Time Warner Inc. chairman and CEO Jeff Bewkes told analysts Wednesday that the media giant will be aggressive in extracting fair value for its Turner networks during carriage negotiations in the next few years, adding that the channels are "substantially undervalued."
On a conference call with analysts to discuss first quarter results, Bewkes noted that while there are no big deals coming due this year, all of Turner's networks are due for carriage renewals by the end of 2016.
"We believe strongly that many of our brands are substantially undervalued today," Bewkes said. "In this next round of affiliate negotiations, we will be very aggressive and correct that. As we look out to 2014 and beyond, we expect Turner's domestic affiliate fees to grow at a considerably higher rate than they have during the past several years."