Word: comcasts
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...wait! There on the tarmac stood the rumpled figure of Ralph Roberts, 74, and his natty son Brian, 35, who controlled the Comcast cable-TV company and were partners with Diller in QVC. Known as straight-arrow businessmen in a rough-and-tumble industry, the Robertses hated the merger with CBS and arrived at the airport with a letter that contained shattering news for Diller: to bust up the deal that had electrified Wall Street when it was announced last month, Comcast was offering $2.2 billion, or $44 a share, for the 84% of QVC stock that...
Tisch moved fast to limit the damage. Declaring that "the merger discussion is at an end," he immediately walked away from QVC. "There was no chance," Diller recalls. "We absolutely knew that if Comcast made a competitive offer that Mr. Tisch would be gone in 10 seconds." To keep CBS stock from collapsing over the failure of the deal, Tisch immediately launched a $1.1 billion offer to buy back 22.6% of the company's shares for $325 a share. At the same time, Tisch partly made up for the defection of eight major CBS affiliates to the Fox network...
Richard Liebhaber, MCI's chief technology strategist, notes that the company is not alone in its support of Nextel. In addition to MCI, Nextel is backed by Motorola, Comcast, Northern Telecom, Nippon Telegraph & Telephone and Matsushita. "We're part of the telephone version of a dream team," says Liebhaber, dismissing Nextel naysayers. After all, once there was another start-up company that began as a radio dispatcher for truckers and also defied the odds: MCI itself...
...Davis: No. If it was an '80s flashback, you wouldn't have a Comcast in the picture, you wouldn't have a Blockbuster in the picture, or a Nynex in the picture. These are all strategic investors, as opposed to financial players...
...when Viacom agreed to buy the movie studio for $8.2 billion in a friendly deal. Soon after that agreement, Diller launched a $9.5 billion hostile takeover. In the bidding skirmishes that followed, both sides raised the stakes with the help of investment partners. QVC received backing from cable companies Comcast Corp. and Liberty Media as well as from the giant telephone operator Bell South. Meanwhile, Viacom signed up Blockbuster and later NYNEX Corp., the New York-based Baby Bell. Diller won a major legal victory in December when a Delaware court forced Paramount's Davis to dismantle his antitakeover defenses...