Jeff Bewkes Says Still Separating AOL Access, Admits Wasted Money on Bebo

Henry Blodget | May 30, 2008 1:01 PM

bewkespauliewalnuts.jpgTime Warner CEO Jeff Bewkes denied our source's report that AOL has decided not to separate (and then, possibly, sell) its Access business, PaidContent's Joseph Weisenthal reports. And just in the nick of time, too: Peter Kafka says Liberty might actually be interested in buying it.

AOL had already flatly denied our source's story, so Jeff's remarks aren't a big surprise. (We'll check back with our source to see if he/she has changed his/her tune). If AOL does push forward and cut the two businesses apart, it will be interesting to see how they do it. Specifically, it will be interesting to see:

  • Profitability of access
  • Profitability of content
  • Future traffic distribution agreements between the two (a significant percentage of AOL's content pageviews still come from dial-up subscribers).

Jeff also apparently admitted that Time Warner probably overpaid for Bebo, which has been the consensus since the deal was announced. For the sake of us Time Warner shareholders, it's too bad this revelation couldn't have come before the deal was consummated.

Photo: Portfolio.com

See Also: AOL Will Not Separate Access and Content Businesses--Source

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28 Comments

markie said:
How does Bewkes let his team over-pay for Bebo--

Falco and Grant need to perform--or they should be shown the door asap-...like today.





bob said:
so Rondy killed the search revenue, hired/fired Curt while messed up ad sales for Q1, overpaid Bebo; sounds like everything is on track.
ode to curt said:
henry,

Does it bother you that your source was wrong about aol access? It seems like unhappy former employees looking for a way to complain. Hopefully Curt finds another job soon so your blog can get back to business.
John Doe said:
Rubbish, Bebo was worth every penny.
CC2er said:
Given the historical lack of truthiness, I for one am happy to get stuff like this and make my own judgement.
ABlogger said:
What's funny in reading this and the paidcontent post is that the "blogs" that he disses were the same folk who broke the story of the massive layoffs last year - a story the company kept denying up to 24 hours before the actual layoff occurred. My mental image is still the picture of the pallets and pallets of packing boxes shown in the Valleywag post.
Gordon said:
Henry - what's your suggested plan to management to get TWX's stock price up???

Icahn back in Feb 2006 wanted this:

Time Warner should be broken into networks and filmed entertainment, cable-TV systems, publishing, and the AOL Internet division. The study also says Time Warner stock buybacks should be boosted to $20 billion, and costs should be slashed.

http://www.businessweek.com/technology/content/feb2006/tc20060208_819438.htm
Matrixed said:
Hey! Can't believe no one else noticed -- Henry found a new & better picture of Bewkes!
Good job, Henry... I like the Sopranos touch.
AOL's Magic said:
Looks like the AOL Magic continues....

http://www.washingtonpost.com/wp-dyn/content/article/2008/05/30/AR2008053002855.html


http://news.cnet.com/8301-10784_3-9956242-7.html?part=rss&subj=news&tag=2547-1_3-0-20
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