Word: ziff
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Dates: during 1980-1989
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...part of the sale, CBS will unload the magazines it bought from Ziff-Davis in 1985 for $362.5 million. CBS was criticized for overpaying for those publications, but industry experts say the network got a good deal this time...
...prospect of increased profits from his London papers comes at a critical time for Murdoch. Last year he doubled the size of his empire by buying seven Metromedia television stations ($2 billion), 20th Century-Fox ($575 million) and a stable of business magazines from Ziff-Davis ($350 million). To finance his purchases, Murdoch has borrowed about $480 million from banks and issued shares in Fox Television Stations, the first time stock in a Murdoch-controlled enterprise has been offered to the U.S. public. Despite Murdoch's heavy financial obligations, analysts who have followed his fortunes over the years trust...
...attempting to revive its older Apple II line and to bolster Macintosh sales at a time when industry growth has dramatically slowed. Last week struggling Control Data canceled a $300 million securities offering and announced that it expects to report a loss for the year. In another development, Ziff-Davis folded its three-month-old trade paper, Computer Industry Daily, because of anemic sales...
...that conviction has crumbled. In a suit filed last week in New York State Supreme Court, CBS contends that Ziff Corp., the parent company of Ziff- Davis, along with its auditors at Touche Ross, fraudulently misrepresented the company's finances when the deal for the dozen periodicals, including Modern Bride and Stereo Review, was struck. CBS alleges that Ziff Corp. understated costs, perhaps by $4 million, and overstated revenues and operating income, possibly by as much as $40 million. The broadcaster, whose Manhattan office tower is known as Black Rock, seeks an undetermined amount of damages...
...Ziff Corp. calls CBS's charges "absurd." Says William Ziff Jr., chairman of the company's executive committee: "I am appalled. I am angry." The courts will decide whose ire is justified...