• Advertising Age, Thursday, December 11, 2008 9:18 AM

When Time Warner splits from its cable division next year, the company won't be spending any of the $9.5 billion in proceeds on acquisitions. Instead, the company "will buy a company we know very well, which is Time Warner," in the form of dividends and share buybacks, says CEO Jeff Bewkes. Time Warner is in the process of transitioning into a pure "branded-content company."

Along with all the usual economic problems, one of the factors putting pressure on the company's revenue in the fourth quarter is the bankruptcy of Tribune Co., a major buyer of shows from Warner Bros. Television Group.

"Acquisitions have been the cause of much of the value destruction at media companies and certainly at Time Warner," Bewkes stated at UBS's Global Media Conference.

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