Word: warners
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Dates: during 1990-1999
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...Time Warner has also promised analysts it will save $300 million by consolidating the two companies and exploiting other "revenue opportunities." Almost all the initial pain will be suffered by Turner's gang in Atlanta, where 1,000 layoffs are expected. The company plans to apply a sharper pencil to its capital expenditures in all divisions, demanding higher returns...
Below the surface, Time Warner isn't exactly a happy family. While its individual divisions are highly profitable, the company has been a cauldron of intrigue that has claimed many top-level managers caught up in power struggles. Says a victim: "Time Warner is in too many things. It has become unmanageable. Just the span of control is impossible. Ted is going to have to bring some focus to all that...
Indeed, the first order of business may be to substantially reduce Time Warner's cable-television holdings. In 1992 the company bundled its cable systems, along with Warner Bros. and HBO, into an entity called Time Warner Entertainment, and then sold 25% of it to US West, the Denver-based Baby Bell, for $2.5 billion. In doing so, the company misguidedly ceded to US West a lot of control over any big decision regarding these businesses--such as selling any of them. US West is strategically committed to cable because the company sees the cable-telephone hybrid as the perfect...
...under pressure from his board of directors to do so. "Cable is the key issue--it's the only issue," says a source close to the board. In Levin's thinking, by marrying content, such as films and television, with distribution--networks and cable systems--Time Warner will always have an outlet for its products. The Turner deal is an extension of that thinking...
...Last week another media behemoth entered the 24-hour news competition, as Rupert Murdoch launched the Fox News Channel, available initially in 17 million homes. It will vie for viewers with the granddaddy of 24-hour TV news, CNN (whose owner, Turner Broadcasting, last week became part of Time Warner, TIME's parent company), and with MSNBC, the ambitious TV-and-Internet news service launched in July by NBC and Microsoft...