Time Warner Inc. chairman and CEO Jeff Bewkes said the media giant will  increase its investments in new digital products and infrastructure, building on its HBO Now and CNN’s Great Big Story online initiatives.

Time Warner launched HBO Now, its standalone online service in April. Last month, Turner and its 24-hour news network CNN announced a new social media delivered short form video network – Great Big Story – targeted at millennials.

“Having great content is no longer enough,” Bewkes said. “While we are living in the Golden Age of television programming, for many consumers, the television viewing experience is stuck in the Bronze Age.”

Time Warner said it is still in the middle of its budgeting process. But on a conference call with analysts to discuss third quarter results, chief financial officer Howard Averill said the investments could reach into the “hundreds of millions of dollars.”

Turner chairman and CEO John Martin said that investment will be “mostly outside of the programming arena,” focused on new business and building new brands like the Great Big Story initiative, its August purchase of a majority stake in streaming video pioneer iStreamPlanet and its recently resurrected internal comedy focused digital business Super Deluxe.

Bewkes also said Turner is rethinking the length of its subscription video on demand windows.

“Our company has led the industry in making our content available to consumers on an on-demand basis,” Bewkes said. “Due to ongoing shifts in consumer behavior, we think it’s important to provide even more on-demand content as part of our network offering. As a result, we’re  evaluating whether to retain our rights for a longer period of time and, forego or delay certain content licensing. This would effectively push SVOD window for content on our networks to a multiyear period,  more consistent with traditional syndication.”

The moves come after a mixed third quarter for the company. While earnings per share hit a record $1.25 per share, revenue rose 5% and adjusted operating income nearly tripled in the absence of one-time charges, affiliate fees declined and domestic advertising revenue was flat.

Total revenue was up 5% to $6.6 billion at the media giant, driven mainly by its Warner Bros. film unit and Home Box Office. But affiliate fees at its Turner Broadcasting unit were down 1%, compared to consensus estimates of 2% growth.  

“It looks to us like the see-saw ride in media investor sentiment just got another jolt of cord-cutting fears,” wrote Sanford Bernstein media analyst Todd Juenger in a note to clients.

In a year when he fended off a hostile takeover by Rupert Murdoch, revamped its Turner Broadcasting unit and launched an over the top version of its iconic Home Box Office brand, Time Warner chairman and CEO Jeff Bewkes total compensation stayed fairly steady, rising just 1.2% to $32.9 million.

According to a proxy statement filed with the Securities and Exchange Commission Friday, Bewkes received a base salary of $2 million, stock and option awards of $8 million each and $14.5 million in non-equity incentive plan compensation. Bewkes’ $32.9 million in total comp compares to the $32.5 million he received in 2013.

Last July Bewkes fought off an $80 billion unsolicited takeover bid from 21st Century Fox  – Fox dropped its bid in August  – and in October steered its Turner networks through a reorganization that saw about 1,500 people losing their jobs.   Later that same month, Bewkes tore the cover off HBO’s over-the-top product – later dubbed HBO Now.        

Other Time Warner execs received similar raises – executive vice president and general counsel Paul Cappuccio received $8.7 million in total comp for the year, up 11.5%; while EVP of corporate marketing and communications Gary Ginsburg received $4.3 million up 4.9% from 2013. Executive vice president of international and corporate strategy Olaf Olafsson received $4.3 million in total compensation for the year, a 4.9% raise. Chief financial officer Howard Averill, who joined Time Warner from Time Inc. last year, received $8.2 million in total compensation, according to the proxy.

Time Warner chairman and CEO Jeff Bewkes told analysts Wednesday that he envisions a future where all network programming, not just his, will be available to everyone at any time on any device on demand. While that sounds a lot like the TV Everywhere concept that Bewkes pioneered about fve years ago, the content chief has a new name for this latest content idea: Universal VOD. 

Bewkes, speaking to analysts as part of a conference call to discuss third quarter results, was extrapolating on comments by his new TBS and TNT president, Kevin Reilly, concerning stacking rights for programming. Turner already has sold stacking rights for full seasons of TBS shows to DirecTV and Comcast. Stacking rights, which would allow customers to view full seasons of shows on demand on any device, would get more consistent and broader in the future, Reilly said.

Bewkes, who was one of the first content CEOs to openly embrace the concept of TV Everywhere, took it a step further, adding that those broader rights wouldn’t necessarily mean higher prices for content.

“What we’re talking about here is taking television and making it VOD universal,” Bewkes said. “Therefore it would not have an effect on the discreet change in the price of a show. When you do that and make the show easier to get attached to and engage with and follow, you have actually a more valuable show in subsequent seasons and on later windows. That’s  basically what is going to happen in the industry. If you focus too much on any particular deal in the transition period, I think you’d be missing where this is going.  The net effect of the whole thing is to have TV networks become more valuable, to have the value of any hit show  become more valuable and to then create an evolution of the window where anything in the current season you know is on demand no matter what networks you’re watching. You can watch one today that works exactly like that. It’s called Home Box Office. Showtime does it too.”

Revenue at Time Warner was up 3% in the third quarter, driven by strong double-digit subscription revenue growth at its Turner networks and Home Box Office premium channel.

Subscription revenue at Turner and HBO were up 10% in the period, helping to push total revenue to $6.2 billion, but adjusted operating income fell 38% to $993 million, largely because of one-time charges associated with the cancellation of shows on Turner and for restructuring and severance charges. Turner announced in October its decision to eliminate about 1,475 employees across its divisions as part of a plan dubbed Turner 2020 to streamline the company and make it more efficient.

The Turner division was hot hardest by the changes – revenue in the period was up 5% to $2.4 billion, mainly due to the 10% increase in affiliate fees and 17% increase in content revenue offset a 2% decline in ad sales.  The ad sales decline was due mainly to its international network s—domestic ad revenue was essentially flat, the company said.

At Home Box Office, subscription revenue was up 10% to $1.3 billion and content revenue rose 7%. 

 In a statement, Time Warner chairman and CEO Jeff Bewkes said the company had another solid quarter and has refocused the company to aggressively pursue opportunities in video content.

“Once again, we are seeing the benefits of our increased investments in great content and storytelling,” Bewkes said in a statement. “In the quarter, both Turner and HBO had double-digit increases in subscription revenues, reflecting the growing strength and appeal of their programming. HBO received 19 Primetime Emmy Awards, the most of any network for the 13th straight year, including five Emmys for newcomer True Detective. At Turner, TNT ranked as ad-supported cable’s #1 primetime network for the second consecutive quarter, TBS was the #2 ad-supported cable network in primetime among adults 18-49 and 25-54, and Adult Swim again shined as ad-supported cable’s #1 total day network among its key adult demos. Turner’s extension last month of its longstanding relationship with the NBA through the 2024-25 season is another great example of investing in distinctive programming that will serve us well for years to come. This fall, Warner Bros. is once again the number one producer for broadcast television, including a strong slate of new shows. Season-to-date, Gotham ranked as broadcast’s #2 new show among adults 18-49, while The Flash had the most-watched telecast ever on The CW. These shows are among five series featuring DC characters that will air this season. DC is also a key component of the ambitious film slate that Warner Bros. recently unveiled. Further demonstrating our continuing commitment to shareholder returns, so far this year we’ve returned over $5.7 billion to our shareholders in the form of share repurchases and dividends.”

Time Warner chairman and CEO Jeff Bewkes told analysts Wednesday that his company is open to over-the-top video service providers, but stressed that any deal would have to be “additive” rather than “subtractive” to its current distribution relationships.

Bewkes declined to speak directly about 21st Century Fox’s decision to halt its pursuit of the company, but on a conference call to discuss second quarter results, the Time Warner chief was more than open about the company’s strategy going forward and its potential growth prospects.

Bewkes said that he was “interested” in Dish Network’s plan for a streaming service that would be targeted at young millennials, and he added that while he was not opposed to OTT in general, any deal would have to be positive for Time Warner.

“We’re certainly open to opportunities to grow our business,” Bewkes said. “We’re not philosophically opposed to an over the top virtual MVPD model, we just have to believe it will be additive to the whole situation rather than subtractive.”

Later, Bewkes said that while there are some questions around some over the top services, Time Warner is looking closely at the model.

“Take the Dish streaming service, it’s a concept we’re interested in, because of the way it’s designed very much targets incremental subscribers at a price point that would be attractive to younger people particularly. A similar one would be Comcast selling HBO in a lightweight TV package that allows you to target consumers that otherwise would not subscribe to the multichannel TV package. That could be a great entree into the ecosystem for younger viewers who may trade up over time.”

And even HBO Go, the online video offering that some analysts have speculated Fox intended to beef up with content from its other networks, could be expanded in the future.

“What we’re doing is trying to be best in class, to have a platform that could deliver the Turner networks and frankly other networks – they don’t have to be ones that we own,” Bewkes said.