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...bottom up with local programming--a national network of distinct and separate voices. It almost sounds like a koan: When is a network not a network? Of course, this is precisely the kind of counterintuitive thinking that has drawn Diller admirers and partners like investment banker Herbert Allen and Tele-Communications Inc.'s John Malone. In practical terms, however, Diller's plan would seem almost too counterintuitive, given the fact that Silver King stations currently produce almost none of their own programming. Thus Diller will presumably be forced to build up separate stables of talented programmers all around the country...
Other potential opponents include Washington regulators. Consumers Union said it would ask federal regulators to review the deal because it could raise cable prices and restrict programming. Officials at the Justice Department and Federal Communications Commission are likely to scrutinize Malone's stake in Time Warner; as president of Tele-Communications Inc., he already controls the No. 1 operator of cable TV systems in the country; Time Warner's cable unit ranks...
...make matters dicier, a merger would also bring Malone, the chairman of Tele-Communications Inc. and a man with a bent for elaborate corporate schemes, into Time Warner's fractious family. Malone, who stands to convert the 21% of Turner stock he controls into about a 9% stake in Time Warner, strung out the talks with a long and changing list of demands that threatened to block an agreement. "He asks for everything," says a Time Warner executive. "You never know when he's finished." Levin and Malone hashed out their main differences at a Sept. 9 meeting...
...that pitch was only half the battle. The following week Levin summoned Time Warner president Richard Parsons from his vacation for a trip to Englewood, Colorado, where the two executives made their overture to the other major party in the deal, cable king John Malone, whose Tele-Communications empire owns 21% of tbs and holds three seats on its board...
...saying. "I've got a pocketful of big plans," the owner of Turner Broadcasting said recently. "But I'm not going to show my hand. I mean, you didn't see Eisenhower faxing Hitler the plans for the invasion of Europe." John Malone, CEO of Tele-Communications Inc., has offered to help Turner buy a television network, and Edgar Bronfman Jr., CEO of Seagram Co., may get a piece of that action, too. NBC president Robert Wright, while announcing that he thinks parent company General Electric plans to stand pat, coyly valued his network at about $11 billion, adding...