Word: mergers
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...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 bemusement as Time Warner acknowledged its courtship, then appeared to be stymied by cable-TV king John Malone, a Time Warner rival whose Turner stake gives him effective veto power over a deal. But by Sunday, as TIME went to press, Levin and Turner were tantalizingly close to sealing an agreement...
...merger trend, which has reduced the number of U.S. commercial banks from 12,345 in 1990 to 10,450 last year, has gathered momentum as banks have joined forces to cut overlapping costs, enter new markets and meet domestic and foreign competition. Major deals valued at some $30 billion have been unveiled so far this year, and the pace shows no sign of slowing. The consolidations have helped boost bank profits to a record level in each of the past three years, $44.8 billion in 1994. But it's mostly stockholders who have benefited. "I don't see the savings...
...serving poor neighborhoods, vowed not to close branches in low-and-moderate-income areas where customers would have to go more than three blocks to find another one. Under the Community Reinvest ment Act, banks must submit their plans for serving poor neighborhoods to government scrutiny before a merger is approved...
...Hollywood, meanwhile, the latest maybe-merger is hot-wiring the rumor industry and alarming many players. "It's a horrifying chain of events," says Cary Brokaw, chairman of the independent Avenue Pictures. "Consolidations like this one could foreclose competitive outlets...
...Levin envisioned folding the Turner enterprises into the Time Warner combination, even before Time Inc. bought Warner Communications. Time Warner executives have courted Turner for years, hoping to get him to fold his company into theirs. The sticking point was always the role Turner would play after such a merger. The offer last week of the vice chairmanship represented a significant concession by Levin...