Why Time and CNN stink out loud
It is a question of ownership. The current owners are not interested in running news organizations; or even maximizing returns for shareholders. The current ownership regard their news properties and an agit-prop operation to promote their corporate agenda.
There is Jeffrey Bewkes, Chairman and CEO. Clearly Bewkes has had bad dealings with at least one inventor. Last month alone Bewkes dumped $1,605,089.28 worth of TimeWarner stock because, it seems, $21.5 million a year is not sufficient to get by on. This is not the action of a man with any interest in maximizing shareholder value, or even any confidence in his own management.
Robert Shaye is Co-Chairman of New Line Cinema and Co-Chief Executive Officer of New Line Cinema. No indication of stock dumping or other dubious conduct, so it seems someone on the board of directors is actually interested in product.
Ann Moore is Chairman of Time Inc and Chief Executive Officer of Time Inc., she also serves on the Board of Directors of the Wallace Foundation. She hasn't dumped any TimeWarner stock; but she has dumped a lot of Avon stock where she sits on the Board of Directors and contributes God knows what to the company.
Barry Meyer is Chairman of Warner Bros Entertainment Inc and Chief Executive Officer of Warner Bros Entertainment Inc. He serves on the Board of Directors of Human Rights Watch and has no record of dumping stock.
Michael Lynne is Co-Chairman of New Line Cinema and Co-Chief Executive Officer of New Line Cinema. He does not dump stock and like his co-chair Robert Shaye, would appear to have an interest in producing actual product.
Bill Nelson is Chairman of Home Box Office and Chief Executive Officer of Home Box Office. He has no indications of stock dumping or other dubious activity.
Philip Kent is Chairman of Turner Broadcasting System and Chief Executive Officer of Turner Broadcasting System. He appears to be a career guy and has engaged in no stock dumping that I know of. There does not seem to be any obvious explanation as to why he is content to preside over a news organization so bad as to be a national embarrassment. Mr. Kent, stop hurting America!
Tim Armstrong is Chairman of AOL and Chief Executive Officer of AOL. Reportedly he wants to turn AOL into a low cost content machine.
Now we get to the fun part, the outside directors:
Stephen Bollenbach of Hilton Parsippany, President and Chief Executive Officer of Christopher Reeve Paralysis Foundation, he also serves on as a director for Teach for America, which goes a long way to explain Time and CNN's enthusiasm for education deform. At least he has not dumped any TWX stock so far, so there's that.
Michael Miles is Director, Chairman of Compensation Committee, Member of Executive Committee and Director of American Airlines. He also sits on the board of directors of Citadel Broadcasting, yes that Citadel Broadcasting. Formerly Michael Miles was with Philip Morris. Need I say more?
Robert Clark is Independent Director, Chairman of Nominating & Governance Committee and Member of Audit & Finance Committee. He is a former Harvard Prof., he authored an article entitled: "Does the Nonprofit Form Fit the Health Care Industry?" 93 Harvard Law Review 1416 (1980). Don't suppose we have any readers who could get hold of it?
Kenneth Novack is a Senior Counsel at Mintz Levin. He also holds senior positions in the firm’s portfolio companies and is actively involved in all aspects of the firm, including the investment process.
James L. Barksdale is currently with FedEx, but is most famous for running Netscape into the ground. Barksdale seems to have spent this year dumping Sun Microsystems stock, where is is also a director. Sourcewatch:
James L. Barksdale was described March 5, 2001, by Mother Jones as a "die-hard Republican who has backed George W. Bush, John Ashcroft, and Senate Majority Leader Trent Lott" and has broken "party ranks only when high-tech issues are on the line: He gave $3,000 to Rep. Zoe Lofgren, a Democrat from Silicon Vallye known for her support of easing trade, and former Senator Bob Kerrey, a Nebraska Democrat who chaired the Web-based Education Commission that advocated federal spending to wire public schools."
Frank Caufield is General Partner and Co-Founder, Kleiner, Perkins, Caufield & Byers, a venture capital firm in Silicon Valley. In 2009 Caufield dumped $2,589,227 worth of TimeWarner, which tells you what he thinks of the company.
Jessica Einhorn seems very tight with international banksters. She serves on Pete Peterson's Institute for International Economics. This may explain CNN's role in anti-social security agit-prop. Maybe we should start a campaign to have her resign form TimeWarner's Board of Directors.
William Barr was Bush 41's AG. He is VP and General Counsel for Verizon, so he is one reason that both Time and CNN are so enthusiastic about warrantless wiretaps. Barr appears to spend his time at Verizon making tiny stock acquisitions and huge stock dumps.
Fred Hassan is CEO of Schering of Plough, Merck & Co. Inc., and no doubt a major reason Time and CNN have a black out on Medicare for All news. (He also sits on the board of Cabela's, a luxury retailer for hunters and fishermen.
When you look at the leadership of TimeWarner, it is pretty clear why Time and CNN are such poor excuses for news organizations.