Word: levine
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Dates: during 1990-1999
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...must deal with several crowned heads and princelings whose egos and territorial rights must be either respected or dealt with before they can cause trouble. The very size of the venture is likely to focus the regulatory eye of government on the transaction. And many wonder whether the growth Levin and Turner promised from the combined companies' assets can really be achieved...
...obstacles will require some bounding over. Levin has incurred the legal wrath of financial partner U S West. The Colorado-based Baby Bell, which owns a 25.5% stake in Time Warner's film and cable holdings, filed a lawsuit in Delaware chancery court last week to block the merger. The phone company, which paid $2.5 billion for its partnership interest in 1993, has for months been in stalled talks with Time Warner, which wants to restructure the terms in order to split the cable from the content companies. U S West claims it has veto power over the merger with...
...trophies without a team on the field." The executive most dislocated by the emerging new power structure is Michael Fuchs, the head of HBO and Warner Music, who is credited with helping defuse the furor over gangsta-rap lyrics that besieged the company earlier this year. Last week Levin indicated that Turner, who will become Time Warner's vice chairman, will also assume responsibility for overseeing...
...Levin, who has eschewed the old buzz word "synergy" for a new one, "teamwork," also indicated that he would have no patience for prima donnas. And Fuchs had been acting like one lately, leaking to the press his unhappiness with any potential loss of turf in the new company. Fuchs' public petulance during the negotiation of the deal became such a problem that Levin took him to lunch during the week after Labor Day and told Fuchs to start talking the company line or get out. At a separate meeting with board members, Levin told them that if the Turner...
...make the merger work, Levin says he has adopted a new management philosophy that he hopes will bring greater cooperation among the princes of his realm. Says he: "With Time and Warner, I thought we'd get more mileage out of running businesses separately. But with the Turner transaction, things have changed dramatically. We'll make things happen together. Ted didn't win the America's Cup without being a team player." Turner, whose personal fortune is estimated at $1.7 billion, will be handsomely rewarded by his new employer. In addition to receiving options for 1 million shares of Time...