Jeffrey Bewkes Extends Time Warner Contract

NEW YORK: Time Warner Chairman and CEO Jeffrey Bewkes has extended the term of his employment contract another three years, through 2020.

Bewkes was named chairman and CEO in 2009, and prior to this was appointed president and CEO in 2008. From January 2006 to December 2007, he served as president and COO, and was the chairman of the entertainment and networks group from July 2002 to December 2005. During the time Bewkes has served as CEO, Time Warner has delivered a total shareholder return of 162 percent, well ahead of both the S&P 500 and the average return of the company’s media peers.

“The Board of Directors is delighted that Jeff has agreed to extend his employment agreement for another three years,” said Steve Bollenbach, the company’s lead independent director. “Since becoming CEO, Jeff has transformed the company to focus on video content, capitalized on the combined strength of Turner, HBO and Warner Bros., and delivered consistently strong operating and financial performance.”

Bollenbach continued: “More importantly, Jeff has developed and is executing the right long-term strategy for our company in a changing media landscape: one that uses the scale of our film and television businesses not just to create compelling video content that appeals to an increasingly diverse, worldwide audience, but also to lead the industry in developing innovative ways of distributing that content to consumers on both traditional and emerging platforms. We are very fortunate to have Jeff at the helm as we move forward with a strategy that positions Time Warner for sustainable success far into the future.”