Bewkes’ First Day


After much anticipation Jeff Bewkes’ first day as the CEO of the world’s largest media company did not begin with fireworks. Time Warner is, for the moment, as intact. From The New York Times Dealbook Blog:

Mr. Bewkes’s move to the C.E.O. chair, recently occupied by Richard Parsons, comes amid rampant chatter about whether he might decide to sell some of Time Warner’s parts, such as AOL or its publishing arm. Much of this speculation is old. And so far, Mr. Bewkes hasn’t tipped his hand. But in a report Wednesday, an analyst from UBS sounded skeptical that a sale would come soon and argued that such a move might not add much value anyway.

The analyst, Michael Morris, wrote that ”we are not convinced that Mr. Bewkes will immediately ‘unlock value’ through an asset divestiture,” adding that strategic moves or operational improvements were more likely in the next year. Mr. Morris has a ‘neutral’ rating on Time Warner’s shares.

At post time Time Warner shares were down 1.56% at $16.25.

(image via Steve Pyke/cnn/money)