Word: paramountly
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Davis still tells friends that Goldwyn never got his name straight, referring to him as "Marvin." That slight dogs the Paramount chief to this ( day: he is often confused with Marvin Davis, the Denver oilman who is making a bid for Northwest Airlines. As the struggle for control of Time Inc. heats up, Martin Davis' relative obscurity is likely...
...phone on the desk of Richard Munro, chairman of Time Inc., rang at 6 p.m. last Tuesday. On the line was Martin Davis, chairman of Paramount Communications, a onetime industrial conglomerate that had changed its name from Gulf & Western just the day before. Davis had a stunning message for his fellow chief executive. Although Munro had assurances from Davis that he would not mount a takeover bid for Time, Davis was reneging: he declared that Paramount was launching an offer to acquire Time for $175 a share, or $10.7 billion. Time stock had closed at 126 that...
...Paramount's tender set the stage for a clash of media titans that could lead to months of multibillion-dollar broadsides, legal pyrotechnics and dangerously unpredictable consequences. The Paramount bid came just 2 1/2 weeks before shareholders of Time and Warner Communications were to vote on merging their firms into the world's largest media company, with total revenues of $10 billion. But the sudden strike by Paramount, whose operations include one of Hollywood's top movie-and-TV studios and the giant publishing house Simon & Schuster, disrupted those plans and threatened to provoke a free-for-all in which...
...offer touched off a frenzy among Wall Street arbitragers, who snapped up Time stock in the belief that Paramount would prevail or attract other bidders into the fray. Time shares skyrocketed from 126 to 170 on Wednesday and finished the week at 170 1/4. Since Wall Street investors considered all three companies now to be in play, Warner stock jumped to 56 1/8, up 4 points for the week, and Paramount rose...
...those who admired the Time-Warner deal, an old-fashioned debt-free and tax-free stock swap between friendly companies, the Paramount bid raised disturbing doubts about whether corporate America can free itself from the frenzied deal making, staggering debt loads and ultimate dismemberment that have plagued U.S. industry in the 1980s. Among other considerations, the absence of heavy leverage in the Time-Warner arrangement was aimed at helping the merged company compete globally against such foreign media giants as West Germany's Bertelsmann and France's Hachette...