While hardly needing the money Bewkes saw his 2017 compensation balloon to $49 million the 1974 Yale graduate departs following a 39-year career at Time Warner that included restructuring media operations, downsizing New Line Cinema, and selling AOL and Time Warner Cable, among other initiatives. History is filled with what-ifs and woulda-coulda-shoulda scenarios that have undermined lesser executives. Jeffrey Bewkes was born on May 25, 1952 in Paterson, New Jersey, USA. He earned an undergraduate degree from Yale University and an MBA from the Stanford University. While former CEO Parsons notoriously bragged it would be cold day in hell before he entered a video store, Bewkes lauded the rollout of UltraViolet the cloud-based digital content platform that has seen many of its major studio partners, Warner included, migrate to the competing Movies Anywhere platform. 2. Time Warner was also once a vertically integrated company, owning regional cable and internet provider Time Warner Cable and networks such as HBO, TNT and TBS, and the Warner Bros. production studio. Bewkes is quoted about the aftermath of the $108 billion merger in a James Andrew Miller book called Tinderbox: HBO's Ruthless Pursuit of New Frontiers, which will be released on November 23. Dr. Alan J. Acierno. 9. Time Warner had recently come to a settlement with activist shareholder Carl Icahn, who was calling for a breakup. Bewkes "agreed to remain with the company as a senior advisor during a transition period," an AT&T press release at the time noted. Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox. Anyone who has heard of HBO, the Home Box Office channel, has heard of at least one of these programs The Sopranos, Six Feet Under, Sex and the City. And Bewkes successfully fended off an unsolicited takeover offer for Time Warner by Rupert Murdoch's 21st Century Fox (FOXA) that had fallen to about $60 billion by the time it was withdrawn in 2014. The $186.2 billion price tag seemed visionary at the time, but quickly devolved into a corporate culture way and the of the dot-com collapse. WebJeffrey Bewkes, Self: A Tribute to Sheila Nevins: Newhouse Mirror Awards. NEWS ANALYSIS When a federal judge greenlighted AT&Ts $85 billion acquisition of Time Warner, Jeff Bewkes, 10-year CEO of the media giant that includes Warner Bros., Turner (TBS, TNT, CNN, Turner Classic Movies, Cartoon Network), HBO and Cinemax, officially became a lame duck. One way or another, in the long run, we think its a business that can grow, although it isnt growing as fast as television.. Scott asked Bewkes to review tables showing recent ad revenue from 2012 to 2017, reading the figures aloud and they showed low-single-digit increases, not adjusting for inflation. Bewkes plans to stick around post-merger for a transition period, and WarnerMedia shareholders hang around too because half the purchase price is in AT&T stock. Bewkes joined HBO in 1979, when pay cable networks were a novelty and mainly showed movies a couple of months after they were in theaters. First published June 13, 2018: 11:04 AM ET, interview with The New York Times in December 2010, These are your 3 financial advisors near you, This site finds and compares 3 financial advisors in your area, Check this off your list before retirement: talk to an advisor, Answer these questions to find the right financial advisor for you, An Insane Card Offering 0% Interest Until Nearly 2020, Transferring Your Balance to a 14-Month 0% APR is Ingenious, The Top 7 Balance Transfer Credit Cards On The Market Today, Get $300 Back With This Outrageous New Credit Card. 1999: Viacom Buys CBSFifteen years ago, the media giant acquired the TV network for $34.1 billion. It's catching up to HBO in worldwide subscribers. Your California Privacy Rights | Do Not Sell My Personal Information 2006: Disney Buys PixarIn the first of a series of key moves from Disney CEO Bob Iger -- ones that would ensure long-term health and eventually see the companytake record-breaking market share -- Steve Jobs was convinced to entrust the animation studio to them for a reported $7.4 billion. In part to hedge his DirecTV bet, Stephenson decided to acquire Time Warner. No one likes to be micromanaged, and that includes Jeff Bewkes, former chairman and CEO of Time Warner, who in the new book Tinderbox presents his side of the story on the AT&T acquisition of Time Warner. It didnt exactly work out the way it was planned or, at least, not like Bewkes planned it. For, Read More A Guide to Shipping Your Deliveries This Black Friday and Cyber MondayContinue, There are examples of billionaires from all around the world. Two years later, Time Warner struck a deal with AT&T for $85 billion. Bewkes said the acquisition would help level the SVOD playing field while increasing our companys exposure to the secular growth in over-the-top.. He would travel around the country, shilling his digital wares to hotel owners who were not quite sure what they were getting into. Already a member? As CEO for the past decade, Bewkes focused Time Warner (TWX) on its entertainment, news and sports properties. A new multi-family residential development is moving forward at the southwest corner of Crystal Lake Avenue and Main Street. 2022 Cable News Network. Annoying for some, excellent for others. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Read our affiliate link policy. "Bewkes was handed a mess from the AOL acquisition and was charged with cleaning that up," said Harold "Hal" Vogel, an analyst with Vogel Capital Management who has followed the media and entertainment industry since the 1970s. We have been trained to work with a variety of issues-Depression, Anger, Anxiety (group and individual formats), Bipolar disorder, Trauma, Child and Adolescent What Exactly is a Trailing Stop Loss Order? This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. His politics are not so easily figured out. His college years were not spent studying business. Here are 10 things you didnt know about the Time Warner CEO. The company has repeatedly said it doesn't care to acquire content engines, but this signals a strong urge to level competition if they ever change their minds. How Chipotle's Stock Price More Than Quadrupled in Five Years. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Catalina Sandino Moreno and Jeff Bewkes during 2005 HBO Pre-Golden Globe Awards Party in Los Angeles, California, United States. China IBeLink BM-K1 Miner 5.3Th mining Kadena algorithm 835W IBeLink BM-K1 Miner 5.3Th mining Kadena algorithm 835W Cooldragon New. 0.0. So It Redesigned Its Iconic Can. It has gained a great deal of attention because it has recently, Read More 20 Things You Didnt Know About ProSight GlobalContinue, The madness of Black Friday and Cyber Monday is fast approaching, which means we can expect the British public to act like zoo animals for an entire weekend. Last year, Sports Illustrated and AOL were heading toward a clash, the latest in a series of quarrels between Time Warner Inc.'s units. Bewkes believed Tsujiharas digital expertise (he once headed short-lived digital platform Fandom.com during the dotcom era) would make a better fit going forward. Instead of trying to be a company known for its diversification, he made AOL a separate business, made Time, Inc. an independent publishing company, and let Time Warner cable see if it could survive on its own. S mais um site jeff bewkes intuition partners Jon Brodkin How these wealthy people accrued so much money varies from one person to the next. The unnamed partner will be responsible for all TiVo product sales outside the, BLU-RAY REVIEW: Street 3/6/18; Disney/Marvel; Action; Box Office $314.97 million; $29.99 DVD, $39.99 Blu-ray, $39.99 UHD BD; Rated PG-13 for intense sequences of sci-fi violence and action, and brief suggestive material. Known for his dry sense of humor, the 66-year-old Bewkes most-famously survived comparing burgeoning media meteor Netflix in 2010 to the Albanian Army. The magazine wanted to merge its Web site with the AOL Web portal to create a massive sports site. However he does like to take on other topics involving some of his personal interests like automobiles, future technologies, and anything else that could change the world. Bewkes spoke about vertical integration in a CNBC interview about the rise and fall of AOL. "Mr. Bewkes first planted the seed of a sale of Time Warner to AT&T in 2014, as he was looking to fend off Rupert Murdoch's 21st Century Fox's takeover attempt," the WSJ article said. HBO stands for Home Box Office, after all. AT&T completed its acquisition of Time Warner in June 2018 after defeating a Department of Justice lawsuit that tried to block the deal. Ad Choices, Stankey told HBO employees at a town hall-style meeting. AT&T CEO Randall Stephenson has since watched millions of customers cancel DirecTV's satellite TV service as the quality of online viewing has improved. Once open, check out their nachos, burritos, burrito bowls, salads, tacos, fries and quesadillas. WebFounded in 2010, Intuitive Venture Partners is a boutique venture investment company that specializes in the structuring, marketing and execution of private placements of equity AT&T is not the only telecommunications company to pursue vertical integration. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Not Bewkes. Bewkes and the Time Warner board decided to sell Time Warner to AT&T for $107.50 per share, more than 26% higher than Murdoch's $85-per-share offer. Bewkes left the top post at the same time, collecting an exit package reportedly worth nearly $98 million. Learn how your comment data is processed. The Warner Bros. movie studio has cranked out blockbusters under Bewkes, including "The Dark Knight" and the Harry Potter franchise and, more recently, "The Lego Movie," "Wonder Woman" and "It.". Despite giving up on Time Warner, Stankey defended AT&T's stewardship of the company. And then Randall [Stephenson, AT&T CEO] and I will figure out whats the best way to go over the long run. It is the legacy that I have been the steward of, he told The Times. The 99-unit This article also has been updated with Time Warner's total shareholder return. "If you are in an acquisition and somebody pays a premium for your stock, by definition it means something has to change," Stankey is quoted as saying in Miller's book, according to the WSJ. I dont think so, Bewkes told The New York Times. Word from both parties is that the defense may wrap up its case as soon as Tuesday. Jeff Bewkes promised Time Warner and AT&T investors that his companys creativity wont fall off after the proposed merger officially goes through after all, hell still be there. He spun off AOL, Time Warner Cable and Time Inc., none of which has survived as an independent company. AT&T eliminated tens of thousands of jobs across its media and telecom divisions after the Time Warner merger. The rental community features a ranch townhome design that gives each resident their own attached garage and ADA accessible entrance. We want to hear from you! Plepler resigned in February 2019 amid reports that he was frustrated about having less autonomy to run HBO under AT&T's ownership. Time Warner's total return, which includes dividends, has surged by nearly 260% since he took over as CEO. Silicon Valley firms, meanwhile, can do it all in-house, with their thousands of engineers and customer acquisition and retention specialists on the payroll. Mr. Stephenson replied, 'hold that thought maybe one day we'll talk.'". 2023 Variety Media, LLC. The Harvard dropout has made Facebook the preeminent social-media platform and a sociopolitical force, all while posting record profits. Send us a tip using our annonymous form. We compete all over the world, he said. But it was more than streaming to Bewkes. View open jobs at this location. A primary focus of being CEO was to benefit shareholders. What IsFansly? And SVOD was just rental on steroids. He believed content ownership both physical and digital should trump rental. The bulk of that increase came from $32 million in stock awards. The same is true of of our division heads and all of our top execs., Most of creative input comes from outside the company, in partnership with us, Bewkes added when asked specifically about maintaining the HBO homes strong creative standard. Stankey also said that "he still believes in the vision behind AT&T's purchase" but that he made the spinoff deal with Discovery in part because investors "refused to give us credit for [the] progress" made with Time Warner. Beginning in 2011, the Turner networks TBS, TNT and TruTV won the rights to broadcast the NCAA men's college basketball tournament, also known as March Madness, alongside CBS. In part to hedge his DirecTV bet, Stephenson decided to acquire Time Warner, Stankey defended at T... 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