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Time Warner CEO Richard Parsons denies Google rumours

Time Warner Inc.'s the worlds largest media company chief executive Richard Parsons said on Thursday that news of a possible sale of a stake in its America Online (AOL) unit to Google Inc. and Comcast Corp. was "market rumor".

Parsons, on a visit to Hong Kong, also said there were no plans for a tie-up with Microsoft's MSN unit as has been widely reported.

"It's market rumours, and I can't curb market rumours," Parsons said at a luncheon on Thursday.

Parsons the highest ranking black at a Fortune 500 media company has come under pressure lately by investor Carl Icahn to take quick action to boost the company's stock price, accusing him of a "dismal record of mistakes."

Icahn said that Parsons had sold the Warner music division too cheaply two years ago, and decided too late to convert AOL into a free portal. He said the company is one of the best content companies in the world, but its shares have not shown that under Parsons.

Parsons has done a great job turning Time Warner around after the AOL merger. He has reduced debt, settled with the SEC and made AOL into a much wanted asset. It is because of Parsons proformance why Icahn is so interrested in Time Warner again.

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