Jeff Bewkes may take over Time Warner (TWX) on January 1, five months before Dick Parsons’ contract ends, the WSJ reports. Any change will probably initially be viewed as positive, but the WSJ questions whether Bewkes will instantly chop the company up. We, in turn, question whether he will be able to do anything with it other than cut costs and reshuffle assets.
It will be interesting to see what Bewkes views as Time Warner’s “core business.” With music gone, cable (partially) spun out, and AOL likely to be at least partially spun out, there soon won’t be much left. And investors will rightly ask why they should pay Bewkes, Parsons, et al, to babysit companies that are essentially operating on their own.