Form 8-K TIME WARNER INC. For: Jan 07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 7, 2016
TIME WARNER INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
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1-15062
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13-4099534
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(State or Other Jurisdiction of
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(Commission File Number)
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(IRS Employer
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Incorporation)
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Identification No.)
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One Time Warner Center, New York, New York 10019
(Address of Principal Executive Offices) (Zip Code)
212-484-8000
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 7, 2016, Time Warner Inc. (the "Company") announced that it has agreed with Jeffrey Bewkes, the Company's Chairman and Chief Executive Officer, to extend the term of his employment agreement three years to December 31, 2020. The other terms of the amended and restated employment agreement entered into on November 20, 2012 between the Company and Mr. Bewkes remain substantially unchanged. The compensation for Mr. Bewkes, which consists of base salary, annual bonus and long-term equity incentives, was not changed.
The press release issued by the Company on January 7, 2016 announcing the extension is attached as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
Exhibit
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Description
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99.1
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Press Release issued January 7, 2016 by Time Warner Inc.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TIME WARNER INC. | ||
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By:
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/s/ Douglas E. Horne |
Name: Douglas E. Horne | ||
Title: Senior Vice President and Controller | ||
Date: January 7, 2016
EXHIBIT INDEX
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Exhibit
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Description
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99.1
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Press Release issued January 7, 2016 by Time Warner Inc.
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Exhibit 99.1
TIME WARNER INC. ANNOUNCES THREE-YEAR CONTRACT EXTENSION WITH CHAIRMAN AND CEO JEFF BEWKES
NEW YORK, January 7, 2016 – Time Warner Inc. today announced that it has agreed with Chairman and Chief Executive Officer Jeff Bewkes to extend the term of his employment agreement another three years through 2020.
"The Board of Directors is delighted that Jeff has agreed to extend his employment agreement for another three years," said Steve Bollenbach, the Company's Lead Independent Director. "Since becoming CEO, Jeff has transformed the company to focus on video content, capitalized on the combined strength of Turner, HBO, and Warner Bros., and delivered consistently strong operating and financial performance." During the time Mr. Bewkes has served as CEO, Time Warner has delivered a total shareholder return of 162%, well ahead of both the S&P 500 and the average return of the Company's media peers.
Mr. Bollenbach continued: "More importantly, Jeff has developed and is executing the right long-term strategy for our company in a changing media landscape: one that uses the scale of our film and television businesses not just to create compelling video content that appeals to an increasingly diverse, worldwide audience, but also to lead the industry in developing innovative ways of distributing that content to consumers on both traditional and emerging platforms. We are very fortunate to have Jeff at the helm as we move forward with a strategy that positions Time Warner for sustainable success far into the future."
The agreement does not change Mr. Bewkes' compensation, which consists of base salary, annual bonus, and long-term equity incentives.
Prior to being named Chairman and CEO in 2009, Mr. Bewkes was appointed as Time Warner's President and CEO in 2008. He was President and COO from January 2006 to December 2007 and Chairman of the Entertainment and Networks group from July 2002 to December 2005. Before joining the corporate management of Time Warner, Mr. Bewkes served as Chairman and CEO of HBO from May 1995 to July 2002, and as President and COO of HBO from September 1991 to May 1995.
About Time Warner Inc.
Time Warner Inc., a global leader in media and entertainment with businesses in television networks and film and TV entertainment, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide on a multi-platform basis.
Time Warner Inc., a global leader in media and entertainment with businesses in television networks and film and TV entertainment, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide on a multi-platform basis.
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