Word: stakes
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...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 to create the world's largest media company. "For Levin it's brilliant," says Mario Gabelli, whose Gabelli Funds hold some 5 million shares...
...make matters dicier, a merger would also bring Malone, the chairman of Tele-Communications Inc. and a man with a bent for elaborate corporate schemes, into Time Warner's fractious family. Malone, who stands to convert the 21% of Turner stock he controls into about a 9% stake in Time Warner, strung out the talks with a long and changing list of demands that threatened to block an agreement. "He asks for everything," says a Time Warner executive. "You never know when he's finished." Levin and Malone hashed out their main differences at a Sept. 9 meeting...
...appearance of a third presidential candidate could have the disadvantage of splitting the vote of a popular candidate, leaving the winner without a mandate. However, a third candidate would also force the two existing parties to stake out their positions more clearly...
West encouraged first-years to take stake in the future...
...Rockefeller Center may not be the biggest financial real estate loss for the Japanese," says New York bureau chief John Moody. "But it's certainly the most embarrassing flop yet." Today, Mitsubishi Estate Co. announced it is surrendering its almost $2 billion stake in the12-building Rockefeller Center, and, in the process, divesting the Rockefeller family -- which owns 20 percent of the center -- of its remaining ties to the landmark. Mitsubishi will transfer title to Rockefeller Center Properties Inc., the trust that holds the $1.3 billion mortgage. The Mitsubishi decision is the latest of several ill-fated high profile real...