Word: mergers
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...over, Eisner went to the law firm Dewey Ballantine to iron out the final niceties of Disney's $19 billion deal to buy Capital Cities/ABC. And next morning, when he and Cap Cities chairman Thomas Murphy arrived on Good Morning America to stun the world with news of their merger, it was tempting to view Eisner's triumph as the kind of danouement usually reserved for the last 10 minutes of a Disney movie. Wall Street whooped at the deal, which united Disney's theme parks and movie and television studios with ABC's gold-plated network and cable channels...
...merger this size usually comes wrapped in explanations about cash flow and synergy and the global marketplace. But for all the theories, even deals this logical depend for their fuel on the dreams and grudges and high octane of a very few, very powerful men who are too rich to be doing it for the money and too vain to admit to motives more complex than the desire to serve their shareholders. And so last week, following the second biggest takeover of all time, there was a story to tell about the ever more ferocious fight among media giants trying...
...United Auto Workers, United Steelworkers of America and International Association of Machinists announced they will merge to form the country's largest industrial union by the year 2000. Leaders for the three later invited other labor groups to join the merger, which aims to restore labor's diminished national presence by uniting nearly 2 million members...
Westinghouse Electric Corp. chairman Michael Jordan looked to boost his Group W broadcasting division last week by pursuing a $5 billion merger with CBS Inc., sources said. Representatives reportedly met on Friday morning to begin negotiating terms for a forthcoming offer, which would create the largest TV-station group in the country, reaching more than 32% of all TV homes. Chemical Banking Corp. and J.P. Morgan & Co. each has committed $1 billion in loans to Westinghouse...
Nobody in Hollywood can keep a secret -- exceptDisney chairman Michael Eisner. He stunned both Wall Street and the entertainment industry when he announced this morning thatDisneywill acquire Capital Cities/ABC in a $19 billion merger. The deal would be the second-largest takeover in U.S. history (behind the $25 billion takeover of RJR-Nabisco in 1989) and the largest ever in the media business. Getting hitched to family-friendly Disney may mean top-rated ABC will see its competitors exploiting new counterprogramming opportunities. "I think ABC will probably steer away from the more lurid programs, which might make the other networks...