Word: stakes
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...feel that the outside directors were exhaustively scrutinizing his presentation of the facts, according to a board member. The biggest issue for Perkins was the uncertain influence of cable king John Malone, whose 21% holding in Turner Broadcasting would be converted via a complex structure to a nearly 9% stake in Time Warner. The discussions went on over three days, at times breaking into separate groups of inside and independent directors to discuss the minutiae of power and control. At the end, all 15 directors murmured either "aye" or "yes." Then, with little ceremony, they adjourned. Says Luce...
...obstacles will require some bounding over. Levin has incurred the legal wrath of financial partner U S West. The Colorado-based Baby Bell, which owns a 25.5% stake in Time Warner's film and cable holdings, filed a lawsuit in Delaware chancery court last week to block the merger. The phone company, which paid $2.5 billion for its partnership interest in 1993, has for months been in stalled talks with Time Warner, which wants to restructure the terms in order to split the cable from the content companies. U S West claims it has veto power over the merger with...
After coming under harsh criticism from conservatives for putting out records with controversial lyrics, Time Warner announced today it is shedding its 50 percent stake in Interscope Records, the rap label of such stars as Snoop Doggy Dogg, Tha Dogg Pound and Tupac Shakur. The decision followed Interscope's refusal to allow Warner Music Group to review lyrics for an upcoming rap record by Tha Dogg Pound. "The sale of Interscope is not going to reduce the amount of sex and violence in American culture," says music critic Christopher John Farley. "It is all around us: in the streets...
Meanwhile, some Harvard students have expressed support for the project because of their personal stake in improving the intersection...
...stock, and reportedly declined to put Malone on its board. Without the poison pill, a large shareholder such as Malone or Edgar Bronfman Jr., who heads Seagram and MCA and controls 14.9% of Time Warner, could gobble stock and launch a hostile bid for the company. (Bronfman's stake would drop to about 9% after the merger...