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Bewkes: Even Time Inc. Could Go?
Monday, February 8, 2010
Steve Smith

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While analysts and media pundits have speculated for the past year that Time Warner might want to send its struggling publishing unit packing to a new owner or into an AOL-style spin-off, MarketWatch’s Jon Friedman got TW’s CEO to admit that no underperforming unit is sacred under his regime. According to Friedman, Bewkes has instituted a perform-or-die mantra within the media conglomerate.

Bewkes does covet the brand value of the marquee magazine titles, but he told Friedman that the publishing division is expected to make substantial headway in its digital evolution and to show earnings growth. “If they can’t,” Bewkes told Friedman, “they’re better candidates for private ownerships.”

The publishing division of Time Warner was singled out as one of the weakest elements of the company in the fourth quarter and in the full 2009 earnings report issued last week. Revenues for the group dropped 19% for the year, down 13% for the last quarter.

Bewkes clearly did not anticipate a Time Inc. sale, despite the offhanded comment. He voiced support for the magazines’ brand leadership. As Friedman tells it, the CEO is hoping to proliferate the key brands for Time Warner, from HBO to People magazine, to every imaginable platform. He is a big believer in both the TV-everywhere model and the e-reader formats for his titles. Nevertheless, the CEO seemed to suggest that all divisions of the company were expected to rely on more than brand legacy alone (see Friedman video below).

After a better-than-expected earnings report for the entire company, Bewkes also got a raise this year. His base salary was increased from $1.75 million to $2 million, and the target value of his long-term incentive compensation and bonus is up from $8.5 million to $10 million a year, the Wall Street Journal reports.






If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com

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