Rebel investors in Time Warner, headed by the billionaire financier Carl Icahn, have called for the media giant to be broken up.
Carl Icahn is pressing for change at Time Warner
Mr Icahn said management had presided over a fall in its share price, knocking $40bn off its market value.
Presenting a report on Time Warner's strategy and future, Mr Icahn said the firm had failed to "nurture or invest" in its AOL internet business.
Time Warner has rejected suggestions that it should sell AOL.
In a statement, Time Warner said it was on "the right path" and was delivering value to shareholders.
Mr Icahn said Time Warner - whose business include the CNN news channel, Time Magazine and the Warner Brothers movie studio - should be split into four separate companies.
Mr Icahn has threatened to try and oust the company's board of directors at its next AGM and install his management team.
Experts believe Mr Icahn, who controls only 3% of Time Warner shares, is unlikely to succeed in his stated aim.
Time Warner recently reported a 20% rise in profits to $1.4bn for the past three months.