Word: buy-out
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...acquisition the largest outside the oil industry in American corporate history. The razzle-dazzle play that captured the third-rated network (after NBC and CBS) stunned television executives like an assault from the A Team. Reverberations rumbled from Washington regulatory agencies to Wall Street investment banks. Though the buy-out was a friendly one involving two members of the broadcasting fraternity, the clubby world of the networks suddenly seemed less sacrosanct...
...everything was going so well economically for ABC, why was it vulnerable to takeover? Answer: the buy-out climaxes years of erosion of the networks' influence in U.S. commercial television. During that time, they have lost viewers to suppliers of cable programs and direct satellite broadcasts and even to producers of videocassettes for home TV tape players. From 1979 to 1984, the networks' audience share dropped from...
...attorney for Turner Broadcasting (estimated 1984 sales: $300 million) met with FCC commissioners last week and supposedly discussed the possible acquisition of CBS. Turner denied that the talks concerned a CBS buy-out. He said Charles Ferris, a Turner attorney, had made inquiries to the FCC about license- transfer procedures and that the talks were "not related to any particular broadcast group." On Wall Street, analysts doubted Turner had the financial clout to launch a successful fight...
...service, which is aimed at business travelers. The acquisition, expected to cost Midway about $7 million, will allow the carrier to expand into Florida and take over the Caribbean routes that Air Florida served. Provided the plan receives court and regulatory approval, Midway Chairman Arthur Bass predicts that the buy-out will enable his company to double its revenues...
Meanwhile, takeover rumors swirled about another of Big Oil's Seven Sisters last week: Texaco, which only last month completed its $10.1 billion acquisition of Getty Oil, the biggest buy-out on record...