Had Time Warner and Twenty-First Century Fox merged, it would have resulted in one of the world's largest media conglomerates, with two major movie studios, a portfolio of broadcast and cable networks and rights to lucrative sports programming.
"I think it became clear as we went along, because we are a fairly similar size, that we probably would be better off independent," Bewkes explained.
"The Fox team came to that conclusion as they looked at how this developed. You know as it started out, we were undervalued and that may have led to the whole situation."
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Time Warner shares spiked on news of the bid and dropped when it was rejected, but have since largely recovered those gains.
Bewkes said the biggest element of his plan is affiliate and subscriber support for the company's networks.
"Those are very good trends," he said. All over the world, people "are watching more video, they're liking it more and the big news is they are getting it on demand."
As for when HBO will break out of the cable TV bundle and become available to more people through a stand-alone subscription service, Bewkes said he's aiming for some time in 2015.
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However, he stressed that the move will not alienate traditional distributors.
"We're going to help and give them more products to sell any way they want to sell," he said.
"Our first focus is on the video/TV bundle. Some of the best distributors are selling 50 percent more of these bigger packages than the others. Those families and households, they ought to have an offer like that and they got to have it from those distributors. So we think that's the answer."
—Reuters contributed to this report.