Word: tci
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Dates: during 1990-1999
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...sitting in their respective offices last Tuesday, both watching the same show: a C-SPAN broadcast of the Federal Communications Commission hearing on cable-TV rates. Smith, the chairman of Bell Atlantic, was in his Arlington, Virginia, office; Malone, the boss of cable giant Tele-Communications Inc., was at TCI headquarters in Denver. Both executives were appalled as they watched the FCC announce a 7% reduction in cable rates, on top of a 10% rollback ordered last year. Malone immediately telephoned Smith. "Ray," Malone said in an emotionless voice, "this is a bigger hit than we thought." Responded Smith...
...time they met the next day in the midtown Manhattan offices of Bell Atlantic's law firm, Skadden, Arps, Slate, Meagher & Flom, Smith had calculated that the rate reduction would slash TCI's cash flow by $1.8 billion and thereby reduce the company's value by a comparable amount. But Malone wouldn't hear of it. "I will not sell my company at the bottom of the market," the cable executive said, "and you'd be crazy to pay more than top dollar with this level of uncertainty...
...Tele-Communications Inc., testified in a deposition that "one would have a hard time paying more than $75 a share" for Paramount. Malone is no casual observer: he reportedly offered Davis $70 a share for Paramount three years ago. Malone had also backed Diller's bid for Paramount through TCI's Liberty Media programming unit before Liberty agreed to sell its 22% stake in QVC last month...
...counteroffer. Paramount stockholders could almost be heard sighing at the thought of their potential profits. In a counterassault with personal overtones, Viacom chairman Sumner Redstone fired back with an antitrust suit accusing one of Diller's chief backers, John Malone, the head of cable-TV powerhouse Tele-Communications Inc. (TCI), of monopolizing the cable industry...
...hold your peace. The first to clear his throat was Ted Turner, the freewheeling founder of CNN, who just last month struck a deal to buy two much smaller movie companies. On Friday he was given the go-ahead by his board -- which includes representatives from his big investors, TCI and Time Warner -- to explore a rival offer. Barry Diller, chairman of the QVC shopping network, is also interested, as is Blockbuster Entertainment. Further tangling the web: TCI chairman John Malone, who is Diller's equity partner as well as Turner's, could make a bid either alone...