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Blavatnik to buy Warner Music in USD303b deal

by on May 9, 2011

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Blavatnik to buy Warner Music in USD303b deal

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Blavatnik to buy Warner Music in USD303b deal

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Gerald M. Levin Named to OrganizedWisdom Board of Directors

by on April 5, 2011

From
Marketwire – Management Changes:

Former Chairman and CEO of Time Warner Joins Team of Digital Media and Technology Innovators to Close the ‘Health Gap’

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Gerald M. Levin Named to OrganizedWisdom Board of Directors

USA- Time Warner Cable launches iPad app with live TV

March 15, 2011

USA- Time Warner Cable launches iPad app with live TV

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Video: Chambliss, Warner Discuss U.S. Debt, Deficit Commission

January 31, 2011

Jan. 31 (Bloomberg) — U.S. Senators Saxby Chambliss, a Georgia Republican, and Mark Warner, a Virginia Democrat, talk about efforts to reduce the federal budget deficit and recommendations by the bipartisan deficit commission. Warner and Chambliss talk with Peter Cook on Bloomberg Television’s “Street Smart.” (This is an excerpt from the full interview. Source: Bloomberg)

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Video: Warner Buys Harry Potter Studios for U.K. Production Hub

November 10, 2010

Nov. 10 (Bloomberg) — Bloomberg’s Louise Beale reports on the purchase by Time Warner Inc.’s Warner Bros. of Leavesden Studios near London, the set for all eight Harry Potter films, which will become the U.K.’s first production center for an American studio.

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Time Warner Results…

November 3, 2010

Time Warner Results…

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Video: Bibb Says HBO’s `Boardwalk Empire’ Will Be Blockbuster: Video

September 20, 2010

Sept. 20 (Bloomberg) — Porter Bibb, managing partner at Mediatech Capital Partners LLC, discusses HBO’s “Boardwalk Empire” television series. Bibb speaks to Betty Liu on Bloomberg Television’s “In the Loop.” HBO is owned by Time Warner Inc. (Source: Bloomberg)

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Disney reaches deal with Time Warner Cable

September 5, 2010

Disney reaches deal with Time Warner Cable

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Video: Gerald Levin Discusses U.S. Health-Care System, Economy: Video

August 12, 2010

Aug. 12 (Bloomberg) — Gerald Levin, presiding director at Moonview Sanctuary and former Chief Executive Officer of Time Warner Inc., talks about the U.S. health-care system and its impact on the economy. Levin talks with Carol Massar on Bloomberg Television’s “Street Smart.” (This is an excerpt of the full interview. Source: Bloomberg)

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Video: RBC’s Bank Likes Both News Corp., Time Warner Stock: Video

August 4, 2010

Aug. 5 (Bloomberg) — David Bank, an analyst at RBC Capital Markets, talks with Bloomberg’s Rishaad Salamat about Time Warner Inc. and News Corp.’s financial results. News Corp., the owner of Fox News, reported a fourth-quarter profit of $875 million following a year-ago loss when the company wrote down the value of its Internet unit. Time Warner, owner of the TNT television channel and Time Inc., reported second-quarter profit that beat analysts’ estimates after cable-television and magazine advertising increased. (Source: Bloomberg)

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Video: Wible Sees Improving Demand for Time Warner Products: Video

August 4, 2010

Aug. 4 (Bloomberg) — Tony Wible, an analyst at Janney Montgomery Scott, talks about Time Warner Inc.’s second-quarter profit reported today and outlook. The owner of TNT television channel and Time Inc. said excluding some items, earnings rose to 50 cents a share, beating analysts’ estimates. Wible speaks with Erik Schatzker on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)

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Video: Warner Says Rules Bill Won’t Hurt Bank Competitiveness: Video

July 15, 2010

July 15 (Bloomberg) — U.S. Senator Mark Warner, a Virginia Democrat, talks with Bloomberg’s Peter Cook about the Senate’s passage of the biggest overhaul of financial industry since the Great Depression. Senators voted 60-39 today in favor of the top-to-bottom rewrite of rules governing Wall Street firms, ending a year of partisan wrangling over protections for consumers and investors. (Source: Bloomberg)

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Video: CBS’s Moonves Discusses Use of Cash, Radio Stations, CNN: Video

May 21, 2010

May 21 (Bloomberg) — Leslie Moonves, chief executive officer of CBS Corp., talks with Bloomberg’s Betty Liu about the industry outlook, market strategy and possible partnership between CBS News and Time Warner Inc.’s CNN cable-news channel. (This is an excerpt of the full interview. Source: Bloomberg)

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CBS’s Showtime Said to Test Online Service for Cable Channel’s Subscribers

May 10, 2010

By Andy Fixmer May 10 (Bloomberg) — CBS Corp. ’s Showtime is developing an online video service for subscribers, according to a person with knowledge of the plans, joining rival cable channels that are seeking to reach customers away from TV sets. The service would be similar to the Web access being tested by Time Warner Inc. ’s HBO, said the person, who asked not to be identified because the plans aren’t public. Showtime, with 18 million pay-TV subscribers and original shows including “Nurse Jackie” and “Weeds,” hasn’t set a starting date. Premium cable channels are experimenting with ways to offer service online and to mobile customers without cannibalizing monthly pay-TV subscription fees that contribute the bulk of their revenue. Showtime is discussing the planned service with pay-TV operators that distribute the channel, the person said. “There’s nothing to announce at this time,” Johanna Fuentes , a spokeswoman for Showtime in New York, said in an interview. HBO, which along with Cinemax has about 40 million subscribers, in February began offering HBO GO at no additional cost to customers on Verizon Communications Inc. ’s FiOS TV service. “All the HBO subscribers in the United States are going to have HBO programming on demand across every device,” Jeff Bewkes , Time Warner’s chief executive officer, said on a May 5 conference call. “That is a powerful offering.” Starz, owned by Englewood, Colorado-based Liberty Media Corp. , provides shows to Netflix Inc. , which offers the cable channel’s content online as part of its monthly movie-rental subscription plans. Viacom Inc. ’s Epix, the premium movie channel first offered in October 2009, includes online access for all customers. Two- thirds have viewed movies online, with an average age of 36, according to a survey released today by Epix. Epix, also owed by Lions Gate Entertainment Corp. and Metro-Goldwyn-Mayer Inc., has distribution with pay-TV systems including Englewood, Colorado-based Dish Network Corp., Verizon’s FiOS, Cox Communications Inc. and St. Louis-based Charter Communications Inc. CBS, owner of the most-watched U.S. television network, slid 75 cents, or 5 percent, to $14.21 on May 7 New York Stock Exchange composite trading. Time Warner fell 65 cents to $30.25 and Viacom Class B shares dropped 59 cents to $32.26. All are based in New York. To contact the reporter on this story: Andy Fixmer in Los Angeles at afixmer@bloomberg.net

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Time Warner Posts 61 Cents-Share First-Quarter Profit, Beating Estimates

May 5, 2010

By JoAnne Norton May 5 (Bloomberg) — Time Warner Inc., owner of the Warner Bros. film studio and Cable News Network, had first-quarter profit of 61 cents a share on an adjusted basis. Analysts surveyed by Bloomberg had estimated profit of 48 cents on average.

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Chances `North of 80%’ for Senate Accord on Finance Overhaul, Warner Says

April 24, 2010

By Alison Vekshin April 24 (Bloomberg) — Chances that lawmakers will reach a bipartisan compromise on financial-overhaul legislation are “north of 80 percent,” Senator Mark Warner said as the measure faces a test vote in the U.S. Senate next week. Republican and Democratic negotiators will produce a deal that will ultimately get the support of “a number” of Republicans, Warner, a member of the Senate Banking Committee, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt ,” airing this weekend. “It’s awful hard, 18 months after the meltdown, not to be in favor of financial reform,” said Warner, a Virginia Democrat. “There’s still a high possibility — probability — I’d say north of 80 percent — that we get a bipartisan deal.” Senate Banking Committee Chairman Christopher Dodd , a Connecticut Democrat, is negotiating with Alabama Senator Richard Shelby , the panel’s top Republican, to incorporate Republican ideas into Dodd’s legislation. The bill is scheduled for a procedural vote on April 26. Republicans oppose the current version of the measure, which is based on a proposal by President Barack Obama and is aimed at preventing a repeat of the $700 billion in taxpayer- funded aid extended to companies including Bank of America Corp. and Citigroup Inc. as a result of the 2008 financial crisis. Two of the thorniest issues still to be worked out legislatively are derivatives oversight and new government powers to liquidate failed financial firms in an orderly way. Exemption A derivatives measure approved this week by the Senate Agriculture Committee “doesn’t do as well” as the Dodd bill at creating an exemption “that’s not abused” to let corporate end-users trade outside of regulated exchanges, Warner said. End-users are businesses such as oil companies and airlines that use derivatives to hedge operational risks. “There’s a way to get to a middle ground,” he said. Also, Republicans have raised objections to a provision in the Dodd bill that would set up a $50 billion industry-supported fund to cover the cost of liquidation, arguing it would set up a permanent bailout of Wall Street banks. Democrats say the reserve fund would be paid for by the industry and is a better alternative to having taxpayers cover the cost after a company collapses. Warner, who crafted the reserve-fund language with Senator Bob Corker , a Tennessee Republican, said he didn’t agree that the fund would lead to more bailouts. Even so, he said he is willing to support having the financial industry instead pay for the dissolution of a firm after it collapses. Paid by Industry “So pre- or post- is not really that important at the end of the day as long as you make sure that whatever dollars you use will ultimately be paid for by the industry,” said Warner, 55. One solution could be setting up a pre-funded trust in which each bank’s share is reflected as an asset on its balance sheet, Warner said in an interview later. “They have a self- interest to make sure resolution isn’t over-used,” he said. During the “Political Capital” interview, Warner expressed skepticism that a provision taking away the Federal Reserve’s power to oversee small banks would remain in the Dodd bill. “Some of the smaller banks that have been regulated by the Fed in the past will say ‘no, we want to keep the Fed,’” Warner said. “Is it something you’re going to fall on your sword on? Probably not.” Warner said he didn’t think the timing of the government’s lawsuit against Goldman Sachs Group Inc. was politically motivated. Some Republicans have said the Securities and Exchange Commission’s decision to file the case on April 16 was intended to stoke public anger at Wall Street before the Senate debate on the Dodd bill. Federal cases “usually are worked on for a long period of time,” Warner said. To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net .

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Time Warner Bids 15B For MGM Assets

March 27, 2010

Time Warner is making a 15 billion allcash offer for the assets of film studio MetroGoldwynMayer

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Time Warner Said to Weigh Metro-Goldwyn Studio Bid of Up to $1.5 Billion

March 18, 2010

By Ronald Grover and Sarah Rabil March 18 (Bloomberg) — Time Warner Inc. is considering a bid of $1.2 billion to $1.5 billion for the Metro-Goldwyn-Mayer Inc. film studio, according to two people with knowledge of the discussions, as second-round offers come due tomorrow. Warner Bros. executives, including Chief Executive Officer Barry Meyer and Chief Operating Officer Alan Horn , will iron out a possible price tomorrow with Time Warner CEO Jeff Bewkes, said one of the people, who declined to be named because the talks are private. Executives at the film studio are pushing for an offer at the higher end of the range, the people said. New York-based Time Warner may decide not to make an offer, the people said. Keith Cocozza , a spokesman for Time Warner, declined to comment. To contact the reporter on this story: Ronald Grover in Los Angeles at rgrover5@bloomberg.net Sarah Rabil in New York at srabil@bloomberg.net

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AOL Chief Armstrong Targets Web Ad Billions With Sales, Content Hirings

March 10, 2010

By Kristen Schweizer March 10 (Bloomberg) — AOL Inc. said it’s “laser focused” on getting a share of an estimated $20 billion gap in online advertising, as marketers race to catch up with consumers on the Internet. “Consumers have shifted faster than ad dollars,” Tim Armstrong , chief executive officer of the Internet company spun off from Time Warner Inc. , said in an interview today. “We’re building programs with both technology and design for advertising that are focused at closing that gap.” The company currently gets about 50 percent of revenue from ads and is “significantly” boosting sales staff, he said. AOL’s acquisitions strategy is focused on purchasing “technology tuck-ins” to help AOL build its platforms, Armstrong said in the interview in Abu Dhabi. It’s also targeting video and mobile-phone content and is hiring journalists to create quality content, Armstrong said. AOL, which runs MapQuest, PoliticsDaily and Lemondrop.com, will take a total charge of between $150 million and $200 million for a current program of job cuts and office closures, Armstrong said. AOL plans to re-enter some of the international markets it left in 2011 and 2012, he said. AOL , spun off last year, is cutting about a third of its workforce and halving its international offices to leave 20, Armstrong said. The New York-based company gets about 25 percent of revenue overseas, he said. Some international offices were very unprofitable and made acquisitions that didn’t fit with AOL’s strategy, he said. Asset Disposals “Each country had its own platform and even its own country strategy,” Armstrong said. “We’ve gone through and pulled back. We’ll scale the technology based on AOL ’s new business models, which will be customized locally, and we’ll structure hiring that will match our business strategy.” “International is a very critical part of AOL’s future and we’re pulling back to get our plumbing straightened out. We’ll come back with a content platform we believe works globally.” AOL plans to dispose of more assets in 2010, Armstrong said. He declined to say which companies may be sold. AOL last month said fourth-quarter net income was $1.4 million, compared with a loss of $1.96 billion a year earlier, when Time Warner wrote down the value of its Internet property. Revenue dropped 17 percent to $809.7 million. Time Warner spun off AOL in December, nine years after a $124 billion combination that triggered record losses . To contact the reporter on this story: Kristen Schweizer at kschweizer1@bloomberg.net

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Disney May Pull ABC From Larger Cable-TV Distributors Next, Analysts Say

March 8, 2010

By Kelly Riddell March 8 (Bloomberg) — Walt Disney Co. , which blocked some viewers from the first 13 minutes of the Oscars last night amid a dispute with Cablevision Systems Corp. , may be about to do it again with bigger cable operators, analysts said. Disney didn’t restore the WABC-TV signal until after the Academy Awards show began airing at 8:30 p.m. New York time last night. Disney may repeat the maneuver if it can’t reach a deal with Time Warner Cable Inc. once their agreement ends in August, according to Wunderlich Securities LLC analyst Matthew Harrigan. “Disney may have been using Cablevision as a test case for its negotiations with Time Warner Cable and Comcast, where much larger dollars are concerned,” said Harrigan, who is based in Denver. “The timing will be hard to replicate, though — the Oscars is one of the most watched programs other than the Super Bowl.” Time Warner Cable has already put its 13 million viewers on alert, noting in an e-mail to subscribers yesterday that they haven’t lost access to the signal “yet.” Larger rival Comcast Corp. , whose contract for ABC isn’t up this year, also will face off with CBS Corp. at the end of 2010 as more broadcasters seek payment for channels that used to be free. “As the broadcast networks are less able to get advertising revenue, they’re turning to the cable guys to make up for that shortfall,” said Todd Mitchell , an analyst with Kaufman Brothers LP in New York. “For the cable guys, these programming costs are vastly outstripping their subscription pricing, so we’re getting to the point of showdowns.” Disney’s Terms Disney, based in Burbank, California, returned ABC to more than 3 million Cablevision viewers in Connecticut, New York and New Jersey last night after the two companies forged a preliminary agreement. They haven’t disclosed the terms of the deal. Disney was seeking about $1 a month from Cablevision for each subscriber getting the ABC signal, Barclays Capital analyst Anthony DiClemente said in a report this month. Time Warner Cable would pay more over all because it has more than four times as many subscribers as Cablevision. Disney fell 7 cents to $33.16 at 2:29 p.m. in New York Stock Exchange composite trading . Cablevision, based in Bethpage, New York, dropped 27 cents to $24.01. Time Warner Cable rose 79 cents, or 1.6 percent, to $49.08. The terms of the agreement are fair and in line with what Cablevision pays for other programs, spokesman Charles Schueler said today. Cablevision represents about 3 percent of ABC’s revenue, so that may have given it less leverage than Time Warner Cable or Comcast would have, according to Craig Moffett , an analyst with Sanford C. Bernstein in New York. “Cablevision had to know they were going to have to cave to ABC,” Moffett said. “Who had the greater leverage was never in doubt — it looks like Cablevision was just taking one for the team.” Internet Competition Broadcasters have said stations deserve to be compensated for supplying TV’s most-watched shows, including “NCIS,” “Sunday Night Football” and “Desperate Housewives.” In the past, the networks traded those rights to gain distribution for new cable channels, like Walt Disney’s ESPN2, or higher fees for their existing cable networks. Cable operators have balked at the fees because people can typically watch these programs on TV Web sites such as Hulu.com. New York-based Time Warner Cable already weathered blackout threats from News Corp.’s Fox in December. The two struck a deal the day after their contract expired, preventing viewers from losing access to sporting events such as the Sugar Bowl on New Year’s Day. The threats could become reality with Disney, said Chris Marangi , an analyst with Gabelli & Co. in Rye, New York. “This battle is not going to go away,” Marangi said. “Pay-TV providers are looking at this and saying to themselves: ‘Why should I buy the cow, when I can get the milk for free?’” To contact the reporter on this story: Kelly Riddell in Washington at kriddell1@bloomberg.net

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Rolfe Winkler: Those Calling For Financial Reform Aren’t Being Upfront About The Costs

March 6, 2010

Those calling for financial reform aren’t being upfront about its costs, making it impossible to achieve. This was again evident at the Roosevelt Institute’s otherwise very good conference at Time Warner Center yesterday.

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Real estate maven Ross eyes banking

February 12, 2010

Manhattan real estate mogul Stephen M. Ross has quietly raised more than $1 billion so he can branch into banking. Ross, whose Related Cos. built the ritzy Time Warner Center in Midtown

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Real estate maven Ross eyes banking (New York Post)

February 11, 2010

Manhattan real estate mogul Stephen M. Ross has quietly raised more than $1 billion so he can branch into banking. Ross, whose Related Cos. built the ritzy Time Warner Center in Midtown, is hoping to leverage his expertise in commercial properties to buy banks saddled with construction loans and other…

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AOL Content Chief Wilson to Leave Web Company, Making Way for Google’s Eun

February 4, 2010

By Sarah Rabil Feb. 4 (Bloomberg) — AOL Inc. ’s Bill Wilson is leaving as chief of content production after nine years with the Internet company and will be succeeded by David Eun , a veteran of Google Inc. and Time Warner Inc. Wilson informed AOL of his decision to step down earlier this year, according to an internal memo from Chief Executive Officer Tim Armstrong . He will leave the company May 1, said Caroline Campbell, an AOL spokeswoman. Eun will join as president of AOL Media and Studios, starting March 1, the New York-based company said today in a statement. Eun, 43, will oversee more than 80 Web sites, including Lemondrop and Politics Daily ; Seed, the publishing platform for assigning and distributing freelance journalism; and video creator StudioNow. Separated from Time Warner in December, AOL is trying to reignite profit growth by investing in specialized Web sites and producing more original news and feature articles. Wilson, 41, helped AOL evolve to producing instead of licensing content as the company shifted its revenue source to advertising sales. “The fact that we have such a strong foundation in the content space is due to the determination and dedication of Bill Wilson,” Armstrong, who was named CEO in March and previously worked at Google, said in the memo. “He saw the opportunity presented by audience fragmentation on the Web.” Eun most recently managed global content partnerships for Google and its video-sharing site YouTube . Until 2006, he helped develop new digital and broadband businesses for Time Warner units, including AOL. AOL fell $1.05, or 4.2 percent, to $24.18 at 4:01 p.m. in New York Stock Exchange composite trading . To contact the reporter on this story: Sarah Rabil in New York at srabil@bloomberg.net

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AOL Posts a Profit in First Earnings Report After Spinoff From Time Warner

February 3, 2010

By Sarah Rabil Feb. 3 (Bloomberg) — AOL Inc. , the Internet company spun off from Time Warner Inc. , posted a fourth-quarter profit of 1 cent a share in its first earnings report as an independent firm. Net income totaled $1.4 million, compared with a loss of $1.96 billion a year earlier, when Time Warner wrote down the value of its Internet property, New York-based AOL said today in a statement distributed by Business Wire. Time Warner, the owner of Warner Bros. and CNN, spun off AOL in December, nine years after a $124 billion combination that triggered record losses . AOL Chief Executive Officer Tim Armstrong , 39, is trying to spur profit growth by investing in specialized Web sites and overhauling ad sales, and cutting about one-third of the company’s 6,900 employees. AOL, which runs sites such as MapQuest, PoliticsDaily and Lemondrop.com, rose 72 cents to $24.65 yesterday on the New York Stock Exchange. The shares, which began trading Dec. 10, have climbed 5.9 percent this year. As a standalone company, the Internet pioneer founded in 1985 reported declines in subscribers to its online access service and in advertising revenue. Total revenue dropped 17 percent to $809.7 million. To contact the reporter on this story: Sarah Rabil in New York at srabil@bloomberg.net

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News Corp. Said to Offer Cash, Debt Assistance to Keep MGM Studio Running

January 30, 2010

By Sarah Rabil and Michael White Jan. 30 (Bloomberg) — News Corp. has expressed interest in providing Metro-Goldwyn-Mayer Inc. with cash and assistance in restructuring debt to keep the studio independent, according to a person with knowledge of the situation. The non-binding offer from News Corp. , owner of the Twentieth Century Fox film studio, was outlined in a letter this week, said the person, who declined to be identified because the talks are private. The person wouldn’t disclose other terms. MGM, maker of the “James Bond” movies, is evaluating preliminary bids from possible buyers as it struggles with $3.7 billion in debt. News Corp.’s Fox studio distributes DVDs for Los Angeles-based MGM. Chris Petrikin , a Fox spokesman, declined to comment. The media investment firm Qualia Capital LLC is separately offering MGM $500 million to fund operations as part of a plan that also seeks to convert some debt to equity, another person with knowledge of the situation said yesterday. In return, Qualia would receive an equity stake in MGM, said the person, who wasn’t authorized to speak publicly. Susie Arons , an MGM spokeswoman, declined to comment. News Corp., the owner of Fox television, signed a non- disclosure agreement with MGM on Jan. 15, overcoming a monthlong impasse and allowing it to proceed with an offer, according to a person familiar with the decision. News Corp., based in New York, gained 9 cents to $12.61 yesterday in Nasdaq Stock Market trading . Class A shares of the company, controlled by Chairman and Chief Executive Officer Rupert Murdoch , gained 51 percent last year. Interest Respite MGM said yesterday its lenders extended a respite on interest payments covering the debt until March 31 to give the movie studio time to restructure or find a buyer. MGM will spend “several weeks” evaluating preliminary bids. Lenders agreed in October to let MGM skip interest payments. The studio has since put itself up for sale. “Fame” was MGM’s sole theatrical release in 2009, collecting $69.8 million in worldwide ticket sales, according to Box Office Mojo. The movie, a remake of a 1980 film, cost $18 million to produce, according to the Sherman Oaks, California- based researcher. MGM plans three theatrical releases this year, starting with “Hot Tub Time Machine” on March 26. MGM, created in 1924, made films including “The Wizard of Oz” and “Ben Hur.” The company, owner of a 4,100-film library with titles including “Rocky,” sold many of its early movies prior to its 2005 buyout by a group led by private equity firms Providence Equity Partners and TPG. It has a co-production deal with Warner Bros. on the planned film “The Hobbit.” Time Warner Inc. , owner of the Warner Bros. film studio, was among the first-round bidders, a person familiar with the offers said last week. Lions Gate Entertainment Corp. , the independent film studio run from Santa Monica, California, is also involved in the auction. Time Warner, based in New York, rose 64 cents to $27.45 today in New York Stock Exchange composite trading . The shares gained 40 percent in 2009. Lions Gate fell 2 cents to $5.20 after rising 5.6 percent last year. To contact the reporters on this story: Sarah Rabil in New York at srabil@bloomberg.net ; Michael White in Los Angeles at mwhite8@bloomberg.net

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Fox, Time Warner Cable announce broadcast deal

January 2, 2010

Fox, Time Warner Cable announce broadcast deal

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Time Warner Cable, News Corp.’s Fox Resolve Dispute Over Programming Fees

January 1, 2010

By Kelly Riddell Jan. 2 (Bloomberg) — News Corp. ’s Fox network and Time Warner Cable Inc. resolved a fee dispute that threatened to keep football bowl games and dramas like “24” off the air in the cable operator’s two largest markets. The two companies said in a statement that they agreed in principle on a distribution deal, without disclosing the terms. Fox had said it would pull programs if the two parties failed to strike a deal by a Dec. 31 deadline, which was extended so talks could continue. The accord allows the cable operator to keep broadcasting college and National Football League games, as well as programs such as “American Idol,” the most-watched U.S. TV series. A blackout would have affected 3.9 million Time Warner Cable customers, including viewers in New York City and Los Angeles, which account for almost one-third of its subscribers. “The media landscape is being reshaped by this deal,” James Goss , an analyst at Barrington Research Associates in Chicago, said in an interview before the announcement. “All broadcasters will now try to get paid for their free over-the- air content.” He had predicted a payment of at least 50 cents per subscriber per month with some concessions by Fox. Time Warner Cable also was negotiating on behalf of Bright House Networks, the seventh-largest U.S. cable operator. The closely held company, with headquarters in Orlando and in Syracuse, New York, has more than 2 million subscribers, according to its Web site. Time Warner Cable dropped 44 cents, or 1.1 percent, to $41.39 on Dec. 31 in New York Stock Exchange composite trading . New York-based News Corp. fell 22 cents to $13.69 on the Nasdaq Stock Market. Past Practices For about two decades, the owners of networks gave away retransmission rights for their stations, relying on higher programming fees for their cable networks or better channel positioning to help drive sales . Time Warner Cable has been trying to stem costs by resisting retransmission demands. In national campaigns, Chief Executive Officer Glenn Britt asks subscribers to pressure programmers to keep costs low. Britt argues higher fees ultimately are billed to the customer and that network programming is free on the Internet and over the air. Time Warner Cable, the second-largest cable operator, has about 13 million video subscribers. Comcast Corp. is the largest cable company. Retransmission costs will continue to climb, according to research firm SNL Kagan. Total retransmission fees will increase to $1.3 billion by 2012, compared with $739 million in 2009, according to the Charlottesville, Virginia-based researcher. Programming cost disputes aren’t new to Time Warner Cable. A similar battle in 2008 with Viacom Inc. was resolved before channels like MTV Network went black. In 2000, the cable operator pulled ABC-owned stations briefly from its lineup during a dispute with Walt Disney Co. over carriage of its cable networks. To contact the reporter on this story: Kelly Riddell in Washington at kriddell1@bloomberg.net

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Fox, Time Warner Cable Continue Fee Negotiations Past Midnight Deadline

January 1, 2010

By Kelly Riddell Jan. 1 (Bloomberg) — News Corp. ’s Fox network kept its programming on Time Warner Cable Inc. as the companies worked to resolve a fee dispute, extending talks past a Dec. 31 deadline. The companies agreed to a “short extension,” Time Warner Cable spokesman Alex Dudley said today in a statement. Fox had threatened to turn off its signal if the two parties couldn’t reach a deal, which would prevent Time Warner Cable subscribers from watching some New Year’s Day football games. A blackout would affect about 6 million cable subscribers in cities including New York, Los Angeles, Orlando and Austin. Fox, whose profit declined 54 percent in its fiscal first quarter, loses advertising revenue if the programs go off the air, said Matthew Harrigan of Wunderlich Securities. “It’s mutually assured destruction if they don’t reach an agreement,” the Denver-based analyst said in an interview before the deadline. “The networks can’t really afford to pull their signal because then they shoot themselves with the advertising and conversely the other cable companies get hit by their customers.” Time Warner Cable also is negotiating on behalf of Bright House Networks, the seventh-largest U.S. cable operator. The closely held company, with two headquarters in Orlando and in Syracuse, New York, has more than 2 million subscribers, according to its Web site. Time Warner Cable dropped 44 cents, or 1.1 percent, to $41.39 on Dec. 31 in New York Stock Exchange composite trading . New York-based News Corp. fell 22 cents to $13.69 on the Nasdaq Stock Market. Falling Revenue U.S. TV industry revenue may decline 22 percent this year, station consultant BIA/Kelsey said Dec. 22. Broadcast networks are asking cable and satellite systems to pay retransmission fees in markets where they own stations, saying programmers deserve compensation for supplying TV’s most-watched shows. In the past, the networks traded those rights to gain distribution for new cable channels. “We need to receive fair compensation from Time Warner Cable to go forward,” News Corp. Chief Operating Officer Chase Carey said in a memo to employees Dec. 30. Time Warner Cable Chief Executive Officer Glenn Britt has said his company shouldn’t have to prop up broadcasters through rate increases that are higher than the rate of inflation. The cable operator had said it wanted to seek arbitration to resolve the dispute, and that it would agree to a 30-day cooling off period in negotiations if Fox would. Request Denied On Dec. 30, Carey rebuffed Britt’s request for arbitration and declined a proposed extension that would allow Time Warner Cable to air Fox programs while the parties negotiate. U.S. Senator John Kerry said in a letter to News Corp. dated Dec. 30 that he would ask the U.S. Federal Communications Commission to force Fox to keep its signal turned on if the issue wasn’t resolved. Programming cost disputes aren’t new to Time Warner Cable. A similar battle last year with Viacom Inc. was resolved before channels like MTV Network went black. In 2000, the cable operator pulled ABC-owned stations briefly from its lineup during a dispute with Walt Disney Co. over carriage of its cable networks. The FCC was last drawn into retransmission talks in 2007. The agency’s media bureau concluded it didn’t have the authority to require binding arbitration in the fee dispute between Sinclair Broadcast Group Inc. and cable provider Mediacom Communications Corp. Sinclair, based in Hunt Valley, Maryland, pulled its signals from Mediacom systems for almost a month before the sides agreed on a new contract. About 700,000 subscribers were affected. Time Warner Cable markets that would be affected by an outage include Los Angeles, Austin, Texas; Detroit, New York City, Orlando and Tampa Bay, Florida. The following table shows the games that may be blacked out, the date and the cities affected: To contact the reporter on this story: Kelly Riddell in Washington at kriddell1@bloomberg.net

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Video: News Corp. Likely to Pull Fox From Time Warner Cable: Video

December 30, 2009

Dec. 30 (Bloomberg) — Bloomberg’s Patricia Wu reports on the possibility that News Corp. will pull the Fox broadcast network from Time Warner Cable Inc. News Corp. says it isn’t likely to reach an agreement with Time Warner and expects to end Fox broadcasts on the cable system when their deal expires tomorrow. (Source: Bloomberg)

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Time Warner buys 92% of NDTV Imagine

December 17, 2009

Time Warner buys 92% of NDTV Imagine

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FIFA’s Warner backs England World Cup bid

December 1, 2009

FIFA’s Warner backs England World Cup bid

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Video: Time Warner Sets Dec. 9 Date for Planned AOL Spinoff: Video

November 17, 2009

Nov. 17 (Bloomberg) — Time Warner Inc. stockholders will receive one share of AOL common stock for every 11 shares they own in the planned separation of the Internet unit next month. The shares will be distributed Dec. 9, New York-based Time Warner said in a statement. Bloomberg’s Sheila Dharmarajan reports. (Source: Bloomberg)

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Senate’s Warner Urges Goldman Sachs to Watch `Optics’ on Executives’ Pay

October 2, 2009

By Alison Vekshin Oct. 2 (Bloomberg) — Goldman Sachs Group Inc. must be cautious about handing out record bonuses while the banking industry is still under distress or risk spurring an outcry from Congress, U.S. Senator Mark Warner said. “I do hope that Goldman Sachs will be a little more sensitive to the optics of their actions,” Warner, a member of the Senate Banking Committee , said today in an interview on Bloomberg Television’s “Political Capital with Al Hunt ,” to be broadcast today. “They ought to be sensitive to the fact that the whole industry is still under a great deal of scrutiny,” said Warner, a Virginia Democrat. “You can end up seeing a reaction on the Hill if there’s not some of that sensitivity.” Goldman Sachs, the biggest U.S. securities firm before converting to a bank holding company in September 2008, set aside $11.4 billion to pay compensation in the first six months of this year after reporting record earnings. Goldman Sachs spokesman Lucas Van Praag didn’t immediately return messages seeking comment. Warner said the banking committee will finish drafting legislation based on President Barack Obama’s proposal to overhaul U.S. financial regulations this month and will meet in November to consider amendments. The legislation can be finished next month, he said. “If we did not learn the lessons of the worst financial meltdown in all our lifetimes and try to put new rules of the road in place, I think it would be a disaster,” Warner said. Council of Regulators Warner said he supports creating a council of regulators to monitor systemic risk that would include the Federal Reserve and the Treasury Department, adding that there is a sense on the committee that setting up a council is the “right way” to go. The banking panel will consider creating a single bank regulator by merging the oversight powers of the Federal Reserve and the Federal Deposit Insurance Corp., with the Office of the Comptroller of the Currency and the Office of Thrift Supervision, Warner said. The committee plans to take into account the concerns of community bankers, who say merging the four bank regulators would make them “a stepchild” to larger banks, Warner said. Warner said the government shouldn’t have a say in who replaces Kenneth Lewis as chief executive officer of Bank of America Corp. “I actually think that the board ought to be making that decision,” Warner said. “The government micromanaging these companies — that is a very dangerous place to be.” ‘Arbitrary Cap’ Warner dismissed discussion about setting limits on Wall Street compensation, saying it’s “really hard to set an arbitrary cap.” “The private sector will always find a way around that,” he said. “If too much risk was taken and we end up seeing the institution go down, some notion of a clawback makes a lot of sense.” While Goldman Sachs has repaid the funds it owed the government under the $700 billion Troubled Asset Relief Program, the financial sector is “still not out of the woods,” Warner said. Warner said the Senate will pass a health-care bill this year with 60 votes, adding that he hoped to see Republican support for the legislation. Republicans haven’t supported the legislation even after Democrats on the Senate Finance Committee agreed to such compromises as excluding a government-run insurance program from its legislation, Warner said. Warner said Virginia voters’ concern about what is happening in Washington is causing Creigh Deeds , the Democratic party’s gubernatorial candidate in Virginia, to fall behind. “He’s got a month to close this race,” Warner said. “We can turn out the more moderate voters if we can make this a choice not about what is going on in Washington, but about the record of the last eight years in Virginia.” To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net .

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Goldman Sachs Should Have More Sensitivity About Bonus Impact, Warner Says

October 2, 2009

By Alison Vekshin Oct. 2 (Bloomberg) — Goldman Sachs Group Inc. must be cautious about handing out record bonuses while the banking industry is still under distress or risk spurring an outcry from Congress, U.S. Senator Mark Warner said. “I do hope that Goldman Sachs will be a little more sensitive to the optics of their actions,” Warner, a member of the Senate Banking Committee , said today in an interview on Bloomberg Television’s “Political Capital with Al Hunt ,” to be broadcast today. “They ought to be sensitive to the fact that the whole industry is still under a great deal of scrutiny,” said Warner, a Virginia Democrat. “You can end up seeing a reaction on the Hill if there’s not some of that sensitivity.” Goldman Sachs, the biggest U.S. securities firm before converting to a bank holding company in September 2008, set aside $11.4 billion to pay compensation in the first six months of this year after reporting record earnings. Goldman Sachs spokesman Lucas Van Praag didn’t immediately return messages seeking comment. Warner said the banking committee will finish drafting legislation based on President Barack Obama’s proposal to overhaul U.S. financial regulations this month and will meet in November to consider amendments. The legislation can be finished next month, he said. “If we did not learn the lessons of the worst financial meltdown in all our lifetimes and try to put new rules of the road in place, I think it would be a disaster,” Warner said. Council of Regulators Warner said he supports creating a council of regulators to monitor systemic risk that would include the Federal Reserve and the Treasury Department, adding that there is a sense on the committee that setting up a council is the “right way” to go. The banking panel will consider creating a single bank regulator by merging the oversight powers of the Federal Reserve and the Federal Deposit Insurance Corp., with the Office of the Comptroller of the Currency and the Office of Thrift Supervision, Warner said. The committee plans to take into account the concerns of community bankers, who say merging the four bank regulators would make them “a stepchild” to larger banks, Warner said. Warner said the government shouldn’t have a say in who replaces Kenneth Lewis as chief executive officer of Bank of America Corp. “I actually think that the board ought to be making that decision,” Warner said. “The government micromanaging these companies — that is a very dangerous place to be.” ‘Arbitrary Cap’ Warner dismissed discussion about setting limits on Wall Street compensation, saying it’s “really hard to set an arbitrary cap.” “The private sector will always find a way around that,” he said. “If too much risk was taken and we end up seeing the institution go down, some notion of a clawback makes a lot of sense.” While Goldman Sachs has repaid the funds it owed the government under the $700 billion Troubled Asset Relief Program, the financial sector is “still not out of the woods,” Warner said. Warner said the Senate will pass a health-care bill this year with 60 votes, adding that he hoped to see Republican support for the legislation. Republicans haven’t supported the legislation even after Democrats on the Senate Finance Committee agreed to such compromises as excluding a government-run insurance program from its legislation, Warner said. Warner said Virginia voters’ concern about what is happening in Washington is causing Creigh Deeds , the Democratic party’s gubernatorial candidate in Virginia, to fall behind. “He’s got a month to close this race,” Warner said. “We can turn out the more moderate voters if we can make this a choice not about what is going on in Washington, but about the record of the last eight years in Virginia.” To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net .

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Video: In-Depth Look – Congress Begins New Financial Regulations

October 2, 2009

Analysis and discussion with Democratic Senator Mark Warner. He talks about the work on new financial regulations. (Political Capital)

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SDL Tridion: Warner Leisure Hotels Lays Foundations for Expansion

September 1, 2009

SDL Tridion: Warner Leisure Hotels Lays Foundations for Expansion

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Work Faces

August 1, 2009

law firm WarnerStevens L.L.P. has hired Stewart Wayne as senior counsel

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Disney’s `G-Force’ Topples `Harry Potter’ as Top Film With $32.2 Million

July 26, 2009

By Janet Frankston Lorin and Laura Myers July 26 (Bloomberg) — “G-Force,” the 3-D animated picture from Walt Disney Co. , toppled “Harry Potter and the Half-Blood Prince” as the top film in U.S. and Canadian theaters with $32.2 million in sales. Harry Potter had $30 million in ticket revenue for Time Warner Inc

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