Word: rossing
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...Jackson Rome: Cathy Booth Eastern Europe: John Borrell 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, Anita Pratap 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 Rio de Janeiro: Laura Lopez...
...Steven Ross, 61, had been up late into the night helping to reassemble the pieces of the biggest deal of his life, but he was feeling particularly ebullient at noon the next day. As he met with reporters last Friday, the chairman of Warner Communications playfully handed out black-and-yellow Batman lapel pins, a promotional item for his studio's big summer film. Shunning a chair, the executive casually plopped himself down on the floor and began extolling the deal he hoped to see through. Said he: "There could not be a better fit in the world...
...Ross was speaking of Time Inc. and Warner, whose planned merger has come to resemble a three-dimensional chess game, with the winner destined to become king of the global media board. Rumors and speculation ran wild, and stock prices gyrated, as directors of Time met last Thursday and early Friday to consider the hostile $10.7 billion takeover offer that Paramount Communications had put forward the previous week. After deliberating for ten hours on the 34th floor of the Time & Life Building in Manhattan, the board approved a double-barreled response that demonstrated Time's determination to complete its merger...
...Federal Communications Commission and some 750 local governments around the country to transfer to Paramount the licenses and franchise rights for cable- TV units operated by Time's 82%-owned American Television and Communications. Getting approval for such transfers "would be difficult even without a hostile bid," says Ross, "but now we'll be challenging them every inch of the way." As the three-way takeover battle wears on, it is likely to be fought in just that contentious manner -- in the courts, the stock market and the corporate trenches...
MAKEUP: Charlotte J. Quiggle (Chief); Eugene F. Coyle (Deputy); Leonard Schulman, Carrie Ross Welch (International...