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Time Warner names CFO to be new head of TBS

NEW YORK (AP) -- Media conglomerate Time Warner Inc. said Wednesday that its chief financial and administrative officer, John Martin, will become CEO of cable network division Turner Broadcasting Systems on Jan. 1.

Martin succeeds Phil Kent, who has been CEO since 2003. Kent will remain chairman of TBS during a transition period, New York-based Time Warner said.

TBS is the home of cable channels like Cartoon Network, CNN, TBS and TNT.

Martin has been the CFO of Time Warner since 2008. Before that he was the CFO of Time Warner Cable Inc.

Time Warner shares rose 27 cents to $61.56 in midday trading.