Of the 288,701 shares of Time Warner (NYSE:TWX) stock he either directly or indirectly owned, chairman and CEO Jeffrey Bewkes has sold 205,681, equal to 71% of his total holdings, at an average price of $59.27 per share, according to an SEC filing this week.

Bewkes still indirectly owns 35,010 Time Warner shares as part of the company's qualified employee benefit plan. Of the 253,691 shares he directly owned, Bewkes recent sales reduced his stake in the company by 81%. Bewkes' stock sales were conducted as a series of transactions, with prices ranging from $59.00 to $59.52 a share. The $59.27 share price reflects the weighted average sale price, according to the SEC filing. TWX shares closed yesterday at $59.58.

Bewkes joined Time Warner in July 2002 after 11 years at HBO, the last seven years as chairman and CEO. Bewkes became Time Warner CEO in January 2008 and was elected chairman of the board the following year.

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