Word: warners
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Dates: during 2000-2009
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...story says a lot about what Icahn's latest target, media giant Time Warner (which publishes TIME), is up against as the renowned Wall Street maverick pushes the company to boost its stock price, stalled at about $18. Icahn's prescription is strong (and expensive) medicine: a $20 billion stock buyback and the spin-off of its vast cable operations. Icahn, the Princeton University philosophy major from Queens, N.Y., who staked his earliest ventures with money he won playing poker in the Army, loves taking on the big boys. He won't be bluffed--and he often wins...
...taking on Time Warner CEO Richard Parsons, with his company's vast array of media properties, including CNN, HBO, America Online, Warner Bros. and New Line Cinema, and a current market value of $85 billion, Icahn has chosen his biggest mark yet. Time Warner has been struggling since the disastrous merger in 2000 with AOL, which sent the company's share price plummeting. An Icahn-led group picked up 2.6% of the company, and "a boatload of hedge funds and other short-term players are sitting in the stock," said Patrick McGurn, special counsel at Institutional Shareholder Services, which advises...
...billion, to get enough of a stake to force his will on management. And many investors note that Parsons is already looking at a stock buyback (although a more modest $5 billion) and plans to split off 16% of the cable division. What's more, Parsons has the Time Warner board in his corner. He has presented spin-off scenarios and, according to a Time Warner insider, "the board has concluded there's no magic bullet...
...cordial"--Icahn is preparing to take off the gloves. He is drafting a letter detailing his concerns that may go out as early as this week. Backing off his initial position that Parsons' efforts have been "commendable," Icahn charged in an interview with TIME that Parsons sold the Warner music division too cheaply two years ago and decided too late to convert AOL to a free portal to get a bigger piece of the Internet ad business. "They have one of the best content companies in the world," Icahn said, "but it certainly hasn't shown up in the share...
Cronenberg, a born-and-bred Canadian, looks at these questions without the didacticism and detachment of Lars Von Trier’s “Dogville,” Warner Herzog’s “Grizzly Man,” or Wim Wender’s upcoming “Don’t Come Knocking”—all recent examinations of America’s culture of violence and masculinity from foreign-born directors...