Word: merger
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Dates: during 1990-1999
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...arrangement was supposed to be cut and dried, even ironclad. Not only did it designate Nicholas J. Nicholas Jr. the sole heir to Steve Ross as head of Time Warner Inc. The 1989 merger agreement that created the world's largest media company also spelled out the date of his accession -- five years in advance. As of 1994, Ross, while remaining chairman, would step aside as co- chief executive officer, and president Nicholas would become the sole...
...pronounced Le-vin, the second syllable rhyming with win), 52, an old rival who was bounced as a Time Inc. director in 1987 -- a move said to have been engineered by Nicholas -- but recovered to become the Time side's chief idea man and a main drafter of the merger plan...
...number of other insiders say the move would have been made months earlier had it not been for Ross's illness. One crystallizing factor, apparently, was the death of Borg-Warner chairman James F. Bere, a longtime member of the Time Inc. board who remained a director after the merger. With the so-called Time faction reduced by one, this theory goes, Ross and Levin knew that they could count on support from a majority of the board...
Some accounts named Levin as the chief organizer, working with the support of J. Richard Munro, a former Time Inc. CEO who retired in 1990, shortly after the merger with Warner Communications. But it was clear that chairman Ross, 64, though weakened by his cancer therapy, had nonetheless taken a major hand...
...there. John McClellan just cut it off with a razor so sharp you didn't even notice it." Califano still marvels over seeing Johnson crony Abe Fortas, by then a Supreme Court Justice, counsel the President on how the government should argue its case for the Penn Central Railroad merger, then watching the merger approval come down from the court with the majority opinion authored by Fortas...