Word: buyout
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...campaign's ideas were his, he was entitled to "royalties"--a piece of the TV ad buy for the rest of the campaign. Penn and Knapp shot that idea down fast. Morris had already earned perhaps $2 million from the campaign up to that point. They offered him a buyout of just...
...young Reginald Lewis on a blind date while visiting New York City. She still recalls their romance--from courtship and marriage to dinners with heads of state at their palatial apartment on the Seine--as "breathless, magic." As Reg built his financial empire, first with the leveraged buyout of a radio station, then the McCall Pattern Co. and finally Beatrice, she put her job aside to raise their two daughters. The magic ended when he was stricken by brain cancer...
THOMAS MCCARROLL'S interest in TLC Beatrice, the minority-owned global food company, dates from his first meeting with founder Reginald Lewis in 1988, when Lewis was selling assets to finance his $1 billion leveraged buyout of the company. Only later did McCarroll meet Lewis' wife (and now widow) Loida, whose successful turnaround of the company is the subject of this week's story. "She's just as smart, savvy and shrewd as the next guy, but without all the macho and bluster," says McCarroll, who has covered his share of corporate movers and shakers, including Bill Gates, Michael Milken...
Like a gambler unwilling to cut his losses, Time Warner CEO Gerald M. Levin keeps doubling his bet. In 1989 Levin, then vice chairman, negotiated Time Inc.'s buyout of Warner Communications, an acquisition that enriched Warner's shareholders but not Time Inc.'s. Without making much of a dent in the $11 billion debt incurred by the deal, Levin kept rolling the dice. He sold pieces of the new company into complex partnerships that raised billions but tied up Time Warner's best assets, including Warner Bros. studios and HBO. And instead of paying down the mortgage, Levin went...
Last year, as chief financial officer of Walt Disney Co., Bollenbach helped CEO Michael Eisner engineer the Mouse's $19 billion buyout of Capital Cities/ABC. In so doing, he tackled Disney's urgent problem: where to spend Mickey's megamillions. Disney was making movies, expanding its theme parks and adding to its cruise business. But it needed something bigger than boats to make best use of the company's money. Says he: "Honestly, it doesn't make sense to spend $1 billion to build two cruise ships that can be capitalized [paid for] in 120 days." Making shrewd...