Word: deale
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Dates: during 1980-1989
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...many more outstanding shares, but would leave Time's stockholders with only the prospect that their stock would appreciate over the long run. Moreover, the process of getting Government approval and working out legal details required a 3 1/2-month gap between the announcement and the stockholders' vote on the deal, which left enough time for a hostile bidder to marshal his forces...
...those who admired the Time-Warner deal, an old-fashioned debt-free and tax-free stock swap between friendly companies, the Paramount bid raised disturbing doubts about whether corporate America can free itself from the frenzied deal making, staggering debt loads and ultimate dismemberment that have plagued U.S. industry in the 1980s. Among other considerations, the absence of heavy leverage in the Time-Warner arrangement was aimed at helping the merged company compete globally against such foreign media giants as West Germany's Bertelsmann and France's Hachette...
...each occasion. As a result, Davis told TIME senior correspondent Frederick Ungeheuer, "I said we would not do anything hostile and would respect Time's decision to remain independent." But Time then "put itself up for sale," Davis argued, by agreeing to merge with Warner. He said the deal would end Time's independence because the merger would give Warner shareholders 60% of the stock of the combined company...
...some respects, a Time-Paramount combination would create a company similar, in structure if not in control, to the one envisioned in the Time- Warner deal. Time's magazine and book publishing operations, which include TIME, PEOPLE, SPORTS ILLUSTRATED and TIME-LIFE Books, might dovetail effectively with Paramount's book division. Time's cable television programming units, including Home Box Office and Cinemax, could mesh with Paramount's film-studio and television ventures. Time's cable-television systems would provide distribution vehicles for that product. Warner, meanwhile, has film, cable-TV and publishing units and differs from Paramount in owning...
...some important ways, however, the matchups look quite different. For one thing, the debt-free nature of the Time-Warner deal would have given the merged company far more flexibility than a Time-Paramount consolidation might have. "The Time-Warner combination left everybody's powder dry to be able to go out and make acquisitions," says Larry Gerbrandt, a vice president of Paul Kagan Associates, a California-based communications-industry analyst. "But in a tender offer like Paramount's, you have to load up with a tremendous amount of debt that limits your options. The strategy can work...