Nothing matters so much to entertainment companies as franchises. DC Entertainment lost its first chance at creating a new one when Green Lantern bombed at the box office two years ago. It's time to try again, Fool contributor Tim Beyers says in the following video.

Why should investors care? Billions are at stake. Green Lantern is an important brand in the DC universe, and DC is as important a source of franchise material for Time Warner (NYSE:TWX) as Marvel is for Walt Disney (NYSE:DIS).

Look at Man of Steel, Tim says, a ridiculously profitable film that's earned close to $650 million at the worldwide box office. Time Warner stock is up nearly 8% since its June 14 release.

Man of Steel 2, due in 2015, will feature Superman and Batman together, while the Flash will get his own TV show next year. Establishing Green Lantern's big-screen bonafides is a necessary step toward releasing an eventual Justice League film.

Would a Green Lantern reboot be a catalyst for Time Warner stock? Not in the short term, Tim says. After all, it took Marvel three movies -- and three excellent performances from Robert Downey Jr. -- to establish Iron Man as a legitimate, billion-dollar franchise. Green Lantern may never reach that level. But that doesn't make the need to establish the character any less urgent or vital.