Word: warners
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Dates: during 1990-1999
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DIRE STRAITS: ON EVERY STREET (Warner Bros.). Likely you've caught the first single, Calling Elvis, on the radio. The rest of the record is similar: edgy, mysterious, insinuating, with some typically masterly guitar work by Mark Knopfler. Dire Straits is the most stylishly surreptitious group in all of rock: the music seems to drift off into the unconscious as soon as you hear it, leaving the impression that it's been part of your life forever -- or at least since Elvis...
...Japanese anticipate major benefits too. C. Itoh, which initiated the joint-venture talks last year, plans to expand its cable-TV operations in Japan by drawing heavily on Time Warner's expertise. As the world's largest trading company, C. Itoh (sales: $151 billion) already manages cable firms, runs sports and music channels and owns a 40% stake in two communications satellites. But that still leaves it plenty of room to grow in Japan, where only 18% of the households are wired for cable -- most of them in rural areas with poor regular-TV reception. "Cable is going...
...deal that has been long anticipated, Time Warner Inc. last week wrapped up a partnership with electronics maker Toshiba and trading company C. Itoh. For $1 billion, the Manhattan-based media giant, parent company of TIME, agreed to sell the two firms a combined 12 1/2% stake in its movie, cable TV and Home Box Office operations...
...venture, to be called Time Warner Entertainment, will take on $7 billion of Time Warner's $8.8 billion debt, which had been a concern to investors. Time Warner's book, magazine and music divisions will shoulder the remaining $1.8 billion, after it is reduced by some or all of the proceeds from the deal. In a related transaction, Time Warner plans to acquire the 18% of its cable-TV subsidiary American Television and Communications that it does not already own in exchange for preferred stock that will be worth $75 a share in three years...
While the immediate benefits of the alliance are financial, Time Warner executives have their eyes on improved access to Japanese markets and new technologies. "It's strictly strategic," chairman Steven Ross said of the deal. "The financial side comes along with it." Time Warner expects its new partners to help it quadruple the approximately $175 million in annual film and TV revenues that the company now earns in Japan. "This is a market- busting-open opportunity," said N.J. Nicholas, co-chief executive of Time Warner. The venture will also give Time Warner direct access to cutting-edge technologies like interactive...