Time Warner's Shopping List: Scripps, Overseas Deals

Chatterers are still hoping that Time Warner (TWX) tries to make a run at NBC U later this fall, despite GE’s constant insistence that it’s not parting with Jeff Zucker and company., and Jeff Bewkes’ insistence that’s not a buyer.

So what will Bewkes do with the $9 billion he’s getting from the Time Warner Cable (TWC) spinoff? It’s a relatively mundane plan, says BusinessWeek, which has gotten some guidance from Time Warner CFO John K. Martin:

  • It’s going to buy back some shares.
  • It might buy Scripps, which has a bunch of valuable cable channels. TWX likes cable channels.
  • It will consider “TV, Web, movie, and even video game holdings” but these are likely to be smallish deals, made “chiefly in India, Eastern and Central Europe, and Latin America.”

This will be much less exciting for those off us on the sidelines, but a relatively safe path for Bewkes: Buying back shares gives you a short-term pop (theoretically); there is probably some growth left in cable channels, and there’s definitely opportunity in media markets outside the U.S.

See Also:
CNBC Interviews NBC Boss Jeff Zucker
AOL Not Buying Anything Big, But Time Warner Might
Bewkes: Time Warner Doesn’t Need NBC

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