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TURNER STILL SHOPPING FOR A NETWORK
Published September 21, 1994
Speaking to a Museum of Television and Radio breakfast yesterday, Ted Turner "reiterated his desire" to purchase a Big Three network. In addition, Turner confirmed that he would be meeting with Time Warner later this week to try to work out a deal in which Time Warner would no longer hold its stake in Turner Broadcasting, estimated at 20% (DAILY VARIETY, 9/21). Financial and regulatory issues make buying a network difficult for both companies if Time Warner retains its sizeable stake in Turner Broadcasting (Charles Haddad, ATLANTA CONSTITUTION, 9/21). TBS TO REDEEM DEBT: Turner Broadcasting announced yesterday that it will redeem $540M of its most costly long-term debt. Prudential Securities media analyst Sharon Williams viewed the redemption as a "routine financial move": "It's part of a general effort to keep the cost of borrowing down" (ATLANTA CONSTITUTION, 9/21). THE NETWORK SHUFFLE: GE has retained investment banker Allen & Co. to explore selling all or part of its NBC unit, and is in discussions with Time Warner and Disney, among others (WALL STREET JOURNAL, 9/21)....In L.A., Alan Citron and John Lippman report that CBS Chair Laurence Tisch has made "overtures" to former Disney exec Jeffrey Katzenberg about running the network on a day-to-day basis as well as expand its entertainment holdings (L.A. TIMES, 9/20).