Word: turner
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Dates: during 1990-1999
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...into a skein of uhf TV stations to get back in the game. It is also a pipe nightmare for those who believe competition is the soul of both capitalism and pop-cultural creativity. But another deal last week brought the scenario a step toward plausibility. Time Warner and Turner Broadcasting System declared they were deep in negotiations that could lead to a Time Warner purchase, led by chairman Gerald Levin, of Ted Turner's prize fleet of media properties. If it flies, the deal would again make Time Warner the world's largest media outfit, vaulting over Disney, which...
Time Warner would pay off TBS shareholders with a pile of stock valued at about $8.5 billion and, according to the deal's rough outline, make Turner a vice chairman of the combined company with authority over his previous holdings and may be more. Time War ner would get Turner's globe-straddling cable prop erties--CNN and the Cartoon Network, plus three other channels-along with two movie companies, New Line Cinema and Castle Rock, and sports properties that include the potent Atlanta Braves...
...offer of about $35 a share for tbs stock, which had been trading at around $24, was a boon for Turner shareholders, but the potential benefit for the buyer was the more controversial point. "This is an absolutely natural fit for Time Warner,'' says PaineWebber analyst Christopher Dixon, who stresses the success of Turner's programming in foreign markets. Other analysts, including Edward Froelich of Pershing & Co., are less impressed, partly because the heavily indebted Time Warner will be financing the deal by issuing an additional 189 million shares of stock, there by increasing the outstanding shares 50% and threatening...
Unlike Disney's lightning-quick buy of Cap Cities, the Time Warner-Turner deal is a work in progress. At week's end, at Time Warner's Manhattan headquarters, negotiations proceeded urgently. But the very announcement set off Wall Street speculation that other moguls, such as General Electric chairman Jack Welch and News Corp. chief Rupert Murdoch, would enter the bidding for Turner. But Murdoch denied any interest; and GE indicated that while it would not try to break up this deal, it remained interested in Turner if the Time Warner acquisition failed. Says Harold Vogel, a media analyst...
...Tina Turner mannequin still needed a hair tease, and Madonna's gold bustier had yet to be mounted. But James Henke, the chief curator of the Rock and Roll Hall of Fame and Museum in Cleveland, Ohio, had a more pressing problem one day last week. Showing a journalist around the museum, he was stopped by a group of workers who were about to install a Jimi Hendrix guitar on the wall. Hendrix, who was left-handed, played right-handed guitars with the strings on upside down. But the guitar they were about to hang was a right-handed...