Time Warner is the company that perhaps best exhibits the split personality of the content industry. Time Warner, and much of the rest of the media, wants to make a splash in the digital world with one toe while protecting its profit streams with every other usable extremity. Its CEO, Jeff Bewkes, has long been promoting a “Content Everywhere” initiative, which allows paying cable-television subscribers access to shows via all their digital devices. Yet the company’s Time Inc. division has recently started posting online-only excerpts of its Time and Fortune magazine articles, directing readers to subscribe in print or via iPad. I’m sure this cannibalizing of print content sounds like a grand idea in an executive suite, especially one full of TV execs, but it’s extraordinarily frustrating online.