Time Warner has signed CEO Jeff Bewkes to a new, long-term contract with the company, keeping the executive in the CEO position until at least 2017. Bewkes is in the final phase of choosing who the next president of CNN Worldwide will be when Jim Walton leaves at the end of the year.
Whoever CNN’s next leader is, the deal ensures that Bewkes will be making the final calls for years to come. He has been CEO of the media conglomerate since 2008, and before that was CEO of HBO before moving up the corporate food chain. In addition to CNN and HBO, Time Warner owns TBS, TNT, Cartoon Network, Adult Swim, Warner Bros. and Time Inc.
“Speaking on behalf of the Board of Directors, we are very pleased that Jeff has signed on to lead Time Warner for another five years,” said Stephen F. Bollenbach, Lead Independent Director of the Time Warner Board of Directors in a statement. “Jeff is a proven visionary when it comes to navigating the digital landscape. Since becoming CEO in 2008 he has led the transformation of the Company into a content-focused powerhouse while at the same time significantly increasing shareholder value.”