Stephen Bollenbach, lead independent director of the Time Warner board, said Bewkes, who was named CEO in 2008 and chairman in 2009, "is a proven visionary when it comes to navigating the digital landscape."

"Since becoming CEO in 2008 he has led the transformation of the company into a content-focused powerhouse while at the same time significantly increasing shareholder value."

Time Warner's assets include the Warner Bros Entertainment division, the Turner Broadcasting group, HBO and the publishing operations of Time Inc.

In a statement, Bewkes said: "It is a pleasure to work with such a dedicated board of directors and I appreciate their confidence in me and in the strategy we have formulated to drive the company's growth."

Bewkes' base salary and bonus target will remain unchanged.

His contract calls for long-term incentive awards that are tied to future financial and shareholder returns, the company said.