Jamie Kellner is due for a big payday.
The chairman of AOL Time Warner's Turner Broadcasting division is to get roughly $65 million from the company next year for his stake in the WB television network, The Post has learned.

The expected payout is fueling speculation among insiders that Kellner will take the money and run - or get the boot. But Kellner and AOL Time Warner deny it.

Kellner, along with Time Warner and the Tribune Company, formed the WB Network in 1995. The exec personally owns about 11 percent of the company, and AOL Time Warner is obligated to buy out Kellner's stake next year.

The Tribune Company owns 22.5 percent of WB, with AOL Time Warner owning the rest. Without naming Kellner, AOL Time Warner stated in its 2001 annual report that it is "in contract to acquire" an 11 percent stake in WB in January 2003.

The company would not confirm the value of the stake, but Merrill Lynch's Jessica Reif Cohen values it at roughly $65 million. As part of the contract, the senior management team at WB will get a cut of the payout.

Kellner's looming windfall has sparked speculation about his future with the media giant. Money aside, the political sea change within the company may not bode well for Kellner's future.

Kellner was close to former CEO Gerald Levin, who installed Kellner as head of Turner Broadcasting in 2001, essentially to fill Ted Turner's shoes. But now Turner is back, and he and Kellner are not best buddies.

As head of Turner Broadcasting, Kellner took over CNN, TNT, Headline News, The Cartoon Network and the company's sports teams - the Atlanta Braves, Atlanta Thrashers and Atlanta Hawks.

Levin stepped down earlier this year, and former co-chief operating officer Bob Pittman - who was also close to Kellner - lost out to Dick Parsons in a bid to replace Levin. Now, as Parsons consolidates his power, Kellner could be on the outs, sources say.

Last week, there were reports that two senior executives close to Pittman - Mayo Stuntz and Marshall Cohen - were hitting the exit. Stuntz was in charge of cross-divisional initiatives, while Cohen oversaw consumer and marketing research.

But Kellner has about two years left on his contract, says Brad Turrell, Kellner's spokesman. "He has stated publicly that he wants to stay at least until the end of his contract," Turrell said.

An AOL Time Warner spokesperson said, "Jamie is committed to the company and the company is committed to Jamie."

Kellner is known to have butted heads with Turner, and Turner's re-emergence as a powerful figure within the company - he re-upped as vice chairman late last year, and is believed to be taking a more active role within the company lately - could make things difficult for Kellner.

Kellner has had a long and diverse media career. In addition to being a founder of the WB Network, he was president of the Fox Broadcasting Company from its inception in 1986 to 1993.

He is also founder, chairman and CEO of ACME Communications, a publicly traded company that owns 10 broadcast television stations across the country, nine of which are affiliated with the WB Network. He owns about 6 percent of the company, a stake valued at roughly $6 million based on current market prices.