Word: metromedia
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Preparations for the couple's arrival in the U.S., meanwhile, were spiked with a bit of scandal. Originally it had been announced that the co-chairman of the $10,000-a-couple Palm Beach charity ball would be Pat Kluge, the dishy wife of Billionaire John Kluge, chairman of Metromedia, Inc. Last week the British press uncovered a part of her past that had eluded the careful perusal of Buckingham Palace. In the 1970s the former Patricia Rose had posed as a full-frontal nude for the raunchy British skin magazine Knave. It transpired that Mr. and Mrs. Kluge will...
...include more than 80 publications on three continents, including the Times of London, the New York Post and the Chicago Sun-Times; as a U.S. citizen, in a ten-minute ceremony in New York City. In order to complete a deal that he made last spring to acquire six Metromedia TV stations, Murdoch must be a U.S. citizen; fcc regulations bar foreigners from owning more than 20% of a broadcast license...
...newspaper publisher from owning a TV station in the same city. Thus Murdoch will have to sell both the New York Post, a screeching tabloid partial to news of crime, sex and the latest lottery winner, and the more sedate Chicago Sun-Times. To raise cash for the Metromedia deal, Murdoch is also seeking a buyer for the Village Voice, the leftish Manhattan weekly that nearly always was at odds with its owner's conservative politics (asking price: a very capitalistic $55 million...
Though Murdoch had thought about becoming a U.S. citizen since 1983, the prospect of the Metromedia deal made up his mind. The decision, nonetheless, was a difficult one. Born and raised in Melbourne, Murdoch inherited a pair of struggling newspapers in Adelaide from his father in 1952; from that puny seed grew Murdoch's $1.8 billion-a-year empire, which still has headquarters in Australia (see chart). Even Murdoch's mother, who lives near Melbourne, seemed taken aback. "It was quite a bit to swallow at first," says Dame Elisabeth Murdoch, 76, "but that doesn't alter the fact that...
...Metromedia sale was engineered by Kluge in great secrecy; even some of his top executives did not know about it until talks were well under way. A German immigrant who came to America at age eight, Kluge bought a controlling interest in a small broadcasting company in 1959 and built it into a $500 million-a-year telecommunications firm. Kluge took Metromedia private last year, but the maneuver left it $1.3 billion in debt. Realizing that he could not handle all that red ink, Kluge decided last January to sell at least some of the TV stations...