Word: two
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Dates: during 1990-1990
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Hard times in the airline industry have left a few strong carriers with most of the traffic and a handful of debt-ridden ones struggling to stay aloft. Last week two of the weaker airlines decided that a merger may help them survive. TWA chairman Carl Icahn, who began pursuing a merger with Pan Am two months ago, finally persuaded the rival carrier to agree tentatively to a deal. Under the terms, TWA would acquire Pan Am for $375 million, or $2.50 per share in cash and securities. The merger, however, depends upon Icahn's ability to provide a bridge...
...merger is successful, the nation's pioneers in overseas flights would still face formidable hurdles. TWA is saddled with one of the oldest fleets in the industry and an estimated $2 billion in debt, while Pan Am lacks a strong domestic system. Moreover, by selling their London routes to two of the most aggressive U.S. carriers, Pan Am and TWA can expect increased competition overseas. Yet the merger would have at least one advantage: the combined carrier would have to sell off overlapping routes, providing it with additional cash...
Have you heard the one about the two comedy networks that decided to merge? It goes like this: for nine months now, two competing cable channels have been offering rival menus of round-the-clock comedy. On one side of the TV dial is the Comedy Channel, run by Time Warner subsidiary HBO. On the other side is HA! the TV Comedy Network, owned by Viacom International, which also operates MTV. The problem: both channels are losing money. Hoping that two can laugh as cheaply as one, the jousting jokesters disclosed last week that they would merge to form Comedy...
...irony of any recession is that fearing it makes it worse. Consumer spending accounts for two-thirds of America's economy, which means that when buyers are spooked, the rest of the economy shudders. In the last shopping days before Christmas, stores across the country were already thick with post- holiday sales. Some items were moving nicely: oversize freezers to keep groceries bought in bulk; wood stoves to cut down on utility bills; shoe trees, mason jars, sewing kits, to extend the life of life's necessities; and any $5 present that looked as if it cost...
...taken a swipe at the security of white-collar and blue-collar workers alike. "It's a terrible time of year to be sending cards to friends across the country," says Robert Bach, who moved to California from Omaha only 18 months ago and has already lost two jobs because of the slumping economy. He does feasibility studies for new buildings -- of which there are not too many these days. "The last thing you want to say is, 'I've been laid off.' That really dampens the Christmas spirit...