Word: warners
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Dates: during 1990-1999
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...merger will restore Time Warner's mantle as the world's largest media company. Time Warner will be an $11.5 billion behemoth controlling a vast array of content, including Warner Bros. movies and TV shows, Warner Music, cable channels (such as HBO) and magazines (like this one), as well as Turner's cable channels (including CNN, TBS and the Cartoon Network) and mini-movie studios. As the country's second largest cable provider, Time Warner also owns the delivery truck for much of this content...
...course, to be suspicious of precisely the sort of vertical integration Time Warner hopes to achieve. The commission was particularly obsessed by TCI chieftain Malone, who controls 22% of TBS and therefore wields veto power over its acquisition. Together, TCI and Time Warner control 40% of the U.S. cable market, and the FTC dearly wanted to limit Malone's influence. In response, the infamously brilliant strategist, not a man renowned for his negotiating generosity, clinched the deal by suggesting the creation of a spinoff company comprising up to 14.9% of Time Warner shares--a company that he would not control...
...Corp. chairman Rupert Murdoch, ever ravenous for new distribution lines. Just last week Murdoch buffed up his portfolio with a $2.5 billion purchase of the 10-affiliate-strong New World Communications Group, and there could be a tidy little Turner windfall awaiting him too. The FTC deal requires Time Warner to carry a second news channel on its systems to complement CNN; don't be surprised to find the infant Fox News Channel, and not the more formidable MSNBC, in your cable listings sometime next year...
...Turner, the merger liberates his lofty ambition from the shackles of cash-strapped circumstance. After years spent as a relative small-timer, the mercurial entrepreneur finds himself vice chairman of Time Warner, at the center of the world's largest programming engine...
...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...