Word: sternly
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...YORK: The 1998-99 NBA season is back on, sort of -- 50 or so games starting in February. Appropriately, neither side is claiming victory. "Did we blink? I guess we both blinked," players' union head Billy Hunter said Wednesday. Said NBA commissioner David Stern, after predicting that the NBA's Board of Governors would accept the agreement Thursday: "I will say that I am elated that we will be playing basketball this season." The terms of the deal indicate that both sides gained concessions, with the owners eking out a win at the negotiating table. But TIME senior business editor...
...DAVID STERN The baseball strike nearly ruined baseball. Now NBA commissioner Stern leads his sport into the same sad void...
...more years. The best I could deduce about his revenue impact is that it's on the order of $100 million a year. Clearly, Infinity's 161 radio stations and other assets (including radio jock Don Imus), with a total market value of about $19 billion, overwhelm Stern. Still, if my estimate is close, Stern has a hand in 5% of Infinity's $1.9 billion in annual revenue. That may not be "material" legally, but it's information an investor ought to be able to get. By the way, the prospectus neglects to warn of a possible hit on Infinity...
...tuned in to the Howard Stern show two weeks ago. Don't ask, please. Anyway, the bad boy of radio was engaged in some sort of bimbo quiz show in which one judge was mentally ill and, prompted by Stern, trying in vain to elaborate on his scoring. Such "humor" is old hat for Stern. What caught my ear was that this ratings king and cash cow for Infinity Broadcasting was speaking of plans to retire. It was just days before Infinity sold 140 million shares to the public for $3 billion, and raises interesting questions for stockholders--not least...
First, what is Stern's value as a corporate asset? Not much, according to CBS, which bought Infinity in 1996 and sold 17% of it in a public offering earlier this month. Nowhere is Stern mentioned in a 183-page prospectus that is supposed to be the best source for valuing a newly traded stock. The bottom line is that Stern's continued success "is not a material issue" to the health of Infinity, says CBS spokesman Gil Schwartz. O.K. We all know that Stern's image is larger than his impact. Yet he's easily the company's most...