Word: silver
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Dates: during 1990-1999
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Diller almost owned Paramount, but in 1994 it slipped away. He nearly won control of CBS, but he lost that too in an abortive bid later that same year. This is what he does own, bought in quick succession last summer and fall: 1) Silver King Communications, whose main assets are 12 TV stations that comparatively few people want to watch; 2) Savoy Pictures, an independent film studio known for producing movies (Last of the Dogmen, for example) that comparatively few people went to see but a studio that owns considerable cash and a quartet of television stations...
Diller's managerial and entrepreneurial arts may turn these into far more valuable assets. Wall Street apparently thinks so; it bid up Silver King's stock from $25 to $39 the day Diller's purchase was announced (the stock closed last week at $301/2). Still and all, this is not the kingdom people expected Diller would survey when he walked out on his job as chairman of Rupert Murdoch's 20th Century Fox in 1992 and told the world he yearned to own a network of his own. His assumed ambition was to be a Murdoch, or even a Laurence...
...couldn't make payroll," says Dan Cunningham, the chief financial officer. "Bill kept the company running on his credit cards--Visa and MasterCard, not American Express, because that is a card that you have to pay the bill on every month." In the middle of a rise in the silver market in 1989, Schrader's mother raised several thousand dollars by selling the silver coins she had collected, and invested the proceeds in PSINet. The following day the silver market dropped sharply...
Mann's natural high jump talent surfaced his freshman and sophomore years, although his training time was cut short by basketball. With only two weeks of high jump practice both years, Mann leapt to a fourth-place finish in the 1993 championships and a silver the following year. Passionate about track, Mann quit basketball to focus on high jump his junior year...
RATHER THAN SILVER...