(Pictured above: Ken Jautz, Executive Vice President of CNN, Jeff Bewkes, and Terri Thompson, Director of the Knight-Bagehot program at New York's Marriot Marquis on Wednesday night.)

On Wednesday night, Time Warner supported the 37th annual Knight-Bagehot dinner in Manhattan, with chairman and CEO Jeff Bewkes serving as dinner chair. The event raised some $550,000 for The Knight-Bagehot Fellowship in Economics and Business Journalism, which is administered by Columbia's journalism school and gives journalists a year of business, law and international affairs classes at the university to deepen their knowledge and expertise in reporting about business and finance.

In welcoming remarks, Bewkes noted that while all media has been under pressure, business journalism has become more pervasive and ubiquitous, at a time when understanding complex financial issues has become ever more vital for both business and general audiences.

Also in attendance from Time Warner were editors and executives from Fortune, CNN, Time and Money magazines and the event was vice-chaired by Knight-Bagehot Advisory Board Member Chris Peacock, who is executive editor and vice president of CNNMoney.

Bewkes couldn't resist digging into the archives to quote from Time Inc. co-founder Henry Luce, who wrote in the prospectus for Fortune — drafted just one week after the 1929 stock market crash: "Accurately, vividly and concretely to describe Modern business is the greatest journalistic assignment in history." Added Bewkes: "That remains true today."