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Jonah swallowed more than the whale last week. He also gulped down Dynasty, Hotel, Good Morning America, Monday Night Football, the 1988 Winter Olympics and Ted Koppel. It was as simple as, well, ABC. In the first purchase ever of a major television network, small and scrappy Capital Cities Communications (1984 revenues: less than $1 billion) of New York City agreed to buy the American Broadcasting Cos., which is almost four times its size. The price, $3.5 billion for ABC's 29.1 million common shares, made the acquisition the largest outside the oil industry in American corporate history. The razzle...
...York Stock Exchange, abuzz for the past few years with big consolidations in oil, steel and transportation, the reaction was swift and positive. Investors sensed that a new rush was developing toward stocks of communications companies, portending more big mergers and fast price rises. ABC stock shot up $31, to nearly $106, and issues of some other companies in the field also climbed sharply. At week's end CBS had gained 20 1/4, to 108 3/ 4, and RCA, parent of NBC, had risen 4 7/8, to 42 7/8. Newspaper publishers Gannett and Knight-Ridder were...
...time of last week's announcement, ABC was not the object of a takeover attempt by anyone outside the broadcasting field, but at least one other network was under siege. Republican Senator Jesse Helms of North Carolina has helped launch an effort by Fairness in Media, a conservative group, to buy up CBS and, as he put it, "become Dan Rather's boss." The Washington Post reported last week that Atlanta's Ted Turner, the cable-TV entrepreneur, told CBS lawyers that he had had extensive discussions with Helms about taking over...
Some Wall Streeters think that anxiety over the possibility of a hostile takeover drove ABC into a union with Capital Cities. Leonard Goldenson, 79, ABC's builder and chairman, and Executive Vice President Frederick Pierce, 52, denied that fear was their main motivation for joining Capital Cities. But they did stress that the friendly deal would allow both organizations to continue the "independence that has permitted each to flourish and to provide the finest possible service to the public." Said Goldenson: "I felt the mix was absolutely perfect...
...might be. To ABC's broadcast stations, cable-TV enterprises and publishing ventures would be added Capital Cities' garden of newspapers and specialty magazines, as well as its radio and television outlets. Said Goldenson: "When you put the two together, I felt that two plus two made five...