Word: warners
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Carl Sagan is dead, but Francis Ford Coppola hasn't forgotten him. Zoetrope, Coppola's film company, is suing Sagan and Warner Bros. over the upcoming film Contact. Coppola claims he worked with Sagan on the idea as a TV show before Sagan wrote his book. Now he wants $250,000 and a halt to further work on the film...
...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...
...Time Warner declined to answer those points but issued this statement last week: "We have in place a process through which we are carefully reviewing a range of options to increase the value of our company, including those proposed by Mr. Icahn and his group." Ross, who over the years has been both Icahn's ally and foe, predicts that "unless there's a negotiated settlement, it's inevitable that this will get ugly." Look no further than Blockbuster for an idea of how nasty it could get. Icahn bought a stake in the company last year, and after management...
Turning up the heat on Time Warner has risks. It could alienate shareholders Icahn will need if, as promised, he aims for a seat on the board next year. "I think Parsons has done a very good job," says Henry Berghoef, partner at Harris Associates, which holds $1.3 billion of Time Warner stock. Others see Icahn's criticism of Time Warner as playing Monday-morning quarterback. "It's hard to pick a date and say this is the way things should have gone," says James Goss, media analyst at Barrington Research. "Things were evolving." Then, paying off debt was critical...