Word: dealing
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Dates: during 1990-1999
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...scholarly but combative Klein, who stands 5 ft. 6 in. in his running shoes, appears to be an unlikely David to Microsoft's Goliath. He came under heavy fire last April for granting unconditional approval to Bell Atlantic's $23 billion merger with NYNEX, a deal that created a giant with 39 million phone lines from Maine to Virginia. But Klein, a music buff whose eclectic tastes run from Ray Charles to Puccini, takes no predictable view on enforcement either. He simply picks his targets as he sees them. "I'm not an ideologue or a crusader," he says...
...last week Barry Diller, who masterminded the rise of the Fox Network for Rupert Murdoch's News Corp. a decade ago, was no longer a mogul-without-portfolio. Diller, who heads up the unglamorous HSN, whose holdings include the Home Shopping Network and a stake in Ticketmaster, struck a deal for nearly $4.1 billion with Seagram Co. that lays a foundation for his own entertainment empire. Diller, 55, will pay Seagram $1.2 billion in cash plus HSN stock for Seagram's USA and Sci-Fi cable channels and most of its Universal TV operations. Among them: the acclaimed cops...
Starwood Lodging, a real estate investment trust (REIT) based in Phoenix, Ariz., was able to outbid Hilton because of a loophole in the tax laws that jacks up a reit's market value. If ITT stockholders approve the deal, the new combination would become the largest lodging company in the world, with 650 hotels in 70 countries and total annual revenues of more than $10 billion. As for Araskog, 65, under the plan he will step down next year and get a seat on Starwood's board plus a consolation prize: a $55 million severance package that was designed...
...over, right? Well...there is an enticing story line that could have the wily Araskog pulling off one last masterly stroke. Once ITT shareholders formally reject Hilton's bid next month, the ITT chairman could cancel the Starwood deal and continue his 18-year reign over the company. No one ever played Monopoly like this...
...essentially a franchise: a major step in the effort by Thomas Krens, director of the Solomon R. Guggenheim Foundation in New York City, to parlay his museum into an international network of satellites exhibiting art from a common pool--an innovative idea that is still viewed with a good deal of skepticism by more traditional museum officials...