Word: paramount
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Dates: during 1980-1989
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...some respects, a Time-Paramount combination would create a company similar, in structure if not in control, to the one envisioned in the Time- Warner deal. Time's magazine and book publishing operations, which include TIME, PEOPLE, SPORTS ILLUSTRATED and TIME-LIFE Books, might dovetail effectively with Paramount's book division. Time's cable television programming units, including Home Box Office and Cinemax, could mesh with Paramount's film-studio and television ventures. Time's cable-television systems would provide distribution vehicles for that product. Warner, meanwhile, has film, cable-TV and publishing units and differs from Paramount in owning...
...some important ways, however, the matchups look quite different. For one thing, the debt-free nature of the Time-Warner deal would have given the merged company far more flexibility than a Time-Paramount consolidation might have. "The Time-Warner combination left everybody's powder dry to be able to go out and make acquisitions," says Larry Gerbrandt, a vice president of Paul Kagan Associates, a California-based communications-industry analyst. "But in a tender offer like Paramount's, you have to load up with a tremendous amount of debt that limits your options. The strategy can work...
...been left out. He can't stop kibitzing." All the while, however, Davis was preparing his attack under the code name Kronos, for a Greek god associated with time. Davis was advised by Robert Greenhill, vice chairman of the Morgan Stanley investment banking firm, which is now Paramount's chief adviser in the bid. Paramount said last week that Donald Rumsfeld, a former Defense Secretary, has agreed to serve as trustee for tendered Time stock until Paramount clears all legal barriers to its takeover...
...months for a firm to derail the Time-Warner deal. Morgan Stanley gave its search for a spoiler the code name Project Clock. Merrill Lynch, another Davis adviser, assigned the name Space to its project. Citibank, for its part, stands to make $350 million in fees for putting together Paramount's war chest. At the same time, the bank manages 1.5 million shares of Time stock for its clients, on which they stand to make a huge profit if the deal goes through...
...Washington, where Congress and regulatory agencies had already given their blessings to the Time-Warner transaction, legislators adopted a wait- and-see attitude toward the Paramount bid. Ironically, approval of the Time-Warner merger could make it easier for a Time-Paramount deal to win acceptance, since the two combinations are similar. But a senior congressional aide called such speculation premature. Said he: "The Paramount bid is just the opening move in a game of chess...