CRUNCH TIME

Turner's fellow directors include AOL founder Steve Case, who's a much-maligned figure throughout Time War-ner. Case was stripped of his post as Time Warner chairman in a shareholder backlash led by Crawford. And Parsons dropped "AOL" from the Time Warner name. Many have speculated that Case might be interested in trying to reacquire AOL, though Case himself hasn't discussed it publicly.

Parsons's future seems very secure, however. By all accounts, he has the board's support. But top industry execs and bankers say he has one noteworthy detractor: Crawford, who apparently doesn't believe Parsons is the right leader for the long term. He's been trimming Capital Research's holdings in Time Warner, and is widely known to have soured on the entire media sector. Still, the executive lineup could be in for a change. Last week NEWSWEEK.com reported that Bewkes, the co-chairman, could be named president in 12 to 18 months, presumably following the retirement of co-chairman Don Logan. But promoting the former HBO wunderkind alone may not win over Crawford and other investors. A little heat from a rising stock price would help.

© 2005