EXHIBIT 99.1
Time Warner
NEWS
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For Immediate Release:
TIME WARNER NAMES JEFF BEWKES
PRESIDENT AND CHIEF OPERATING OFFICER
Don Logan to Retire as Group Chairman;
To Become Non-Executive Chairman of Time Warner Cable
NEW YORK, NY, December 21, 2005 - Jeff Bewkes has been named President and Chief
Operating Officer of Time Warner Inc. (NYSE:TWX), Chairman and Chief Executive
Officer Dick Parsons announced today. Don Logan, Chairman of Time Warner's Media
& Communications Group, plans to retire at the end of the current year and
become the non-executive Chairman of Time Warner Cable's board of directors.
Mr. Parsons said: "Since I asked Don and Jeff to help me run the company in the
summer of 2002, we have overcome a long list of challenges and put this company
back on track. We've worked hard to make Time Warner the best managed and most
valuable portfolio of world-class media and entertainment assets by:
strengthening our balance sheet, meeting our financial objectives, investing in
our businesses, streamlining our structure, making smart strategic acquisitions,
launching new products, capitalizing on the adjacencies among our businesses,
returning value more directly to our stockholders and putting nearly all of our
legal and regulatory issues behind us. By running our businesses better than
ever, we continued to build sustainable long-term value, gained tremendous
financial flexibility and positioned ourselves to take full advantage of the
digital world's emerging opportunities. Now, after having accomplished all that
together, we're smoothly transitioning our senior management team with Don's
well-earned retirement and Jeff's well-deserved promotion."
Mr. Parsons continued: "I'm delighted that our board of directors has approved
Jeff's appointment as President and Chief Operating Officer of Time Warner. As
Group Chairman, Jeff contributed to our recent achievements by overseeing
record-breaking performances at our filmed entertainment and networks
businesses, and providing critical leadership for cross-company initiatives
involving the digital distribution of content. His previous record of stellar
achievement at HBO speaks for itself. Jeff's unmatched combination of
intelligence, energy, and understanding of our companies and industries will
make him a superb leader for all of our businesses. Not only is Jeff a seasoned
executive, but he brings long experience in dealing with the creative and
technological aspects of our companies. I have every confidence that Jeff will
continue to be a most effective partner for me, as we together work with the
board to guide Time Warner into the future."
Mr. Bewkes said: "I greatly appreciate the confidence that both Dick and the
board of directors have shown in me with this appointment. Time Warner is made
up of terrific businesses, and Dick and I will do everything possible to help
all of them achieve their great potential for the benefit of our shareholders.
Most crucial to our future success will be how well we're able to take advantage
of the emerging technological opportunities. I believe no company is better
positioned to succeed in the digital arena than Time Warner. There's never been
a more exciting time to be in this business. We'll truly miss Don, but I look
forward to working with the rest of the great Time Warner people on all of our
future successes."
Mr. Parsons said: "I thank Don for his 35 years of distinguished service to the
company. Since coming to work with Jeff and me, he has provided critical
leadership to our online, cable and publishing companies. Don deserves a great
deal of credit for stabilizing AOL and starting its transition to an
advertising-based business model - capped by this week's strategic alliance with
Google. Time Warner Cable has delivered financial growth, launched such
successful new products as Digital Phone and positioned itself for the Adelphia
transaction. Time Inc. has continued to introduce new titles and make strategic
international acquisitions. In sum, Don has completed his mission. What makes
Don so remarkable is that all of these achievements came after his legendary
climb from that first job at Southern Progress to become Chairman and CEO of
Time Inc. - with its 41 straight quarters of profit growth. Happily, we'll again
have the opportunity to benefit from Don's wisdom when he becomes Chairman of
Time Warner Cable."
Mr. Logan said: "I'm pleased to have spent my career working with the great
people of Time Warner - from my wonderful days at Southern Progress and Time
Inc. to my rewarding partnership with Dick and Jeff. I'm proud of everything
that we achieved together - especially over the past 3 1/2 years as we together
put Time Warner back on track. This is a tremendous company with truly
impressive businesses, and I'm sure that it will continue to excel for many
years to come. I can tell you from first-hand experience that Dick and Jeff are
the right people to lead it. I will now be spending a lot more time at my home
in Birmingham, but I'll be coming up to New York on a regular basis. And, thanks
to my new role at Time Warner Cable, I'll still be able to continue contributing
to Time Warner's promising future."
Background on Mr. Bewkes
Before his latest appointment, Mr. Bewkes had been serving as chairman of the
Entertainment & Networks Group of Time Warner Inc. since July 2002. In that
position, he oversaw Warner Bros., New Line Cinema, HBO and Cinemax, CNN, TNT,
TBS, Cartoon Network and The WB Television Network.
Previously, Mr. Bewkes had been chief executive officer of Home Box Office for
seven years, where he was responsible for the overall management of the world's
largest premium television company. Prior to becoming CEO of Home Box Office,
Mr. Bewkes became its president and chief operating officer in 1991 and served
as chief financial officer for the preceding five years.
Before joining HBO, Mr. Bewkes served for two years as an account officer for
Citibank, NA in New York. Previously, he was operations director for Sonoma
Vineyards, Inc., in
Healdsburg, CA. He earned a BA degree from Yale University and an MBA degree
from Stanford Graduate School of Business.
About Time Warner Inc.
Time Warner Inc. is a leading media and entertainment company, whose businesses
include interactive services, cable systems, filmed entertainment, television
networks and publishing.
Caution Concerning Forward-Looking Statements
This document includes certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based
on management's current expectations or beliefs, and are subject to uncertainty
and changes in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in economic,
business, competitive, technological and/or regulatory factors, and other
factors affecting the operation of the businesses of Time Warner Inc. More
detailed information about these factors may be found in filings by Time Warner
with the Securities and Exchange Commission, including its most recent Annual
Report on Form 10-K and Quarterly Report on Form 10-Q. Time Warner is under no
obligation to, and expressly disclaims any such obligation to, update or alter
its forward-looking statements, whether as a result of new information, future
events, or otherwise.
Contacts:
Time Warner
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Edward Adler (212) 484-6630
Kathy McKiernan (212) 484-8043
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