Word: kerkorian
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Dates: during 1980-1989
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Last week Turner put out the fuse by selling 35% of his company to a group of 14 cable-TV operators and Financier Kirk Kerkorian for $550 million. Turner will use the money to buy back those troublesome preferred shares. Kerkorian, the former owner of 50.1% of MGM/UA, and the cable operators will gain five seats on Turner Broadcasting's eleven-member board of directors. Managing a narrow escape, Turner was able to hold on to slightly more than 50% of the company that he built from scratch...
...biggest single cause of Turner's current balance-sheet problem is the MGM/UA acquisition from wily Owner Kirk Kerkorian. Analysts estimate that Turner overpaid as much as several hundred million dollars for the moviemaking studio and its assets, especially a rich library of some 3,600 films that includes such gems as Gone With the Wind and The Wizard of Oz. In the process the Atlanta tycoon had to raise nearly $1.2 billion, mostly by issuing high- interest junk bonds, thereby pushing TBS's total debt to nearly $2 billion. He now faces a $600 million repayment that comes...
...processing labs and its 45-acre studio lot near Los Angeles. In June he negotiated a complicated three-way deal in which the studio and film lab were sold to Lorimar- Telepictures (producers of Dallas and Falcon Crest), and the movie, TV and video operations went right back to Kerkorian. Proceeds from those sales might be sufficient to meet the September debt payments, but the terms are still under negotiation...
These moves threatened to decrease Steinberg's share of Disney to less than 10%, and he appeared to be losing. But two weeks ago, Steinberg formed a holding company, MM Acquisition (named for Disney's own Mickey Mouse). For his partners Steinberg enlisted Kirk Kerkorian, 67, the majority stockholder in MGM/UA Entertainment, and Fisher Financial and Development, a New York City real estate firm. Kerkorian agreed to invest $75 million for a 20% stake in the new firm in return for a 60-day option to buy the Disney studio and film library for $448 million. Fisher...
...first time in a generation, MGM is the busiest studio in Hollywood. Last year Kerkorian brought in David Begelman, the controversial but successful former head of Columbia, to run the movie operation. So far this year, MGM has started eight films, compared with a total of 15 for Columbia, Disney, Paramount and Fox combined. Begelman has also announced that he will be developing 51 films. These include Tarzan, the Ape Man starring Bo Derek, John Steinbeck's Cannery Row with Nick Nolle, and American Rhapsody with Punk Rocker Deborah Harry...