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NETWORK SHUFFLE: TURNER PREPS FOR MONDAY BOARD MEETING
Published August 18, 1995
As Westinghouse Electric lines up the financing for its $5.4B bid for CBS (and possibly more for a counter-offer to a rival bid), TBS Chair Ted Turner "is said to be doing the same thing," according to the N.Y. POST. Turner is expected to get approval from the TBS Board on Monday for a plan to make a reported $6B bid for CBS Inc. Reports vary on who will join Turner, with Seagram's Edgar Bronfman and Microsoft's Bill Gates both mentioned (Greg Clarkin, N.Y. POST, 8/18). USA TODAY notes that the "hot rumor" has Seagram's and Turner combining (USA TODAY, 8/18). While the WALL STREET JOURNAL reports that Turner could use the cash gained from a purchase of King World Production to buy out Time Warner's 19% stake in TBS, which would facilitate a run at a network (WALL STREET JOURNAL, 8/18). MORE MOUSE DROPPINGS: Michael Ovitz's move from CAA to Disney has prompted three Baby Bells to rethink their plans for the Tele-TV interactive programming venture. Options: Drop CAA and find other Hollywood help; or merge with a similar Disney venture with other communications companies (Leslie Cauley, WALL STREET JOURNAL, 8/18).