World Top Media Conglomerate Suffered Losses in Shares

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Last updated at: (Beijing Time) Friday, July 19, 2002

World Top Media Conglomerate Suffered Losses in Shares

AOL Time Warner Inc. replaced its operating chief Bob Pittman Thursday. Pittman came under pressure as the World's top media conglomerate suffered losses in shares.

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AOL Time Warner Inc. replaced its operating chief Bob Pittman Thursday. Pittman came under pressure as the World's top media conglomerate suffered losses in shares.

Two veteran media executives from the Time Warner side of the company, Jeff Bewkes and Don Logan -- both highly respected and known as hands-off managers -- were elevated to the position.

The company said the step is part of a management shake-up to solve the company's difficulties. The company is also dividing itsbusinesses into two distinct operating units, an acknowledgment that the sprawling array of media properties - which include CNN, HBO, Warner Bros. and Time magazine - are too big to be centrally directed by one operating executive.

AOL Time Warner shares fell Thursday after the Washington Post disclosed that the company was involved in "unconventional" deals to boost revenues before and after the merger between Time Warner and America Online. They ended regular trading down 66 cents, or 5percent, at 12.45 US dollars as the most actively traded issue on the New York Stock Exchange.

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