SBD/4/Sports Media

NETWORK NEWS: TURNER AND CBS? NOT SO FAST

     TBS and its Chair Ted Turner are profiled in the current
issue of U.S. NEWS & WORLD REPORT.  In his piece, Dan McGraw
explains why Turner would like to buy CBS.  CBS would more than
double TBS' annual cash flow, according to Bankers Trust
Research, "while providing it with a larger distribution system
for its vast portfolio of programming.  McGraw also notes that
combining CBS and TBS could allow the companies to pool their
resources in the "increasingly expensive bidding wars for sports
programming. ... The merged entity would be able to compete for
the rights to key events against aggressive players" like Rupert
Murdoch.  McGraw notes how Turner can use his Castle Rock
Entertainment and MGM library as programming for CBS.  Castle
Rock owns shows like "Seinfeld," and is expected to have a $40M
windfall next year when syndication rights to the show are sold
(U.S. NEWS, 4/10 issue).
     TISCH DIGGING IN?  According to the latest ELECTRONIC MEDIA,
CBS Chair Laurence Tisch could postpone the company's sale to
bring in Rich Frank, who recently resigned from Walt Disney, to
"orchestrate the network's recovery uin a move that would have
sweeping industry impact."  It has become "clear" in recent weeks
that Tisch is "struggling to command a premium $80 per share cash
for CBS."  If Frank joins CBS, Tisch "could wait several years to
realize greater return on a rebuilt network" (ELECTRONIC MEDIA,
4/3).  In yesterday's N.Y. NEWSDAY, Verne Gay gives the odds on
different companies that might be interested in buying CBS:
Companies from TCI to IBM to Coca-Cola are given odds as to their
interest in CBS (N.Y. NEWSDAY, 4/3).
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