NEW YORK, Feb. 6 (UPI) -- Time Warner Chief Executive Officer Jeffrey Bewkes said the company will split AOL's dial-up access service from advertising sales.
Making his comments during a conference call, Bewkes, who took over Time Warner in December 2007, said the company was also considering offering its 84 percent ownership of Time Warner Cable to shareholders.
Bewkes said Time Warner Cable was undervalued and didn't fit with the rest of the company's businesses, the Los Angeles Times reported.
The company also had plans to downsize its headquarters by 15 percent, cutting 100 jobs and saving $50 million in expenses. Part of the savings would come from selling assets, possibly including New Line Cinema
"With the recent trend towards fewer movie releases across the industry and a greater importance of overseas revenues, there's an obvious question about whether it still makes sense for us to have two completely separate studio infrastructures," he said.
Time Warner also owns Warner Bros. studio, which is considerably larger.
"We're reviewing how to operate New Line more efficiently, and we expect to take action fairly soon," Bewkes said.
