With his contract set to expire New Year's Eve, Turner Broadcasting
System Inc. founder and AOL Time Warner Inc. vice chairman Ted Turner signed a new two-year
contract with AOL Time Warner over Christmas weekend.
The company's freshly minted CEO, Richard Parsons, who assumed the position
when former chief Gerry Levin stepped down, had being fiercely courting Turner
to stay on.
"I am very pleased to extend my contract as vice chairman of AOL Time Warner
and am enthusiastic about working with Steve Case, Dick Parsons, Bob Pittman and
the rest of the management team," Turner reportedly said in a statement.
Turner, who founded Turner Broadcasting and Cable News Network, had
complained of being pushed out after the AOL Time Warner merger and recently
voiced his dislike for Levin at the Western Show last month.
Terms of Turner's deal were not disclosed.