Word: cbs
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Dates: during 1990-1999
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Whatever the obstacles, the CBS-QVC merger could be a quick, happy fix for two media barons under pressure. Diller gets to make a network grow into a giant of cable, broadcasting and only he knows what else (theatrical movies? video games? TV serials for home shoppers?). And CBS gets Diller. In essence, to secure an heir, Tisch bought a company. And a legacy. "Larry gets to walk out," says the TV-industry executive, "not as a failure, but as someone who took the company and turned it around. Now he's a winner: he's probably $400 million ahead...
...face, at least, the merger solves so many problems. Says the TV exec: "Here you put together two companies that seemingly were in trouble. QVC is basically a single great executive with an asset that has no future. CBS is a great asset with a great future but an executive that has no vision. So it was a perfect marriage...
...perfect marriage it may be, but the wedding day is far off, and rival swains are surely on the prowl. Right now CBS looks like a pretty blond in a lowcut dress who goes to a singles bar to announce her engagement. The leaking of the news so far in advance of the board meeting suggests at least that Tisch intends to consider other offers, which would further inflate the stock. One CBS executive admitted that Tisch went public with the merger news because "he fervently believes in doing a deal that makes the best sense for the shareholder...
...widely considered the duller of the two men -- were cunning enough to use Diller as bait for an even more robust suitor. Why, it would be the stuff of network television. Greed! Lust! Power! Infighting! Backbiting! The Barry and Larry Show, with a few mystery guest stars, could be CBS's hottest program this summer...
CREDIT: [TMFONT 1 d #666666 d {Source: Paul Kagan & Associates}]CAPTION: THE VALUE OF CBS...