Word: turneritis
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Investors have balked at Turner's bid for CBS, which he valued at $175 per share, because he put no cash on the table. Instead, he offered a combination of securities in his broadcasting company and other IOUs of uncertain value...
Despite last week's severe setback, Turner seemed determined not to give up. He talked of raising enough financing to make a cash bid for CBS or perhaps staging a proxy fight for control of the network at its annual meeting next spring. Meanwhile, reports at week's end suggested that the broadcast maverick may already have his eyes on another takeover target: entertainment giant MGM-UA. ENTERTAINMENT Ratin' Rock 'n' Roll...
...distorted by his gangster lieutenants. The author of this benign nonsense was Otto Wagener, a forgotten Nazi who served as storm trooper chief of staff and party economist until his career was derailed by Rival Hermann Göring. According to the book's editor, Yale History Professor Henry Ashby Turner Jr., Wagener was lucky to escape Göring's blood purge of June 30, 1934. He spent the balance of the decade minding his own business in Saxony. As a major general in World War II, he surrendered the German garrison on Rhodes. Wagener wrote his memoirs while interned...
...nothing did Ted Turner earn the nickname Captain Courageous in his sailing days. As skipper of the yacht Courageous, which won the 1977 America's Cup, he had a knack for snatching victory from sure defeat. In the equally competitive and treacherous world of business, the cable-TV king showed his spunk and resilience once again last week. Just as Turner admitted that his quixotic attempt to take over CBS had capsized, he announced two bold new ventures for the burgeoning Turner Broadcasting System (TBS). The Atlanta-based company (1984 revenues: $282 million) will buy the venerable MGM/UA company...
Unlike CBS, which fought off Turner, financially strapped MGM/UA welcomed his offer, which amounted to $29 a share for the diversified entertainment firm. As a condition of the sale, TBS will immediately recoup about a third of the purchase price by spinning off United Artists for $470 million and selling it back for $9 a share to Financier Kirk Kerkorian, who owns 50.1% of MGM/UA's stock. The slimmed-down United Artists will have few assets other than its film library. In contrast, MGM will retain its extensive film and TV production and distribution operations, including the 24 sound stages...