Word: cbs
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Despite the odds, Turner retains one of the most bullish attitudes ever seen in the business world. "I fantasize about everything," he once said, "being a fireman, an Indian chief, climbing mountains. Anything is possible." In trying to reach the lofty summit of CBS, Turner may find that this time he is scaling a sleeping volcano. --By Stephen Koepp. Reported by Marcia Gauger/New York and Lee Griggs/Chicago
...CBS plots its defense against Ted Turner, it will undoubtedly take a close look at a ploy that was set in motion last week by Unocal, which is trying to escape a take-over bid by T. Boone Pickens. A partnership led by Pickens, who is chairman of Texas-based Mesa Petroleum, has already bought 13% of Unocal, the twelfth largest U.S. oil company. The Pickens group is now seeking to acquire a majority of the company's stock by offering to purchase it at $54 a share. But Unocal has countered with a new variation of what Wall Street...
...offer that would be affected by such a law is the no-cash bid by the Turner Broadcasting System for CBS. In fact, the legislation has already been dubbed the TBS-CBS bill. Although Ted Turner admits that a CBS plan to buy back a large share of its stock has already hurt his chances, both companies are aggressively lobbying Governor Mario Cuomo, who has until mid-August to decide whether to sign or veto the legislation. MARKETS Quite Early One Morning...
...misled by things said on TV but think others will be," says Richard Wald, senior vice president of ABC News. He thinks they underestimate how quickly viewers read a scene and decide that someone is playing a role or "has to say that." Howard Stringer, executive vice president of CBS News, recalls shots of hostages in a darkened spot: "Their surly answers showed they were under duress." Far from prolonging the crisis, Stringer believes that TV coverage "made it hard to kill the hostages or even to keep them...
...negotiated agreements with the Government "to delay the release of information which would be inimical to the peaceful or rapid solution of a particular operation, or perhaps temporarily to withhold information or even some interviews" that might endanger hostages. News organizations have sometimes voluntarily withheld such information, but CBS and NBC news chiefs were probably expressing the majority view in the media when they turned down Meese's proposed formal agreement...