Time Warner CEO doesn't rule out political career

By Kenneth Li

NEW YORK (Reuters) - Richard Parsons, chief executive and chairman of Time Warner Inc., does not rule out a career in politics, but said on Tuesday he remained focused for now on running the world's largest media company.

Parsons, 58, has repeatedly been the target of speculation that he planned to run for mayor of New York, succeeding Michael Bloomberg, the billionaire founder of financial news and information company Bloomberg LP.

"Why would I rule that out?" Parsons said at the Reuters Media Summit in New York, when asked whether he would put to rest persistent rumors that he would return to politics.

"Currently, I don't have any plans to do that," he said, responding to a direct question about any post-Time Warner political ambitions. "My focus is really on completing the journey with Time Warner."

Parsons' employment contract at Time Warner ends in May 2008. Management has identified Chief Operating Officer Jeffrey Bewkes as a likely candidate to succeed Parsons, although the final decision remains with the board of directors.

A fresh round of speculation on Parsons' political ambitions was ignited after he was named in November to join New York Governor-elect Eliot Spitzer's transition committee.

"I don't know how these things start," Parsons said. He added, "Once they start, you seemingly can't get them back in the bottle."

Parsons is widely credited with stabilizing a company once rife with corporate infighting following AOL's 2001 buyout of Time Warner. He also has a long history in U.S. politics as counsel for former New York Governor Nelson Rockefeller and as a senior White House aide under former President Gerald Ford.  Continued...