When Carl Icahn was pursing Time Warner, we kept hearing that Icahn didn't really understand the business--or businesses, as it were. (And we couldn't help but think that Icahn's assertion that TWX was big and bloated and might function more efficiently in smaller pieces wasn't exactly a rocket-science observation.) But Dick Parsons directly suggests as much in an interview with The Oxford Press, while indirectly suggesting that the shareholder base as a whole understands the company better than Icahn:
Our shareholders who have been with the company a long time. They understand its strengths, they understand the industry. ... I'm not sure that Carl really did. While I would be wrong to say there isn't a lot of frustration, the whole media sector right now is in a little bit of a malaise. No one who really has been around this space for any period of time believed that Carl had any answers that were novel or likely to result in the stock moving up.
Then again, he would say that.
Conversations with Dick Parsons [The Oxford Press]