When Jeffrey Bewkes took over as chief of Time Warner Inc. in January, the expectation was that he would develop plans to reshape the vast media house. During a Wednesday earnings call, Bewkes provided a general outline of Time Warner's thinking.
The company may further reduce its 84% stake in Time Warner Cable Inc., he said. It might also divide AOL's dial-up business and its Web portal and advertising operations into two units, to improve their strategic standing.
The news comes amid Microsoft Corp.'s bid for Yahoo! Inc., which would thin the field of potential bidders for AOL.
Details of the overall strategy were scant, but shares rose 70 cents, or about 4.5%, to around $16.10 in Wednesday morning trading. - Chris Nolter
When Jeffrey Bewkes 
