Word: tendernesses
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Dates: during 1980-1989
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...proceed with the merger in the face of the Paramount attack, Time abandoned its earlier plan for a debt-free, tax-free stock swap with Warner, and instead launched a $70-a-share tender offer for 100 million of Warner's nearly 200 million shares. That would buy Time a controlling interest in its merger partner; the remaining Warner stock will be acquired later in exchange for cash and securities. The deal will cost Time the kind of debt it and Warner had hoped to avoid -- somewhere between $7 billion and $14 billion. Unlike the original Time-Warner arrangement...
Paramount's tender set the stage for a clash of media titans that could lead to months of multibillion-dollar broadsides, legal pyrotechnics and dangerously unpredictable consequences. The Paramount bid came just 2 1/2 weeks before shareholders of Time and Warner Communications were to vote on merging their firms into the world's largest media company, with total revenues of $10 billion. But the sudden strike by Paramount, whose operations include one of Hollywood's top movie-and-TV studios and the giant publishing house Simon & Schuster, disrupted those plans and threatened to provoke a free-for-all in which...
...merged company far more flexibility than a Time-Paramount consolidation might have. "The Time-Warner combination left everybody's powder dry to be able to go out and make acquisitions," says Larry Gerbrandt, a vice president of Paul Kagan Associates, a California-based communications-industry analyst. "But in a tender offer like Paramount's, you have to load up with a tremendous amount of debt that limits your options. The strategy can work, but it's much riskier...
...reborn. The time is 1972, and a crisis has brought Zoe to her Wisconsin hometown. Avoiding the draft, her brother had fled to Canada; now he is a drug addict in a local mental hospital. Through him Zoe reawakens from the arid existence of the once loved; recapturing a tender moment they shared as children brings redemption. She learns that "love isn't something you wait for. It's something you do." The novel has echoes of faddish self-help themes, but by interweaving the stories and dreams of three willful women, Morris offers a comforting truth about families...
...surviving players Halberstam sought out, only Joe DiMaggio turned him down (not even mutual friend Edward Bennett Williams could twist his arm). Yet Halberstam's portrait of DiMaggio is the finest part of the book. The author has a tender, intuitive sympathy for the proud, remote athlete. DiMaggio does not need a writer to confirm his stature, but still he is lucky to have such a thoughtful, intelligent chronicler. Boston had its own superstar in Ted Williams, and that brings up the inevitable comparison between Halberstam's work and John Updike's classic account of Williams' last game, "Hub Fans...