SPECULATION CONTINUES TO FLY AROUND TIME WARNER

     Turner Broadcasting and Time Warner are discussing swapping
Time Warner's stake in Turner for joint ownership of either TBS,
TNT, or the Cartoon Network.  Talks have "heated up" in recent
weeks, in light of their "growing desire to break free from an
increasingly contentious marriage" (Anita Sharpe, WALL STREET
JOURNAL, 9/20).
     GE DENIES INTEREST:  GE yesterday denied that it was
involved in talks with Time Warner about a possible purchase of
the media giant.  Despite GE's denial, Time Warner stock closed
$1.38 higher on the NYSE, while GE was down $.75.  NatWest
Securities analyst Nicholas Heymann:  "There's a better chance
we'll have a World Series this year than GE will buy Time Warner"
(REUTERS/WASHINGTON TIMES, 9/20).