is working to split off AOL's outdated dial up business with plans for a possible sale (to who?), he is also taking a long hard look at cable and will get back to investors on that one. But the shocker of that whole earnings report for us was the fact that Bewkes says that he is sticking it out with Time Inc, the publisher of magazines like Time and People. OK so maybe it wasn't too much of a shocker but we thought that like AOL and Time Warner cable, Time Inc would have been put on a lift for a serious look under the hood. Nope. Bewkes will decide what to do with the magazine business if and when it turns into a growth business with all the digitalization going on over there and all. So anyway on that note, today's poll: IS JEFF BEWKES MAKING A MISTAKE BY LEAVING TIME INC INTACT? YES, THE COMPANY HIT A GLASS ROOF YEARS AGO NO, IT CAN BECOME A GROWTH BUSINESS JEFF BEWKES IS AN IDIOT

Jeff Bewkes cutting some bloated salaries in Time Warner's corporate suite

-SDH Being the CEO of a publicly traded company, you're always on a mission to keep costs down and revenue up. One of the ways to do this is to fire a bunch of people and then claim those salaries as part of your overall earnings on paper so investors are happy and you're job is safe until the next quarter or something like that. Usually the cuts happen way down the ladder among minions of minions of minions. Time Warner has one of the thickest layers of management in the business. Some people there even have titles that doesn't even hint at what it is they do. But this may be coming to an end or if not an end some layers will be erased as AdAge reported yesterday that Time Warner CEO Jeff Bewkes plans to cut bury 75 bodies in corporate which will no doubt save the company a nice chunk of cash. This is perhaps the beginning of more drastic changes on the horizon in management and the overall structure of the company. Who will be affected by these cuts? Our money is on the middle-men. No one should be surprised at this at all. Jeff Bewkes did say that he will do whatever he as to do to please shareholders and have no calms about it.

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]

More redundant advice for Jeff Bewkes courtesy of Businessweek

-SDH If poor Jeff Bewkes were to take everyone's advice on what he should do now that he is in the driver's seat at Time Warner, his big head would explode. Don't get me wrong, we are in no position to be pointing fingers because we have given our share of advice to Mr. Bewkes as well. But what bugs us about this Businessweek article is that it seems late and just out of place at this point. Written by Ron Grover with the headline "At Time Warner, Time for Change" it just seems like a story that should have been published back when Bewkes took office in January. We all know change is needed at Time Warner, we all gave our advice and shared our opinions on the subject, not that Jeff Bewkes is reading any of it, at least we don’t think so, but this subject is now a sit and wait subject. It has only been a month and few days since Bewkes woke up as CEO. Hopefully he will make the right decisions that will benefit shareholders and his own ass. The guy is probably still ordering office supplies for crying out loud and proofing his new business cards.

Selling AOL is probably the last thing on Jeff Bewkes's mind

-SDH Since the Microsoft bid for Yahoo! speculations started to come from all angles regarding Time Warner's AOL business. Some say AOL could be doomed, some say there is no one to buy AOL now and some call it, Jeff Bewkes's first test. We call it all bullshit. Who says Jeff Bewkes was even thinking abut selling off AOL. Personally, we think he is going to keep AOL under Time Warner and continue to build it into an ad powerhouse while focusing more on what to do with old content businesses like Time Inc, and fully spinning off Time Warner cable. The only change we would like to see at AOL is Randy Falco gone and replaced by a real internet guy. AOL is just part of a bigger test Jeff Bewkes faces. He already passed the first test and that was to show the board he is the man to takeover the company. Related: AOL buys online affiliate marketing network buy.at

It took Microsoft's bid for Yahoo! not Jeff Bewkes's appointment as CEO to move Time Warner's stock

-SDH Microsoft's monstrous bid for web giant Yahoo! is sending shock waves through the media industry and people like Time Warner CEO Jeff Bewkes probably couldn't be happier. Microsoft's bid for Yahoo! is making investors take another look at Time Warner's AOL unit. Following news of the Microsoft bid, Time Warner's stock shot up a little over 9% as investors slapped a higher value on AOL. But unless Time Warner is selling AOL then this valuation is just some kind of mental comfort for investors, no? ``All of a sudden, it helps people sharpen their pencils and do a similar valuation on the AOL business,'' said David Katz, chief investment officer at Matrix Asset Advisors Inc. in New York, which owns about 3 million Time Warner shares among $1.6 billion in assets. ``It's worth 60 percent more today than yesterday.'' Time Warner Gains on AOL Valuation After Microsoft's Yahoo Bid [Bloomberg]

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.

Is Jeff Bewkes about about to flat line New Line?

-SDH According to Nikki Finke New Time Warner CEO Jeff Bewkes is set to meet with New Line Cinema founders Bob Shaye and Michael to discuss their soon to be up contracts. However according to Finke no new deal is expected to come out of the discussions. What is expected to come out of the discussions is the end of New Line. Bewkes is expected to fold New Line into Warner Bros in a clear effort to cut what he may see as unnecessary costs. Is this the beginning of more cuts leading up to a full blown break up of Time Warner? Finke says: I can't pinpoint just when the formal announcement of Shaye's and Lynne's departures will come, but it's a safe bet that New Line will be folded into Warner Bros as a result, moving such premium projects as the long anticipated back-to-back feature films of that beloved book The Hobbit. Well, it's about time! Kudos to Bewkes for having the brass balls to make this bold move. I've found Bastard Bob's behavior over this past year to be abhorrent, from his studio's legal shenanigans with Peter Jackson to his own "Lord Of The Rants" attacks on director after director who's made money for New Line. Good thing Shaye will be leaving sooner rather than later: I was running out of pejoratives (like "prick" and "idiot") to describe him. SOURCES: Bob Shaye's New Line Contract Won't Be Renewed By Time Warner Boss [Deadline Hollywood]

Media analyst James Goss would like to see a 3some at Time Warner just like the rest of us

-SDH Content, Cable and Internet is how Wall Street media analysts and the rest of the media industry watching world would love to see Time Warner in the near future and many are expecting new CEO Jeff Bewkes (JB) to make that vision a reality. This is absolutely what needs to happen at Time Warner. However if and when a split up like this takes place, changes at the top of a couple of the split offs need to be made. Randy Falco needs to head back to Television and leave the web (AOL) to the web pros, he was brought in solely because he knows how to sell an ad or two. At Time Inc, it has to be out with the Ann and in with the new. Again we just hope Wall Street isn't setting their expectations too high for Jeff Bewkes because if he fails to meet them, he will fall hard and be eaten alive. We can only imagine the pressure JB is under at this very moment, still trying to iron out what he is going to do to revive Time Warner but at the same time not making Dick Parsons look prehistoric. Media stocks earn early kudos [THR] EARLIER: Is TimeWarner’s problem, its size, and could a Viacom style break up be the answer to its long standing woes?

Time Warner hops on the virtual world bandwagon

-SDH We were expecting something a little more jolty if you will, but this will have to do for now. The first deal announced under The Bewkes Administration, has Time Warner dumping an undisclosed amount of cash in Gaia Online, a Web-based social community aimed at teenagers. The company had earlier workings with Gaia via it's Warner Bros unit. Now TimeWarner will continue the relationship by allowing the site to offer up full-length older movies for on-demand viewing for $1.99. Ground Breaking isn't it? "Studios are seeing their teens leaving traditional film and television to go online and they need to supply that audience with an equivalent form or new form of entertainment," Gaia CEO Craig Sherman said. TIME'S WORLD VIEW [NYP]

The Bewkes Administration is in full swing

Not that we don't believe it or anything, but the proof is on the management page of the Time Warner site. The Jeff Bewkes era with the exception of Wayne Pace and perhaps a couple others, is in full swing. We would kill to shadow Jeff on his first day. - ZOE S.

Good Morning Mr. Chief Executive: Today is Jeff Bewkes's first day on the job

Today, is a new day at media giant Time Warner. It’s even a newer day for Jeff Bewkes as he steps into the glitzy Time Warner Center as the new CEO. His coffee is probably waiting for him in his office, as well as a full schedule, then again this is probably the norm since his HBO days. No need for Jeff to hop on the corporate jet and head off to the West Coast to meet with Studio heads and other underlings. They were all already reporting to him anyway. So in a nut shell, nothing has really changed except that the buck stops with him now. Jeff's team of assistants probably already had an email drafted that will go out to the troops at some point today if at all. We know for sure that Jeff will be calling up major shareholders, if he didn't already, to talk the talk and reiterate to them that making them richer is his priority, even if it means, firing some people. For the next 99 days we will be watching Jeff Bewkes's every move as CEO. We don't expect any major changes in a little over 3 months but hopefully by the end of this time he will have his team in place. -YOSH

Two Media Giants start the New Year under new leadership and a huge microscope

-SHOMARI HINES At two of the world’s biggest media companies, this Tuesday marks the beginning of a new era. On Jan 1st 2008 Both Time Warner and Germany’s Bertelsmann AG will hail new leaders and perhaps start to head down a new path to greater domination or lack there of. For Jeff Bewkes, his appointment as Time Warner’s new CEO wasn’t a surprise to anyone. As a matter of fact, his appointment was long desired by people inside and outside the company with hopes that he will be the one to inject some energy into the overweight media giant. There is no doubt that all eyes are on Jeff Bewkes as Wall Street places bets on what his first 100 days as CEO will be like. Jeff will have to come out swinging and try his best to land as many hits as possible. At the same time, well not literally the same time due to the time difference but you get the point, German media giant Bertelsmann AG, will also roll under the leadership of new CEO Hartmut “Hart” Ostrowski. Hand picked by the Mohn Family, who holds what seems like an unbreakable grip on the media giant, Hart takes over a company that is notorious for flip flopping, but controls some recognizable brands like Columbia House, Random House and 50% of music giant Sony-BMG. For Hart, we see a serious push into digital, more consolidation and perhaps an exit from the music business not too far down the road. Like Bewkes, many eyes are on Ostrowski. We will be watching these two young men very closely.

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.

Is Doug Shapiro’s hiring a clue in what's to come at Time Warner under the Bewkes administration?

-YOSH With former media analyst and long time advocate of a Time Warner break up Doug Shapiro taking over Investor Relations at the media giant, is CEO elect Jeff Bewkes painting a clear picture of exactly what it is he plans to do with the company? Henry Blodget at Silicon Alley Insider points to what we think is credible evidence that Time Warner is planning some kind of major spin off of a major unit and/or a total break up. If you disagreed with a break-up strategy, would you hire Shapiro? And who better to sell such a strategy to Wall Street than an analyst who was recommending it? More Evidence That Time Warner (TWX) Plans to Break Up [SAI]

Tipster: Jeff Bewkes has been running the show for a year now, no shit!

-MARTY According to a tipster, Time Warner CEO elect Jeff Bewkes has been CEOing the ship for about a year now. Not news to us or to you because we all know Dick Parsons lost interest when he said running the world's biggest media company is just a job not his life. But what other light did the so called tipster shine on the coming of the Bewkes era? Hi, I know the company made this huge thing when announcing Jeff Bewkes as the new CEO which we already knew from within but the truth is, come Jan1st 2008 that will be the day he is publicly recognized by the company as the CEO. But out of the public's eye he has been calling the shots across the whole company. Dick Parsons seems bored and over the media business. everything is all about jeff and the new cfo But hold. Do CEOs really run the companies they head up? Isn't that the duty of the President and Chief Operating Officer, who then tells the CEO how shit is going on a phone call because usually the CEO is burning the corporate jet on his/her way to some exotic island or something?

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]

AOLer randy falco buys one more company to make him feel like AOL is competing strongly with google

AOL, the embattled Internet unit of TimeWarner is about to drop $340 million to buy yet another online ad firm to beef up it's competitive ability with Google. AOL CEO Randy Falco will land a company that makes money off of the Google ad model and gain 100 employees that he will eventually fire in the new year to cover the $340 million price tag. Falco is really serious about building AOL into an advertising mall or something like that. What will happen if and when advertising isn't the Internet cash whore it is today? The deal, which adds 100 employees, marks the last big acquisition AOL plans as part of a restructuring to transform itself into a one-stop online advertising shop, AOL Chief Executive Randy Falco told Reuters in an interview. "I expect it to begin to add to growth in 2008," he said, referring to AOL's online advertising growth, which is a big concern among investors. Ad growth slipped to 16 percent in the second quarter and 13 percent in the third quarter, from 40 percent levels earlier. Wonder if Falco will last the full run of the Bewkes Administration? -YOSH AOL to buy Quigo as last big advertising deal [Reuters]

The Bewkes Administration names new money guy

-SDH More changes are already rolling out following the expected announcement of Jeff Bewkes becoming the next CEO of TimeWarner. Now another expected announcement has been made. The company has tapped TimeWarner cable CFO John Martion as the company's new CFO effective January 1st 2008. Jeff Bewkes said in a statement yesterday that he is seriously focused on creating shareholder value. John Martin's appointment couldn't solidify that anymore. Martin is known as a serious numbers cruncher and oversaw the partial spin off of the cable unit. Clearly Bewkes is putting in place his spin off artists. "The whole tone of the company, with the new management, will be more aggressive in general," said Bear Stearns analyst Spencer Wang, who once worked with Martin at ABN Amro. Wang added: "I think he brings the right combination of financial acumen, discipline and people skills to be very effective in the job." Time Warner names new CFO [Reuters]

can we get our businessweek cover now please?

It happened, so will Jeff Bewkes cover Businessweek? We think he is worthy of a cover story, especially now.... no? Earlier: We had to do it: We present to you the Businessweek cover that will be

GOOD AFTERNOON MR. CEO: Jeff Bewkes will now take on the headaches at TimeWarner

-SDH From banking to HBO to the corner office at the Time Warner Center. Jeff Bewkes has come a long way. As expected the lanky number two at TimeWarner will become the lanky number 1 on January 1st 2008. So you see, our count down clock was right on the money. Welcome to the spotlight Mr. Bewkes. We're sure Peggy is preparing a huge dinner party to celebrate your new job. “I am honored to become the CEO of Time Warner and to follow a leader like Dick Parsons,” said Mr. Bewkes. “I welcome this opportunity to work with my colleagues and the Board to lead this Company successfully into the future. We have a lot to do, and I’m intensely focused on building shareholder value. Everyone at Time Warner owes Dick a debt of gratitude for his leadership as CEO over the last five years. Dick accomplished much to restore Time Warner’s stature as the world’s leading media and entertainment company, and he put into place the foundation and flexibility for our future growth. I have been privileged to work with Dick over these many years, and I look forward to benefiting from our close relationship as he continues to serve as Chairman of the Board.” Time Warner Names Jeffrey L. Bewkes Chief Executive Officer, Succeeding Richard D. Parsons Who Remains Chairman[TWsite]

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]

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]

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]