BROADCAST NEWS: CBS MAKES IT OFFICIAL; TURNER AT NBC AGAIN
Published February 24, 1995
CBS made it official yesterday, appointing Peter Lund to succeed Howard Stringer as President of the CBS Broadcast Group. Stringer announced yesterday that he is joining a new multimedia entertainment ventured formed by Pacific Telesis, Bell Atlantic and Nynex (Tim Jones, CHICAGO TRIBUNE, 2/24). Salomon Brothers media bond analyst Oren Cohen: "It's clear [CBS is] in trouble, but I'm not sure [Stringer's] resignation is really a signal that there's more trouble ahead" (ATLANTA CONSTITUTION, 2/24). TURNER: TBS Chair Ted Turner was sighted yesterday at NBC's headquarters where he met with NBC President Robert Wright, but according to John Durie of the N.Y. POST, "Turner's chances of winning control" of the network look "slimmer than ever." Durie notes the talks between Turner and TCI about buying Time Warner's 18% stake in TBS for about $1.2B (N.Y. POST, 2/24). "If successful, Turner would remove a powerful player who often has blocked his expansion plans" ( Charles Haddad, ATLANTA CONSTITUTION, 2/24).