CEO To Bail After Trashing Once Mighty TWX

Imagine that you own a company that bought the world's largest online service. Imagine that the online service has on-file over 20 million credit card numbers that your company automatically bills $24 a month. Imagine that you really don't know much about online services so you allow that part of your company to be run by others who really don't know about online services.

When given to option to use the online service as a free platform for your products, would you be foolish enough to agree to simply toss away the automatically billed $480 million a month income?

Richard Parsons is that foolish man. He is the man who so mismanaged Time Warner that it recently lost the title of world's largest media company to Rupert Murdoch's News Corp.

Stockholders now have something to look forward to. Jeff Bewkes is poised to take over the reigns at one of the world's largest media groups as soon as next week, reports the Times Online.