Word: tramiel
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...Jack Tramiel gobbles Atari
...games. Losses hit $539 million last year. Not even TV commercials featuring M*A*S*H Superstar Alan Alda could revive Atari. Last week Warner Communications, which has owned Atari since 1976, gave up on turning the company around and sold it. The principal buyer and new boss: Jack Tramiel, 56, a blunt, balding executive whose adage is "Business...
...Tramiel, the former president of Commodore International, who built it into the leading home-computer manufacturer, will pay no cash for Atari but will pick up $240 million of the company's debts. He will also get rights to buy 1 mil lion Warner shares at $22 each, about equal to last week's price. Warner, which evidently believes that Tramiel can succeed where it failed, will hold onto a 32% stake in Atari...
...Tramiel moved swiftly and ruthlessly after arriving at Atari's headquarters in a two-tone Rolls-Royce. As industry experts saw it, he intended to dismantle Atari, regarding it as a start-up operation. He pushed aside Chairman James Morgan, 42, the former Philip Morris executive whom Warner had brought in last September to perk up the company. Mor gan had tried to save Atari, chiefly by slashing its worldwide work force from...
...March. But the company's products encountered problems, and in October Fortune's directors forced Friedman to resign as chairman and leave. Last week the fiery Jack Tramiel, who founded Commodore, the home-computer maker, abruptly quit. He had taken the firm from sales of about $50 million in 1977 to more than $1 billion last year...