Word: ceos
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Like a gambler unwilling to cut his losses, Time Warner CEO Gerald M. Levin keeps doubling his bet. In 1989 Levin, then vice chairman, negotiated Time Inc.'s buyout of Warner Communications, an acquisition that enriched Warner's shareholders but not Time Inc.'s. Without making much of a dent in the $11 billion debt incurred by the deal, Levin kept rolling the dice. He sold pieces of the new company into complex partnerships that raised billions but tied up Time Warner's best assets, including Warner Bros. studios and HBO. And instead of paying down the mortgage, Levin went...
...that includes Time Warner's HBO and Cinemax, besides CNN and the other former Turner Broadcast properties. His game plan might include lifting the company's stock price by selling off assets, cutting debt and pressing for lower costs. "Ted is magic," says fellow industry maven Glenn Jones, CEO of Jones Intercable. "He can do things and say things that nobody else can do and say, because...
...exerts full authority. But some of these same critics were certain that the Turner deal would never go through. The fact is, Levin and Turner are cable-industry cronies who could conceivably pair well together. Certainly, Levin is a survivor. He has outlived one boss and outplotted a co-CEO, dumped executives and board members who didn't buy his vision and hung around long enough to pull off the deal he's always wanted. But the question remains: Will the company of his dreams prove to be a nightmare? As he told the shareholders' meeting, "The stars have aligned...
...problem, though, is that for many newspaper owners--and their stockholders--12.5% margins are no longer good enough. Tony Ridder, CEO of Knight-Ridder's 17-paper empire, explains that he must answer to many masters. "I've got a number of constituencies: the customers, the communities in which we do business, and I've got the shareholders." And some shareholders remember the boom-boom 1980s, when newspaper profit margins routinely approached 20%. Cold reality hit along with the recession in the early 1990s: retailing, then retail advertising, then newspapers dependent on such advertising suffered, and profits fell. Ridder insists...
...full of bad people with crimes to hide. The software industry--which makes 48% of its profit overseas--is clearly less concerned with privacy than with losing foreign sales. And it may be no accident that the Administration chose to start making concessions the same week an influential software CEO--Netscape's Jim Barksdale--excoriated Clinton's cryptopolicy and endorsed Bob Dole...