It’s not just activist shareholders who want to see big changes at Time Warner.
Two of the New York media giant’s largest longtime investors are also running out of patience and would support a sale of all or parts of the company, The Post has learned.
Time Warner Chief Executive Jeff Bewkes was slated to meet with one of the company’s biggest investors last week as he tries to head off a potential proxy fight, sources said to New York Post. He is scheduled to meet with another top investor this week.
“These guys want to see change, ” referring to a sale, said one source with direct knowledge of the situation. “Everyone wants a change there.”
The face-to-face meetings come as activists circle the company. Several sources said they believe Carl Icahn, who waged a battle a decade ago to break up Time Warner, is buying up shares and will take another run at the company.
Time Warner Cable has been an entirely independent company, merely continuing to use the Time Warner brand under license from its former parent.
In 2014, the company was the subject of a proposed purchase by Comcast Corporation, valued at $45.2 billion; however, following opposition to the deal by various groups, along with plans by the U.S. government to try and block the merger, Comcast called off the deal in April 2015.
On May 26, 2015, Charter Communications announced that it would acquire Time Warner Cable for $78.7 billion, along with Bright House Networks in a separate $10.1 billion deal, pending regulatory approval. Charter expects to complete the former transaction by the end of 2015.