Word: goldensons
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...management at ABC was elated by the turn of events. Concluded ABC President Leonard Goldenson: "Because of their confidence and faith in the future of our company, a substantial majority of our stockholders elected to reject the Hughes tender offer." Shares of the company closed down by only 380 by the end of the week from a high of $67.75 on Tuesday, before the news...
Merger still seems virtually certain; the question is when and with whom. President Goldenson, who prefers a stock swap that would be tax free, had already started preliminary talks with C.I.T. Finance Corp. over the July 4 weekend. Such talks could now resume...
...offer was a good one. ABC, third-ranking network in U.S. television, desperately needs money to convert completely to color and upgrade its programming; of the three major TV systems it was the only one that lost money last year on network operations. ABC's president, Leonard H. Goldenson, thought he had the wherewithal last year, when ITT agreed to buy the network. But the Justice Department entered objections, stalled the deal to the point that ITT Chairman Harold S. Geneen finally backed out because the value of ITT stock had gone up so much in the meantime that...
...basis of last week's offer, Howard Hughes did not look like a savior in Goldenson's eyes. According to the tender put together by Loeb, Rhoades (which should collect at least $500,000 in fees if the proposition goes through), Hughes would buy ABC shares at $74.25 apiece. That would be about $15 above the market price when the offer was first made, although the Hughes magic started ABC share values spinning last week, and the stock closed the week at 68 1/4, up ten points. A major objection from the network's viewpoint is that...
...every way possible." At the same time CBS, which has more flying vice presidents than nuns, dispatched Michael Dann, senior V.P. for programming, to Hollywood. His mission: "individual conferences with producers and writers to discuss specific measures to de-emphasize violence in programs now in production." ABC President Leonard Goldenson disclosed that his network, too, was in the throes of reappraisal; he also designated a vice president, James Hagerty, as liaison man to the violence commission. NBC also weighed in with a lofty statement and a pledge of cooperation to the commission...