Word: cbs
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...North Carolina organization, pet project of Senator Jesse Helms, announced in January that it hopes to take over CBS by persuading conservatives across the U.S. to buy shares in the company. James P. Cain, a Fairness in Media co-founder, pronounced the group "delighted" by the Atlanta tycoon's move and promised its support...
While Turner backed away last week from any formal ties with the group, he pledged "to improve the quality, objectivity and diversity of CBS programming." In the past, Turner has criticized network fare in general for its "sleaze, stupidity and violence." His flagship station, WTBS, currently offers sports broadcasts and family-oriented material, including reruns of The Beverly Hillbillies, a show that CBS dropped...
...CBS takeover attempt is in character for a man who has always been somewhat larger than life. Turner was forced out of his Brown University fraternity for burning down the homecoming display, and finally left the school after being suspended twice. He entered the family billboard business at 24, after his father committed suicide. Turner was so successful in his advertising venture that he was able to acquire and enlarge a foundering local UHF television station. In 1976 he started bouncing its signals off a satellite to cable-TV systems across the U.S. The result: Super-Station WTBS, which...
...hour Cable News Network, a brazen challenge to the three major TV-news organizations. During the first few years, CNN lost about $50 million annually and seemed unlikely to survive. Turner persevered, though, and today CNN is nearly in the black. He has aimed to join forces with CBS since 1981, when he approached the network about taking over Turner Broadcasting. Rejected then and several times since, Turner finally decided to try to take over CBS...
...tried to tone down his strutting style, seemingly in the hope of gaining acceptance among Wall Street's buttoned-down moneymen. He realized that his success in any takeover battle will depend on winning the confidence of institutional investors like pension funds, which hold more than 60% of CBS stock. Nonetheless, the drawling Southerner remains largely an outsider. When he went shopping for an investment banker for the CBS deal, he was reportedly turned down first by Drexel Burnham Lambert and then by Shearson Lehman. Finally he reached a deal with E.F. Hutton, a relatively inexperienced player in the merger...