Time Warner looks for growth in Europe

CANNES, France, Oct. 12 (UPI) -- Media giant Time Warner is looking to Europe for growth opportunities away from the saturated U.S. market.

Chief Executive Officer Richard Parsons told a news conference in Cannes that Europe has the established delivery platforms and consumer markets that Time Warner could leverage; however the company is also looking at developing economies in China and India.

The Hollywood Reporter said Parsons explained that while Time Warner stock prices were on the upswing, the U.S. market had limited upside potential, which requires the company to seek growth opportunities primarily overseas.

Parsons also said Time Warner and AOL decided not to challenge Google's $1.65 billion acquisition of Web site YouTube because it would have likely required a cash pay out rather than stock, which would have scuttled earnings.