Word: turner
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Dates: during 1990-1999
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...deal showed that the strategies of media kingpins are as fickle as a hemline length. For most of this year, Turner angled desperately to buy a TV network, first nbc in January and cbs until only a few weeks ago. Levin, for his part, had been talking of unloading the company's long-held 19% stake in tbs in order to pay down debt. The game changed when Disney and Cap Cities eloped, raising the ardor and insecurity of moguls everywhere...
...Saturday, Aug. 19, Levin and his wife flew to Montana for lunch at Turner's ranch. His wife, Jane Fonda, drove out to the local airport to meet the Time Warner business jet while Turner made sure lunch was ready. That day Levin laid out the details of the offer, which was the best deal Tur ner had seen for selling the company he had been building for more than 25 years...
...also want a sweetener. "Malone is a genuine genius,'' says Tom Southwick, pub lisher of Denver-based Cable World magazine. "His frictionless mind will find a way to make this work to satisfy his own shareholders.'' He is bargaining, for example, to ensure that TCI will have access to Turner and Time Warner shows...
Although Levin has known Turner and Malone for more than 20 years, the three have very different personalities, and some observers doubt they can be chummy long enough to seal a deal--or run a company. Turner and Malone would both control major chunks of Time Warner stock, 10% and 9% respectively. Although by law Ma lone could own only 5% of the voting stock, he and Tur ner would still have enough clout to oust Levin, especially if they were to join forces with other major holders like Seagram (9% if the deal were completed...
...past, the impetuous, mercurial Turner has been frustrated by Time Warner's blocking of his planned acquisitions, such as his attempt last year to buy nbc. But in 1987 Levin envisioned folding the Turner enterprises into the Time Warner combination, even before Time Inc. bought Warner Communications. Time Warner executives have courted Turner for years, hoping to get him to fold his company into theirs. The sticking point was always the role Turner would play after such a merger. The offer last week of the vice chairmanship represented a significant concession by Levin...