Time Warner CEO Sells Most of His Company Stock Bloomberg

Time Warner Chief Executive Jeffrey Bewkes sold most of his direct holdings in the media conglomerate, benefiting from the shares' 25% jump this year, reports Bloomberg.

Bewkes, 61, sold 81% of his shares -- 205,681 shares -- for $59.27 each, or a total of $12.2 million, the story notes. Since he became CEO, the shares have jumped 75%.

He continues to own 48,010 shares directly and 35,010 indirectly through an employee-benefit plan, aside from his 3.79 million in stock options and another 437,420 in restricted stock.