Time Warner’s Bewkes Sells 81% of Direct Holdings in Company

Jeffrey Bewkes, the chief executive officer of Time Warner Inc., sold 81 percent of his direct holdings in the media company for $12.2 million, capitalizing on a 25 percent gain in the stock this year.

Bewkes, who turned 61 last week, sold 205,681 shares May 29 for $59.27 each, according to a regulatory filing. The executive, who has run the company since 2008, made $25.9 million in salary, stock awards and other compensation last year, slightly less than the prior year. The shares have gained 75 percent since he took over as CEO.