Word: mergers
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...groups were locked in a titanic struggle for the company (1987 revenues: $15.8 billion), and the offering price has climbed above $26 billion -- more than the gross national product of Peru or Portugal and twice the sum that Chevron paid for Gulf Oil in 1984 in the largest previous merger. The ordeal turned into a feeding frenzy for hangers-on as well: hundreds of lawyers and investment bankers involved in the bidding stand to earn a total of as much as $1 billion for their expertise...
...Kovach resignation and the changes in The Delta Democrat-Times are just two examples of a rapidly worsening trend. One merger and acquisitions specialist who concentrates on the media has estimated that within ten years, only six corporations will own all of the American media. Newspapers, magazines and broadcasters are supposed to keep an eye on the powers-that-be; instead, big business is making the media wear corporate blinders...
Assistant Attorney General for Antitrust. Even some big-time investment bankers are wincing at the turmoil created by the megamergers that took place under the Reagan Administration's relaxed custody of the antitrust laws. This prosecutor will have to decide if there is such a thing as a merger that is too big, and if so, how to chop it down to size...
...former management consultant who helped broker the merger between American Motors Corp. and Renault, Hoagland reflects a view that seems to be sweeping the newspaper industry. Confronted by a long-term slump in circulation and intensifying competition with other media for advertising revenue, many newspaper executives are beginning to demand that editors join the management team rather than pit themselves against it. Editors, they say, can no longer afford to stay aloof from such down-and-dirty concerns as advertising, circulation, production and revenues. "The role of the newspaper editor today has changed," says Robert Giles, vice president and executive...
...executives who bought Nu-kote also felt ignored by their corporate parent. After the 1986 merger of the Burroughs and Sperry computer companies that produced Unisys, corporate headquarters decreed in a confidential memo that "ancillary" units would be put on the auction block. Reinhold Tischler, then president of the Nu-kote division, called his boss and said, "Ancillary division reporting in. We'd like to buy it." On Jan. 16, 1987 -- Tischler calls it Independence Day -- he and 20 other managers bought Nu-kote for $60 million. After they eliminated several aging product lines, overall sales grew 17% last year...