Word: warners
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Dates: during 1990-1999
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...horrifying to the reserved, tenacious Levin, whose job security has often been wobbly. He has been able to pare only a small amount of the company's $15 billion debt--a legacy of Time Inc.'s purchase of Warner Communications five years ago--and in the past year has seen stability of the huge Warner Music division sundered by the departure of six top executives. At year's end he may face another loss, if Warner Bros. movie co-chairman Terry Semel defects...
Although Levin has known Turner and Malone for more than 20 years, the three have very different personalities, and some observers doubt they can be chummy long enough to seal a deal--or run a company. Turner and Malone would both control major chunks of Time Warner stock, 10% and 9% respectively. Although by law Ma lone could own only 5% of the voting stock, he and Tur ner would still have enough clout to oust Levin, especially if they were to join forces with other major holders like Seagram (9% if the deal were completed...
...past, the impetuous, mercurial Turner has been frustrated by Time Warner's blocking of his planned acquisitions, such as his attempt last year to buy nbc. But in 1987 Levin envisioned folding the Turner enterprises into the Time Warner combination, even before Time Inc. bought Warner Communications. Time Warner executives have courted Turner for years, hoping to get him to fold his company into theirs. The sticking point was always the role Turner would play after such a merger. The offer last week of the vice chairmanship represented a significant concession by Levin...
...some observers wonder what the lure is for Turner. "Why should he become vice chairman of a public company?" asks Mario Gabelli, whose Gabelli Funds owns a big wad of Time Warner stock. "To get dividends on his stock? I just don't see it. Sure, he's a poor billionaire--but he has run his own show for 20 years. It's got to be something else. I'd love to know what they're offering him, sotto voce...
...Malone, says an entertainment- industry executive who knows all the principals, "Levin and Malone don't get along" -a charge denied by a senior Time Warner executive. "When John talks, you'd better listen," continues the entertainment executive. "Malone and Turner will hold Levin's feet to the fire, which he won't like." Says another media analyst: "Buying Turner is the right strategic move, but personally Jerry is very brave. These guys are killers...