I have to agree with Bewkes as there have been very few media companies that have matched Time Warner in terms of capital re-investments. One area where the company has made a considerable amount of investment is in its "TV Everywhere" initiative as it tries to capitalize on the growth of mobile devices. To that end, Time Warner has recently formed partnerships with Comcast and Viacom ( VIAB) to allow subscribers access to some of its most popular channels at no extra cost. These rivals see the writing on the wall as streaming giants such at Netflix ( NFLX), Hulu and even Amazon's ( AMZN) Prime pose potential threats by offering live TV viewing options to their subscribers. What's more, customers have shown they want this flexibility and prefer to not be confined to their living rooms. Time Warner understands the future of TV and anticipates that at some point the subscription model will venture on to the cloud. The company is poised to serve as a pioneer in what appears to be a transformation of traditional media.