Word: mergers
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...second quarter and a chance to play an even larger role in bringing two-way television to Americans. All that would begin to be his in just a few hours, when the boards of CBS and Diller's QVC home-shopping network would meet to approve a merger of the two companies...
...wait! There on the tarmac stood the rumpled figure of Ralph Roberts, 74, and his natty son Brian, 35, who controlled the Comcast cable-TV company and were partners with Diller in QVC. Known as straight-arrow businessmen in a rough-and-tumble industry, the Robertses hated the merger with CBS and arrived at the airport with a letter that contained shattering news for Diller: to bust up the deal that had electrified Wall Street when it was announced last month, Comcast was offering $2.2 billion, or $44 a share, for the 84% of QVC stock that...
Tisch moved fast to limit the damage. Declaring that "the merger discussion is at an end," he immediately walked away from QVC. "There was no chance," Diller recalls. "We absolutely knew that if Comcast made a competitive offer that Mr. Tisch would be gone in 10 seconds." To keep CBS stock from collapsing over the failure of the deal, Tisch immediately launched a $1.1 billion offer to buy back 22.6% of the company's shares for $325 a share. At the same time, Tisch partly made up for the defection of eight major CBS affiliates to the Fox network...
...owner Ted Turner was reported to be once again eyeing CBS, after its failed merger with QVC. But government regulations would probably block Turner from purchasing the "Tiffany network," according to TIME's New York correspondent Massimo Calabresi. Federal laws prohibit one company from controlling both television stations and cable systems in the same market. Turner's cable connections? Time Warner Inc. and Tele-Communications, Inc. -- both of which own stock in his company...
...goes to a singles bar to announce her engagement. The leaking of the news so far in advance of the board meeting suggests at least that Tisch intends to consider other offers, which would further inflate the stock. One CBS executive admitted that Tisch went public with the merger news because "he fervently believes in doing a deal that makes the best sense for the shareholder. If the shareholders end up determining that there's a better deal, then . . ." Then the shareholders make a bundle. And who is CBS's largest shareholder? Larry Tisch...