As we noted yesterday, Pali Capital analyst Richard Greenfield has been a man on a mission: Get CEO Dick Parsons tossed out of bumbling Time Warner. Why is Greenfield so adamant? First, because he thinks Parsons is the wrong man for the job. Second (we hear), because he fell hook, line, and sinker for Time Warner turnaround story version 18 a while back and got burned.
Whatever the reason, Greenfield published a note yesterday essentially demanding that Parsons get the boot. And today Times of London is reporting that Dick is as good as gone!
Did Rich get Dick fired? We haven’t the faintest idea. You be the judge!
Update: Rich takes issue with our description of him as a TWX bear. He points out that he’s had a “buy” rating on the shares for less than two months this summer, and has had a “neutral” for most of the last two years:
2/15/06 TWX: We Would Vote For Icahn Unless TWX Moves Aggressively; Initiating Coverage – NEUTRAL
7/16/07 TWX: Time to Say ‘Good-Buy’ to TWX; Split-Up Coming; Upgrading to BUY [TWC remains Neutral]
9/6/07 TWX: Confidence in Mgmt Diminished, Reducing Ests; Lowering Back to Neutral; Invest Elsewhere in Media [Approved for Distribution]
Dick Parsons Value to Time Warner: -$1.5 Billion
Bring Me Dick Parsons’ Head…Now!
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