Time Warner Boss to End Six-Year Reign

TIME Warner boss Richard Parsons is expected to end his six years at the helm of the US entertainment giant this week, handing over the reins to his number two, Jeff Bewkes.

Parsons will probably stay on as chairman until into early next year, after which he is tipped to run for election as Mayor of New York.

Time Warner shares have lost a fifth of their value this year, as the company has struggled to overhaul its ailing AOL internet arm.

Bewkes is expected to unveil plans to revive the company, including spinning off AOL, which has slashed ten of thousands of staff in recent months.

(c) 2007 Daily Mail; London (UK). Provided by ProQuest Information and Learning. All rights Reserved.