Word: merger
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Dates: during 1990-1999
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...with Time Warner's stock having been among the biggest dogs in media since Lassie, Levin has thrown the dice again--and this time rolled a Ted. As in Turner. Time Warner's merger with Turner Broadcasting, sealed last week, makes the company the biggest in media, with unconsolidated sales of $21 billion. Time Warner--with holdings in film and television (including Warner Bros., HBO and Cinemax), publishing (including TIME, Book of the Month Club and Little, Brown Publishers) and music (including the Atlantic and Elektra labels)--adds to its roster such gold-plated assets...
...nearly seven years since Time Warner was formed, its stock has trailed the market badly, up 32% while the Standard & Poor's index has risen 100%. The merger may help. Time Warner rose 5.7% last week, to $41.75. Part of that may be due to Turner's advent, but it also reflects Levin's promise that he's ready to purge the company's onerous level of indebtedness...
...feud. Murdoch has charged that Time Warner reneged on an agreement to carry the Fox News Channel on its cable systems, opting for MSNBC instead. (Time Warner had been required by the Federal Trade Commission to pick up one CNN competitor in order to win approval of the Turner merger.) This was a blow to Murdoch's hopes of expansion, since it means he will be blocked from Time Warner's almost 12 million cable homes--most crucially those in New York City, where Fox is based. Last week Murdoch filed a $2 billion antitrust suit and enlisted Mayor Rudolph...
...Burlington Northern bought Santa Fe in 1995, while Union Pacific merged with Southern Pacific earlier this year. Each control over 30,000 miles of track. The news pushed CSX stock down four percent in early trading on the New York Stock Exchange, but lifted Conrail by 20 percent. The merger will depend on approval from Conrail shareholders, who would receive $92.50 in cash and CSX stock for each share, and the U.S. Surface Transportation Board. After approving two mega-mergers in as many years, the board is unlikely to block this one. Some layoffs are anticipated from the consolidation...
...YORK CITY: Now comes the hard part. A little more than a year after the deal was announced, shareholders of Time Warner and Turner Broadcasting voted voted Thursday to approve the $7.5 billion merger. After clearing the considerable hurdles of an FTC review and the opposition of U.S. West, a large Time Warner shareholder, Time Warner chairman Gerald Levin and former Turner head Ted Turner have a daunting task ahead of them. More than 98% of the shareholders approved the merger and they now demand strong action to finally lift the value of the stock. Since Time and Warner merged...