Word: malonee
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The courtship had all the frenzied twists of a Looney Tunes cartoon--or CNN's Gulf War coverage. For nearly a month, with the world looking on, Time Warner chairman Gerald Levin used shuttle diplomacy to pursue an $8 billion merger with Ted Turner's Turner Broadcasting. Spectators watched in...
But the deal, which would vault Time Warner ahead of the newly combined Walt Disney Co. and Capital Cities/ABC, raises questions ranging from how Levin, Turner, Malone and top Time Warner executives would co-exist to the impact on Time Warner shareholders. The buyout would lock the cerebral Levin into...
To make matters dicier, a merger would also bring Malone, the chairman of Tele-Communications Inc. and a man with a bent for elaborate corporate schemes, into Time Warner's fractious family. Malone, who stands to convert the 21% of Turner stock he controls into about a 9% stake in...
Sources close to the deal said Malone won concessions including a premium for at least some of his Turner stock, which Time Warner would acquire from other shareholders at the rate of three-quarters of a share of Time Warner for each share of Turner. It was expected that Malone...
Economics correspondent Suneel Ratan reports that there are also a few regulatory hurdles for Levin to surmount: "The deal will have to gain two sets of clearances -- and any problems encountered likely will be a consequence of the arrangement's giving Malone a significant minority interest in the merged entity...