Word: munro
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Time Chairman Richard Munro and Warner Chairman Steven Ross, who agreed to share power as co-chief executives of the new company, were confident that their deal would withstand any challenges. Said Munro: "We are not for sale." Time President N.J. Nicholas will take Munro's slot as co-chief executive of Time Warner if Munro retires in 18 months as planned. To strengthen their position, the two companies have also agreed to exchange some 10% of each other's stock in advance of the merger...
...Germany's Bertelsmann bought RCA Records and the Doubleday and Bantam Books publishing houses; Britain's Robert Maxwell took over Macmillan publishers; Japan's Sony acquired CBS Records; and Australian-born Murdoch (now a U.S. citizen) accumulated newspapers, magazines, a movie studio and a TV network. Said Time's Munro: "We see Maxwell, Murdoch, Bertelsmann and Sony coming into our market and raising hell, and we see this ((merger)) as an opportunity for an American company to get competitive." In fact, Time Warner would vault ahead of the competition. Bertelsmann, whose annual revenues are nearly $7 billion, would fall...
...allow time for the two enterprises to get thoroughly comfortable with each other, Munro and Ross are planning to go slow in integrating the various divisions. Only the cable and books operations will be immediately combined. All others will continue to operate as separate units, with Warner's old divisions reporting to Ross and Time's to Munro and Nicholas. Five years down the road, according to the merger agreement, the management will be unified, with Nicholas as the chief executive. "We're not going to crash these two companies together," said Nicholas. Both Time and Warner believe their greatest...
Some industry observers have questioned whether Ross's Hollywood ways can easily coexist with the more conservative management style at Time. "Can they work together, or will egos get in the way of the dreams of managers?" asked a Wall Street media expert. Munro and Nicholas decided to go ahead only after many lengthy discussions with Ross dating back to early 1987, and they feel they know their man. "Over the past two years," said Munro, "we have probably spent more time with Steve Ross than with our wives. We feel very comfortable with him." As in all corporate marriages...
...Rome: Cathy Booth Eastern Europe: Kenneth W. Banta Moscow: John Kohan, Ann Blackman Jerusalem: Jon D. Hull Cairo: Dean Fischer, David S. Jackson Nairobi: James Wilde Johannesburg: Bruce W. Nelan New Delhi: Edward W. Desmond Beijing: Sandra Burton Southeast Asia: William Stewart Hong Kong: Jay Branegan Bangkok: Ross H. Munro Tokyo: Barry Hillenbrand, Seiichi Kanise, Kumiko Makihara Ottawa: James L. Graff Central America: John Moody Mexico City: John Borrell Rio de Janeiro: Laura Lopez...