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NETWORK NEWS: TURNER AND CBS? NOT SO FAST
Published April 4, 1995
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).