Time Warner Says It Won't Bid For NBC Universal

The head of Time Warner Inc. says he's not interested in making a bid for NBC Universal. That could strengthen the hand of Comcast Corp. as it explores whether to buy a controlling stake in the parent of the NBC network and Universal Studios.

At a conference Friday in Washington, D.C., Time Warner CEO Jeff Bewkes said an investment in NBC Universal doesn't make sense for his company.

Time Warner is already whittling the slate of films it puts out each year. Time Warner, which owns HBO, CNN and other cable networks, could have a better fit with NBC Universal's cable networks, but Time Warner says it's not interested in those assets either.

Philadelphia-based Comcast is in talks to take a 51 percent stake in NBC Universal if General Electric Co. spins the unit out.