Levin sez new unit will initiate 'Net deals
Time Warner will actively pursue deals in the digital arena through its 6-month-old Time Warner Digital Media unit, chairman-CEO Gerald Levin said Tuesday.
“In the days and months ahead, you will be hearing about a number of transactions involving our digital businesses,” Levin said in an open letter to Time Warner employees in which he touted the company’s role as a technology leader above and beyond its powerful media and entertainment assets.
Hardware and software across the company “have played a prominent role in shaping the media’s digital transformation,” he wrote. He described the digital media unit as an inhouse venture capital fund to identify highly promising investments, inside and outside Time Warner, that will accelerate the launch of new digital and Internet businesses.
His commitment to the digital venture was clear when Time Warner’s chief financial officer Rich Bressler was tapped to run it. The unit has been staffing up and recently oversaw the launch of Time Warner’s first Internet portal, the Entertaindom site.