Word: merger
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Dates: during 1990-1999
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Clurman lets them reveal themselves in their own remarks and behavior: Nicholas as a bottom-line type who lusted for the merger (and the promised job of co-CEO) seemingly at any price; Munro as a backslapping cheerleader with a bent toward the banal and the four-letter word (with a grand retirement package awaiting); McManus as a beleaguered figure striving to salvage a degree of authority over the company's magazines and some esteem from his staffers while Brack belittles them by insisting that "the marketplace," not editors and thinkers, "should dictate what a magazine should...
...solely at the instigation of ailing Steve Ross, abruptly sacked Nicholas and installed the more cerebral, smoother Levin as Ross's new co-CEO. Does that mean the media giant will now achieve the greatness its masters predict for it? A onetime consultant to both companies tells Clurman: "The merger may turn out to be one of the most brilliant business moves in their history or the stupidest." To amend a famous parody of early TIME prose: "Where it all will end, knows God!" Or Mammon...
...Nuys, Calif.-based Pinkerton's (1991 revenues: $640 million) has also suffered from turnover and service problems following a leveraged merger four years ago with a firm called California Plant Protection (CPP). Mark Savage, a former award-winning Pinkerton's manager, says he quit the company in 1990 in part because its management "was cutting corners and pushing people to their limits." In terms of clients, he adds, "companies like Burns and Pinkerton's always take for granted that they will lose business and that if they sell more than they lose, they're still growing. They...
...sell-off of Time Warner's magazine subsidiary, Levin -- like Nicholas -- adamantly opposes any such move. According to To the End of Time, a sharply critical book by Richard Clurman, a former TIME chief of correspondents, it was Levin who remarked at the time of the merger that "the core ((of the new company)) is not Bugs Bunny, it's TIME magazine." Levin is said by some to believe that sizable layoffs at the magazines last year helped demoralize their staffs unnecessarily. He is also said to feel that an emphasis on creativity is preferable to cost cutting...
...Friday -- suggested a widespread belief that Time Warner had broken a damaging stalemate. The company has made considerable financial progress lately. It has reduced its burdensome debt from $11.2 billion to $8.7 billion, and in the final quarter of 1991 reported its first profit, of $45 million, since the merger. Nonetheless, many financial sources say it has been moving much more slowly than it should have been because of near paralytic tension at the top -- tension between Ross and Nicholas...