The Times of London reported today that Richard Parsons, the CEO of Time Warner Inc., could step down as early as next week, to be replaced by Time Warner president Jeff Bewkes.

Mr Bewkes has long been since as Mr. Parsons' heir apparent, and is considered more likely to shake up the company by, for instance, selling off the struggling AOL, which recently announced plans to lay off aorund 2000 employees.

Time Warner has denied the report, calling it "a rumor". We've put our own call in to the media conglomerate, and will update if we hear anything.