Word: turneritis
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...Turner needs more than just a brash concept. The merger he is proposing will be far tougher to arrange than last month's $3.5 billion take-over of ABC by Capital Cities Communications. In that deal, the vulnerable ABC willingly agreed to merge with the smaller firm in order to protect itself from undesirable suitors. But CBS is financially brawny and ready for a fight...
...annual meeting of stockholders last week in Chicago, Chairman Thomas Wyman affirmed his company's defiance toward the would-be raider. Before a crowd of 300 shareholders and 80 reporters, Wyman lashed out at Fairness in Media, a North Carolina-based conservative group and potential Turner ally that wants to see CBS taken over in order to end what it sees as a liberal bias in the network's news division. Declared Wyman: "Those who seek to gain control of CBS in order to gain control of CBS News threaten its independence, its integrity--and this country...
...While Turner backed away last week from any formal ties with the group, he pledged "to improve the quality, objectivity and diversity of CBS programming." In the past, Turner has criticized network fare in general for its "sleaze, stupidity and violence." His flagship station, WTBS, currently offers sports broadcasts and family-oriented material, including reruns of The Beverly Hillbillies, a show that CBS dropped...
...takeover attempt is in character for a man who has always been somewhat larger than life. Turner was forced out of his Brown University fraternity for burning down the homecoming display, and finally left the school after being suspended twice. He entered the family billboard business at 24, after his father committed suicide. Turner was so successful in his advertising venture that he was able to acquire and enlarge a foundering local UHF television station. In 1976 he started bouncing its signals off a satellite to cable-TV systems across the U.S. The result: Super-Station WTBS, which now reaches...
...gambling nearly everything he was making from WTBS, Turner launched the 24-hour Cable News Network, a brazen challenge to the three major TV-news organizations. During the first few years, CNN lost about $50 million annually and seemed unlikely to survive. Turner persevered, though, and today CNN is nearly in the black. He has aimed to join forces with CBS since 1981, when he approached the network about taking over Turner Broadcasting. Rejected then and several times since, Turner finally decided to try to take over...