Time Warner is focusing on its core strength, the creation of entertainment and journalism for big global audiences.
That means distancing itself from businesses such as dial-up internet that have little to do with media brands such as CNN and Bugs Bunny and encouraging more co-operation between the businesses it wants to expand, says Jeffrey Bewkes, who became chief executive in January.
In the eight months since Mr Bewkes moved up from the number two slot, Time Warner shares have outperformed those of all rivals except Walt Disney.
While fears of an advertising recession have driven shares in News Corp, Viacom and CBS down 30 per cent since the start of the year, Time Warner has lost 11.8 per cent of its value.
"It validates the decisions we've made structurally," Mr Bewkes says in an interview at the company's glass tower headquarters overlooking New York's Central Park.