Word: cnn
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...courtship had all the frenzied twists of a Looney Tunes cartoon--or CNN's Gulf War coverage. For nearly a month, with the world looking on, Time Warner chairman Gerald Levin used shuttle diplomacy to pursue an $8 billion merger with Ted Turner's Turner Broadcasting. Spectators watched in bemusement as Time Warner acknowledged its courtship, then appeared to be stymied by cable-TV king John Malone, a Time Warner rival whose Turner stake gives him effective veto power over a deal. But by Sunday, as TIME went to press, Levin and Turner were tantalizingly close to sealing an agreement...
...premium for at least some of his Turner stock, which Time Warner would acquire from other shareholders at the rate of three-quarters of a share of Time Warner for each share of Turner. It was expected that Malone would also receive "favorable terms" when purchasing programming such as CNN or Time Warner's HBO to run on his cable systems. But Time Warner refused to eliminate its poison-pill defense against takeovers, which kicks in when a shareholder acquires 15% or more of the company's stock, and reportedly declined to put Malone on its board. Without the poison...
...what about actual product? A big question remains as to how Levin would meld Turner franchises, ranging from CNN to New Line Cinema to the Atlanta Braves, into Time Warner's vast array of film, music, publishing and cable ventures. To land Turner Broadcasting, Levin has said it can run as a stand-alone company. Yet that could make it tough to integrate Turner into Time Warner to achieve cost savings--let alone synergy, the talismanic media-company goal that sounds so good and is often difficult to attain. On the other hand, Time Warner could distribute Bugs Bunny, Daffy...
...socialist party has for more than a year held daily rallies outside Parliament against both Pepsi and Coca-Cola. Protesters have demonstrated inside as well: opposition lawmakers stormed out of Parliament last month to challenge a new agreement to share programming between the government-owned television network and cnn...
...attack occurred. Surely glamorizing one's own posthumous press photos is only a variation on the own-funeral fantasy. In any case, she no doubt hoped and expected that roommate-kills-roommate-at-Harvard would be big news. She was right: dead by eight AM, coast-to-coast on CNN by nine. Though I was not more than a few thousand feet down the river when the attack occurred, I heard about it first 45 minutes later from my roommate's cousin in California...