Word: tbs
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...unconsolidated sales of $21 billion. Time Warner--with holdings in film and television (including Warner Bros., HBO and Cinemax), publishing (including TIME, Book of the Month Club and Little, Brown Publishers) and music (including the Atlantic and Elektra labels)--adds to its roster such gold-plated assets as CNN, TBS, TNT, a vast film collection and some 28,500 television programs. Levin paid a golden price too--178 million shares of Time Warner stock, worth about $7.57 billion...
...reducing or eliminating duplicating work in the post-merger world, and of course focusing once and for all on how the remove the albatross of $17.5 billion worth of debt. But perhaps the most immediate concern is whether Time Warner and Turner can successfully combine their disparate corporate cultures. TBS, through its flamboyant leader, has something of a risk-taking personality, while under the more introspective and cautious Levin, Time Warner has shown itself to be more conservative. At least for now, Wall Street is cautiously optimistic: Time Warner stock was up 50 cents a share...
...three men circled like prizefighters, lovers or vultures. Then last week the Federal Trade Commission finally blessed a compromise version of Time Warner's $6.54 billion acquisition of Turner Broadcasting. And so, early this fall, a deal is expected to be cut between Time Warner chairman Gerald M. Levin, TBS founder Ted Turner and Tele-Communications Inc. president John Malone: the unsteady father, the unruly son and the unholy ghost...
...world's largest media company. Time Warner will be an $11.5 billion behemoth controlling a vast array of content, including Warner Bros. movies and TV shows, Warner Music, cable channels (such as HBO) and magazines (like this one), as well as Turner's cable channels (including CNN, TBS and the Cartoon Network) and mini-movie studios. As the country's second largest cable provider, Time Warner also owns the delivery truck for much of this content...
...course, to be suspicious of precisely the sort of vertical integration Time Warner hopes to achieve. The commission was particularly obsessed by TCI chieftain Malone, who controls 22% of TBS and therefore wields veto power over its acquisition. Together, TCI and Time Warner control 40% of the U.S. cable market, and the FTC dearly wanted to limit Malone's influence. In response, the infamously brilliant strategist, not a man renowned for his negotiating generosity, clinched the deal by suggesting the creation of a spinoff company comprising up to 14.9% of Time Warner shares--a company that he would not control...