Word: warner
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...studio began to ratchet up. At the time Disney did not own a network or any other pipeline into viewers' living rooms. The company calculated that it needed to become a dominant supplier of programming so that it wouldn't be squeezed out by rivals like Fox and Time Warner, which owned cable systems or other outlets for their own movies. Once Disney stepped on the gas, some of its rivals followed suit. Soon a glut of pictures was fighting for screen space. The result: opening-weekend carnage...
...Time Warner CEO Levin, meanwhile, having pulled off his dream deal, now has a firmer grip on his job, which had been considered tenuous while the merger was pending. Levin's reign has been marked by corporate turmoil, chaos in the Warner Music division and slower than promised reduction of Time Warner's $15 billion debt. The acquisition increases that figure to $17.2 billion, but increased cash flow will ease the debt service. Now Levin has to prove that his strategic vision can generate returns for the shareholders, who, since he took over in January 1993, have watched Time Warner...
...gathering resources. Its chief problem is distribution. MSNBC is carried so far in 22.5 million cable homes, a record number for a start-up cable channel, but still far behind CNN's 68.5 million. (CNN is owned by Turner Broadcasting, which is in the process of merging with Time Warner, parent company of TIME.) And a new competitor from Fox, due in October, won't make life any easier...
MICHAEL KRANTZ has been fascinated by new media since the dawn of what he calls "the age of infobahn hype." He's a self-confessed recovering Doom II addict who has written about everything from Nintendo to nanotechnology; this week he covers Time Warner's all but completed acquisition of Turner Broadcasting. Before joining TIME, Krantz was a senior editor at Mediaweek and an indefatigable free-lancer (his work appeared in such magazines as New York, Rolling Stone and the New Yorker). He is also that lucky man who is happy in his job. "My field," he says...
Over the doubts of Warner Bros. and in a departure from the usual practice with John Grisham movies, director Joel Schumacher cast an unknown as the lead in A Time to Kill. But even before the first ticket has been sold, Matthew McConaughey has become Hollywood's newest golden boy and a familiar face to movie fans...