Time Warner's CEO Against Sale Or Spin Of HBO, 'Plays Coy' At Takeover Prospect

According to a new report by the New York Post, Time Warner Inc TWX's CEO Jeff Bewkes told investors on Monday that he is against selling or splitting the company's HBO segment.

Bewkes is currently meeting with several large investors, some of which are said to be running out of patience with the stock's performance.

The New York Post, citing "sources briefed on the meetings," noted that Bewkes is arguing that a sale or spin of HBO "can destroy value." The executive cited the breakup of Viacom, Inc. VIAB as its stock has struggled to outperform since Sumner Redstone split up the media giant.

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The report added that Bewkes "played coy" when asked about a sale of Time Warner, saying only he wants to "increase shareholder value."

Shares of Time Warner were trading higher by 2.45 percent at $71.37 following the report.

Last week, a source familiar with the matter told Benzinga that Twenty-First Century Fox Inc FOXA is still interested in Time Warner, although a representative from Fox called the report "categorically untrue."