ENTERTAINMENT

Gerald M. Levin Gets Time Warner Chairman Title: The naming of Levin, already chief executive and president of the media and entertainment giant, to the chairman’s position had been expected after the Dec. 20 death of Steven J. Ross. Separately, Time Warner continued its efforts to revamp its balance sheet by announcing that it will redeem $2.5 billion worth of high-cost preferred stock. The stock involved is Time Warner’s series D 11% convertible exchangeable preferred shares, which the company plans to redeem for $54.38 a share.