Wall Street Journal reports that Time Warner said its CEO, Jeff Bewkes, 56, will also take on the role of chairman at the beginning of next year, succeeding Richard Parsons when he steps down at the end of his contract. Time Warner said Mr. Parsons, 60 years old, will make his exit as chairman on Dec. 31, capping more than five years in the role, during which time he helped steer the company through the aftermath of its disastrous merger with AOL. Mr. Bewkes's appointment as chairman wasn't unexpected. In the new employment contract he signed last year, Mr. Bewkes stipulated that he also wanted to be named chairman by the beginning of 2009 and had the option to resign if he wasn't. In taking on the dual role of chief executive and chairman, Mr. Bewkes has shrugged off increasing pressure on companies to split the role. Mr. Bewkes, 56 years old, has effectively signaled he wants free rein to revamp the media company, which owns the Warner Bros. movie studio, magazines including People and Time and TV channels ranging from HBO to CNN.