Word: middelhoff
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...turn of Thomas Middelhoff, chief executive of the German media giant Bertelsmann. He was so fond of the U.S. entrepreneurial culture that he began calling himself an "American with a German passport." But his plan to transform the firm from an insular private company to a stock market star ended up vexing the family that owns it. Last week, Middelhoff was out. "He was a real wheeler-dealer at a time when we're in a back-to-basics market," said Nick Bell, media analyst at Bear Stearns in London. "I think he was pushing too fast...
...those of our majority partner." In a television interview, he said the main difference with that majority partner - the Mohn family, which controls 74.9% of the shares - was over a stock market listing expected in 2005. "It was my plan to keep Bertelsmann at the top of the world," Middelhoff said...
...When Middelhoff outlined Bertelsmann's goals in 1999, he told TIME his benchmark was Amazon...
...Paul Desmarais. Instead of cash, GBL agreed to take 25.1% of Bertelsmann shares. More importantly, the deal allows GBL to sell its shares on the stock market in three years, the first time Bertelsmann stock will be available to the public. "The dogma is broken," said Bertelsmann ceo Thomas Middelhoff, who engineered the RTL purchase...
...NAPSTER? When Bertelsmann boss Thomas Middelhoff announced that the free music service would start charging a subscription fee by summer, a lot of people were surprised--including Napster CEO Hank Barry. "We haven't decided on a time schedule at all," Barry told Reuters. So what's holding it up? Before Napster can charge for downloads, it has to cut licensing-fee deals with most of the record companies (not just sugar daddy Bertelsmann), many of which are still suing Napster for "pirating" their music. As long as the labels prefer punitive damages to a piece...