July 22 (Bloomberg) -- Time Warner Inc., owner of cable networks CNN, HBO and TNT, named Howard Averill its chief financial officer, plucking him from the publishing division it’s spinning off.
Averill, currently the CFO of Time Inc., will replace John Martin, who is becoming chief executive officer of a unit that includes CNN and TNT, Time Warner said today in a statement. Averill, 49, will assume the new role on Jan. 1.
Time Inc., which publishes Sports Illustrated, Time and People magazines, is becoming a separate company this year as Time Warner CEO Jeff Bewkes focuses on TV and film. Averill has worked at the print division since 2007 after a decade at NBC Universal Television, where he was CFO.
Time Warner rose 0.4 percent to $62.03 at 10:40 a.m. in New York. The shares had climbed 29 percent this year through yesterday.
To contact the reporter on this story: Edmund Lee in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Turner at email@example.com