• Atlanta Journal-Constitution, Tuesday, June 9, 2009 9:30 AM

TBS -- once the bully pulpit and launch-pad of former chairman Ted Turner -- seems to be getting its swagger back. If Time Warner follows through on its plan to ditch AOL, TBS will emerge from the relative shadows to become half of Time Warner, based on the profits TBS' cable networks generate.

"This is good news for Turner Broadcasting System," says Bernstein analyst Michael Nathanson. Before the AOL spinoff, TBS represents one-third of Time Warner based on profits, says a Time Warner rep.

Time Warner CEO Jeff Bewkes says that Turner's "distinctive brands are central to our future. TBS and TNT's original programming strategy has paid off in record ratings, and we're continuing to invest in originals. As viewers and advertisers move away from broadcast, we expect to benefit more than our competitors." Merrill Lynch analyst Jessica Reif Cohen concurs that Time Warner's cable networks are now the "biggest growth driver" of the company. TBS produces the cable channels CNN, HLN, CNN International, Turner Classic Movies, truTV, and Cartoon Network, among others.

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