After splitting off its cable arm and AOL ( AOL) in 2009, entertainment giant Time Warner ( TWX) is looking very well-positioned for the new ways fans consume content. Time Warner is a TV and film powerhouse, with television networks such as HBO, CNN and TNT under its belt -- as well as the largest film studio in the world between Warner Bros. and New Line Cinema. That means that TWX has a portfolio of content and intellectual property that few can rival. >>5 Stocks With Big Insider Buying TWX owns much of the must-watch TV on the air today. And it's been parlaying that expertise into a revamped model at news giant CNN in an attempt to turn around a long-term viewership slump. Its film units provide stellar vertical integration; because the firm can license its own library to screen on HBO or TNT, it's able to snag viewers (and advertising or subscription dollars) for less money. Now, as cable networks and online services such as Netflix ( NFLX) begin paying to access Time Warner's legacy content, the firm should be able to monetize its portfolio more than ever before. The final step in Time Warner's puzzle is to get rid of its namesake magazine unit next year. Time Inc.'s magazine business has been an earnings drag for years now, and the decision to spin off magazines doesn't really come with any drawbacks for shareholders. The strength of Time's magazine brands should unlock some value for shareholders, even if the business is stagnant.