Word: hbo
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Dates: during 1990-1999
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...Time Inc.'s. Without making much of a dent in the $11 billion debt incurred by the deal, Levin kept rolling the dice. He sold pieces of the new company into complex partnerships that raised billions but tied up Time Warner's best assets, including Warner Bros. studios and HBO. And instead of paying down the mortgage, Levin went out and bought a couple more cable-television companies, just as share prices in the industry were beginning to slump...
...Levin has thrown the dice again--and this time rolled a Ted. As in Turner. Time Warner's merger with Turner Broadcasting, sealed last week, makes the company the biggest in media, with unconsolidated sales of $21 billion. Time Warner--with holdings in film and television (including Warner Bros., HBO and Cinemax), publishing (including TIME, Book of the Month Club and Little, Brown Publishers) and music (including the Atlantic and Elektra labels)--adds to its roster such gold-plated assets as CNN, TBS, TNT, a vast film collection and some 28,500 television programs. Levin paid a golden price...
...with that comes the rambunctious Robert Edward Turner. The question bounding around the new company is, What does Ted want? He certainly wants an active role in management, as he made clear in forcing Levin to carve out a fourth operating division for him that includes Time Warner's HBO and Cinemax, besides CNN and the other former Turner Broadcast properties. His game plan might include lifting the company's stock price by selling off assets, cutting debt and pressing for lower costs. "Ted is magic," says fellow industry maven Glenn Jones, CEO of Jones Intercable. "He can do things...
Indeed, the first order of business may be to substantially reduce Time Warner's cable-television holdings. In 1992 the company bundled its cable systems, along with Warner Bros. and HBO, into an entity called Time Warner Entertainment, and then sold 25% of it to US West, the Denver-based Baby Bell, for $2.5 billion. In doing so, the company misguidedly ceded to US West a lot of control over any big decision regarding these businesses--such as selling any of them. US West is strategically committed to cable because the company sees the cable-telephone hybrid as the perfect...
...tennis fan, the summer brings Wimbledon--the only justifiable reason to order HBO--and the U.S. Open--New York at its finest. These are the two most important events of the year and basically define the year in tennis...