Pali Research’s Rich Greenfield pens another poison letter to Time Warner management: He concludes that AOL is screwed because kids these days spend all their time on MySpace and Facebook (Rich, Brandeis Class of ’95, is on FB too. Status update: “Richard is telling everyone to install the facebook for blackberry application…awesome”). Everything else is lousy too: Cable’s a mess, networks have issues, so do film and publishing.
As we’ve noted before, Rich is not a favourite among TWX execs. This won’t earn him any more friends: He concludes by questioning whether Jeff Bewkes really ought to be the designated heir to Richard Parson’s throne, and then piles on:
Even if Bewkes is the right executive why is the transition to Parsons taking so long (not to mention why has Wayne Pace been on his way out and largely invisible to the investment community for the entire last year?). The board appears unwilling to make hard decisions (quickly) to move Time Warner forward. Even if Bewkes replaces Parsons by year-end, it remains unclear whether Parsons will remain Chairman thru May 2008, on the board long-term, etcand whether Parsons’ views will impact Board decision-making going-forward within a Bewkes regime.
Business Insider Emails & Alerts
Site highlights each day to your inbox.