Big Time Warner Investor: Sell Magazines, Buy Entertainment
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By Ron Grover
It’s only a matter of time before the media industry consolidation begins. But when it does, Time Warner likely will be out there buying, according to its largest shareholder. Heavyweight media investor Gordon Crawford, managing director of the Capital Group, figures that Time Warner will continue to trim down and will eventually sell its huge magazine unit. That will allow it to begin to beef up its entertainment holdings, said Crawford, whose fund owns 7.2% of Time Warner, according to its most recent proxy filing.