Time Warner named their next CEO to take the helm of Warner Bros. Entertainment, USA understands.
Jeff Bewkes, the chief executive of Warner Bros. parent Time Warner Inc., said in a statement Monday that Kevin Tsujihara was the right leader for the studio, combining strategic thinking with financial discipline. "Kevin is one of the most effective and respected executives within Time Warner," Bewkes said. Tsujihara said in a statement it was an honor to lead the studio."We're at a pivotal moment in the histories of Hollywood and entertainment: technology is changing the canvas we use to create theatrical releases," he said. Meyer, 69, will continue on as chairman of the studio through 2013. It was a move that caught people by surprise, especially considering TV Group chief, Bruce Rosenblum, was considered odds-on favourite. He issued a frank statement conveying his thoughts on the appointment. "Obviously I'm disappointed; who wouldn't be?" he explained.
The studio accounted for $12.6 billion in revenue, about 43 percent of the entire company's revenue, and $1.3 billion in operating profit, about 22 percent of the total. Time Warner shares fell 31 cents to $50.09 in late afternoon trading Monday in a mixed overall market. Time Warner shares have traded in a 52-week range of $33.62 to $51.29.