Time Magazine 2013 Annual Report Download - page 15

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generation of CEOs in place at each of our operating
divisions, completing a transition process that began
a couple of years ago, which further positions our
businesses for continued success.
I began by acknowledging the inspiring contributions
of our employees’ hard work, and want to come
back to a few important things that set Time Warner
apart. One is that we can oer the finest creators and
journalists the biggest platforms and a home without
an agenda, ideological or otherwise. Another is that
we take our responsibilities as corporate citizens
seriously and care about the communities in which we
live and work — I’m always humbled and impressed
by how many of our employees volunteer their time
to charitable causes and participate in eorts such
as Time Warner’s Impact program. Also, we believe
deeply in a diverse workplace, not just as a cultural
good but as a business imperative, one that leads to
developing new voices whose stories can resound
throughout an increasingly multicultural world.
We are proud of all our progress so far and
the returns we’ve been able to provide to you, our
shareholders. And while we still have plenty of work
ahead, we are confident and excited about what is to
come. On behalf of all of Time Warner’s employees, I
want to thank you sincerely for the faith you place in us.
Je Bewkes
Chairman and CEO
April 17, 2014
WE’RE REALLY PLEASED NOT JUST WITH THE PROGRESS WE’VE MADE
SO FAR BUT HOW WE’VE BEEN INVESTING TO POSITION
OUR COMPANY FOR THE FUTURE.
TV Everywhere products like HBO GO and Turner’s suite
of apps that now oer live streaming as well as rich
on-demand libraries, popular online brands like TMZ
and Turner’s Bleacher Report, and video games such
as Batman: Arkham Origins and our LEGO-branded
franchise. We’re also pleased with the progress we’ve
made in finding new ways to reach consumers with
our content through such channels as electronic sell-
through, subscription video-on-demand services, and
our support of the UltraViolet standard for storing and
accessing home video purchases.
As I write this, we’re on track to complete the spin-
o of Time Inc. into an independent, publicly traded
company during the second quarter of 2014. Last
year, Time Inc. again proved itself the clear leader
in its industry, with brands reaching nearly half of
all U.S. adults each month and increasing its leading
share of overall domestic magazine advertising. We
have every confidence that Time Inc. will benefit from
its structure as an independent company and further
unlock value for our shareholders.
For the next phase in our journey, we intend to
move our global headquarters to a new location in
Manhattan’s Hudson Yards development beginning in
late 2018. The move will consolidate seven existing
locations in New York, including the local operations
of HBO, Turner, and Warner Bros., as well as our
corporate team. The move will generate significant
financial savings, but it will also bring untold cultural
and creative benefits as we become an even more
focused company with about 90% of our expected
2014 profits coming from the television ecosystem. I
am also pleased that, as of January 1, we have the next
13