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Time Warner - The Lazard Report - February 2006.

Time Warner - The Lazard Report - February 2006.

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Lazard Report on Time Warner showing the absence of an intelligent strategy at the media giant, and ways to address that.
Lazard Report on Time Warner showing the absence of an intelligent strategy at the media giant, and ways to address that.

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Published by: Customs Street Advisors on Apr 04, 2009
Copyright:Attribution Non-commercial


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FEBRUARY 1, 2006
 The Lazard Report
 These materials were prepared at the request and on behalf of Icahn Partners LP, Icahn Partners Master Fund LP, American RealEstate Partners, L.P., Carl C. Icahn, Franklin Mutual Advisers, LLC, JANA Partners LLC, JANA Master Fund, Ltd., S.A.C. Capital Advisors, LLC, S.A.C. Capital Associates, LLC and certain of their respective affiliates (collectively the “Icahn Parties”). Lazard hasbeen retained as independent contractor to the Icahn Parties and has no fiduciary, agency or other relationship to the Icahn Parties orto any other party, all of which are hereby disclaimed. Therefore, no obligation or responsibility is assumed to any person with respectto these materials. These materials do not purport to be a complete description of the views of or analyses performed by the IcahnParties or Lazard.Nothing contained herein should be construed as providing any legal, tax or accounting advice, and you are encouraged to consult withyour legal, tax, accounting and investment advisors. You should consider these materials as only one of many factors to be consideredin making any investment or other decisions. Given Lazard’s past, current or future relationships with companies mentioned in thesematerials, investors should be aware that the firm could be viewed as having a conflict of interest affecting the objectivity of thesematerials.
See the “Important Disclosures” section at the conclusion of these materials for important required disclosures, including potential conflicts of interest.
© Lazard 2006
“I’m desperately in need of a strategy.”
--Richard Parsons, CEO of Time Warner Inc., April 2002 
“First, we took out management layers. Layers hide weaknesses. Layers mask mediocrity. . . When you take out layers, you change the exposure of the managers whoremain. They sit right in the sun. . . We also reduced the corporate staff. Headquarterscan be the bane of corporate America. It can strangle, choke, delay and createinsecurity. If you’re going to have simplicity in the field, you can’t have a big staff athome.”
--Jack Welch, Former Chairman and CEO of The General Electric Company, October 1989 
“If you don’t know how to execute, the whole of your effort as a leader will always beless than the sum of its parts.”
--Larry Bossidy, Former Chairman and CEO of Honeywell International Inc., June 2002 
 The restructuring process was intended to “delayer” the company’s managementstructure and reduce costs. “Too many layers make you very averse to risk. You’ve gotto be able to make fast decisions. We were like middle-aged people. We needed to slimdown.” The process was “long overdue” and not a “one-day fix.”
--Ann Moore, Chairman and CEO of Time Inc., December 2005 
(a) Nina Munk,
Fools Rush In 
261 (HarperCollins Publishers Inc. 2004).(b) John F. Welch, Jr.,
Speed, Simplicity, Self-Confidence: An Interview with Jack Welch 
, Harvard Business Review, October 1, 1989.(c) Larry Bossidy, Execution: The Discipline of Getting Things Done (2002).(d) Seth Sutel,
Time Inc. Fires Senior Execs in Shakeup
, Muskogee Daily Phoenix and Times-Democrat, December 19, 2005. Stephanie D. Smith,
House of Luce Gets a Renovation 
, Mediaweek, December 19, 2005. Joe Hagan,
Time Inc. Thins Managerial Ranks in Restructuring 
, Wall St. Journal, December 14,2005.

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