Time Warner on the prowl for acquisitions, but probably not a network

Time Warner is in the market to spend money in the TV and movie space, but it's unlikely to buy a broadcast network as its fellow MSO Comcast is attempting to do with NBC Universal, TW CEO Jeffrey Bewkes said during an all-day session with investors. Time Warner, among others, had been seen as a potential player as broadcast networks are shopped around by their parent companies.

Even as Bewkes was making his comments, speculation bubbled that BSkyB's acquisition of Virgin Media's TV channels is not quite a done deal. Because Virgin and BSkyB are rivals and Time Warner had previously tried to buy the channels, reports say some within the Virgin camp "would rather VMTV be sold to either Time Warner or iTV for less money" than the £150-160 million ($217-232 million) being offered by BSkyB.

Getting back to Bewkes, he also told investors that digital is not necessarily bad for media--the company also owns what's left of a dwindling package of print publications--but that digital businesses must focus on financial returns and not giving away content, adding he was "glad" TW didn't get involved with other cable operators and broadcasters in Hulu.

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