Entrepreneur and cable news mogul Ted Turner is stepping down from Time Warner’s Board of Directors.
Turner literally changed the face of television over thirty years ago. He founded the very first real variety cable network with TBS (Turner Broadcasting Station) and in 1980 forever changed the way the world receives its news when he founded CNN (the Cable News Network).
In 1996 Turner melded his multi-billion dollar cable mega-enterprise with another media giant, Time Warner Inc. At that time Time Warner shelled out $7.5 billion to acquire the Turner Broadcasting System, Inc.
In a brief statement Turner only said, “It is after much deliberation that I have decided not to stand for reelection at the annual meeting.” He went on to praise Dick Parsons and his management team but gave no definitive reason for the step-down.