Time Warner Inc Chief Executive Jeff Bewkes said on Friday the media conglomerate is not interested in buying General Electric Co's NBC Universal.
Comcast Corp, the top U.S. cable service provider, is in talks to buy a majority stake in NBC Universal, according to sources familiar with the matter.
There's no real need or benefit for us to take on the various aspects of NBC, Bewkes told Reuters in an interview on the sidelines of a conference. We have a lot of good things, and so we don't see that as particularly attractive.
Bewkes also said the Time Warner is not interested in shedding its magazine business and its readership is solid.
He also maintained that the spin-off of AOL is on track.
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We'll get there by the end of the year, Bewkes said.
Time Warner shares fell 1.4 percent to $29.60 late Friday morning on the New York Stock Exchange.
(Reporting by John Poirier; Editing by Derek Caney)