Updated: Time Warner: Reports Heat Up About Bewkes Promotion

Update: CNBC is reporting the transition could be announced today. We’ll keep you posted.

As we predicted, no announcements about exec changes last week with much of the Time Warner (NYSE: TWX) brass in India for Fortune’s big conference. This week looks more likely, though, with Q3 earnings due Wednesday and the end of Jeff Bewkes’s 2003-2007 employment agreement nearing. The latest versions leave Dick Parsons in place as chairman with Bewkes moving into the CEO slot. Bewkes was promoted to president and COO in late 2005 (effective Jan.1, 2006) following the announcement of Don Logan’s retirement. A clause in his employment agreement gave him the right to leave if he was not promoted to president or sole COO when Logan retired.

— Also, according to SEC filings, Bewkes has a 500,000-share restricted stock award that vests Dec. 31 as long as he is with the company. The base employment agreement he signed in 2003 also ends Dec. 31 but would remain in effect with the ability for either Bewkes or the company to end it with 90 days notice.

FT: “The company is due to announce third-quarter results on Wednesday. People familiar with the board

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