Time Warner to cut 15 pct of corporate costs

LOS ANGELES, Feb 6 (Reuters) - Time Warner Inc (TWX.N) will "immediately" cut over 15 percent of corporate costs across the board to increase margins and profitability, Chief Executive Jeffery Bewkes said on Wednesday.

Bewkes told analysts on a conference call that the cuts would reduce the company's run rate by $50 million a year. One of the company's films studios, New Line Cinema, will also see near-term cost cuts, he said.

"We need to increase our current margins and profitability by better managing our costs, among other things, and on the costs side we're going to do that across the company, and to set the right tone, we're starting at corporate," Bewkes said. (Reporting by Gina Keating, editing by Gerald E. McCormick)