[UPDATE, 2:15 PM PT 9/25/10…Changes sourcing of the story to the L.A. Times from the Wall St. Journal, since the WSJ is behind a firewall and might charge users to read its story.]
Alan Horn, longtime president of Warner Bros., will leave his job in April and will be succeeded by a group of three execs, according to a plan announced this week by Jeff Bewkes, chief executive of Time Warner Inc., the Los Angeles Times reports.
Warner Bros. CEO Barry Meyer got another two years added to his contract and is due to retire in December 2013.
Horn will stay on as a consultant to the film studio, the story reports.
According to the story, Bewkes "created the Office of the President to bring together three of the studio’s top managers: Warner Bros. Motion Pictures Group President Jeff Robinov, who will become the studio’s top film executive with green-light authority when Horn leaves; Warner Bros. Television Group President Bruce Rosenblum; and Home Entertainment Chief Kevin Tsujihara"
The story adds, "All three executives will retain their current duties and take on broader responsibilities for operations of the studio, helping strategize business initiatives as distribution platforms for entertainment continue to converge and traditional models get redrawn by new technologies. ‘All these business models need to have a rigorous debate,’ Bewkes said. ‘These three will work as a unit toward evolving Warner Bros. to the next era of being a more digital and more global company.’ "
Says the article, "Warner Bros. now accounts for 43% of Time Warner’s annual revenue and 23% of operating income, Bewkes said, identifying the studio’s priorities as continuing to develop hit movies and TV series and evolving business models to make content available in all formats and for global audiences."
"After a great deal of thought and many discussions with Barry and Alan, we decided that this phased plan was in the best interest of Warner Bros. and its businesses," Bewkes said in a statement this week.