Word: turner
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Dates: during 1990-1999
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...help protect them against potential shareholder lawsuits. That irritated Levin, who seemed to feel that the outside directors were exhaustively scrutinizing his presentation of the facts, according to a board member. The biggest issue for Perkins was the uncertain influence of cable king John Malone, whose 21% holding in Turner Broadcasting would be converted via a complex structure to a nearly 9% stake in Time Warner. The discussions went on over three days, at times breaking into separate groups of inside and independent directors to discuss the minutiae of power and control. At the end, all 15 directors murmured either...
...Turner Broadcasting board meeting, across town in the offices of the company's law firm, Skadden, Arps, Slate, Meagher & Flom, was anything but calm. "It was full of drama," says Robert Shaye, chairman of New Line Cinema and a member of the board. "The kind of stuff," he adds, "that good boardroom TV movies are made of." At one point, Brian Roberts of Comcast Corp. and Timothy Neher of Continental Cablevision, both directors of Turner with stakes in the company, walked out of the talks because they felt they didn't have the leverage to get the same kind...
...more than one point, Ted Turner made impassioned pleas to his board to keep the faith and vote positively on the deal. As the talks dragged on into Thursday night, gourmet Chinese food was served. But by 9 p.m. the directors needed a break. Reconvening at 7 a.m. on Friday, they finally moved to a vote after 8 a.m., little more than an hour before Wall Street opened for business. By a vote of 6 to 0 (nine abstained) the deal was approved. TBS would allow itself to be purchased by Time Warner. At that, Turner jumped up from...
...other people. When the acquisition is complete, Time Warner will regain its rank as the world's largest media company, ahead of the newly combined Walt Disney and Capital Cities/ABC. "This is far and away the dream deal," boasts Levin, who called the merger with Turner "a sublime combination." The deal brings together a vast collection of brand names in Time Warner's movie, music and publishing divisions (including TIME magazine) and Turner's cable and TV news operations...
...with several crowned heads and princelings whose egos and territorial rights must be either respected or dealt with before they can cause trouble. The very size of the venture is likely to focus the regulatory eye of government on the transaction. And many wonder whether the growth Levin and Turner promised from the combined companies' assets can really be achieved...