Word: warners
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Dates: during 1980-1989
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...JOHN: IN A SENTIMENTAL MOOD (Warner Bros.). When jazz meets up with rhythm and blues, it's usually less a shoot-out than a sellout: one or the other gets sold short. Dr. John, a surgical master at the piano and a good, gruff vocalizer, is one physician with a solid prescription to do both styles right -- and proud...
Steven Ross, 61, had been up late into the night helping to reassemble the pieces of the biggest deal of his life, but he was feeling particularly ebullient at noon the next day. As he met with reporters last Friday, the chairman of Warner Communications playfully handed out black-and-yellow Batman lapel pins, a promotional item for his studio's big summer film. Shunning a chair, the executive casually plopped himself down on the floor and began extolling the deal he hoped to see through. Said he: "There could not be a better fit in the world...
Ross was speaking of Time Inc. and Warner, whose planned merger has come to resemble a three-dimensional chess game, with the winner destined to become king of the global media board. Rumors and speculation ran wild, and stock prices gyrated, as directors of Time met last Thursday and early Friday to consider the hostile $10.7 billion takeover offer that Paramount Communications had put forward the previous week. After deliberating for ten hours on the 34th floor of the Time & Life Building in Manhattan, the board approved a double-barreled response that demonstrated Time's determination to complete its merger...
...proceed with the merger in the face of the Paramount attack, Time abandoned its earlier plan for a debt-free, tax-free stock swap with Warner, and instead launched a $70-a-share tender offer for 100 million of Warner's nearly 200 million shares. That would buy Time a controlling interest in its merger partner; the remaining Warner stock will be acquired later in exchange for cash and securities. The deal will cost Time the kind of debt it and Warner had hoped to avoid -- somewhere between $7 billion and $14 billion. Unlike the original Time-Warner arrangement...
Paramount's hostile takeover proposal imperils the Time-Warner deal and sets the stage for a free-for-all in which the ownership of all three communications giants could be up for grabs...