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TURNER EARNINGS UP; BRAVES EARNINGS DOWN
Published August 9, 1995
Turner Broadcasting System "reported strong growth" in second quarter earnings, with its "only weakness the Atlanta Braves" which lost $10M more "than the previous year" because of the affects of the baseball strike, writes Charles Haddad in this morning's ATLANTA CONSTITUTION. Turner Broadcasting reported net income rose to $22M, up from $13M a year ago. Turner is parent company of CNN, TBS and TNT, the Cartoon Network, Turner Classic Movies, along with the Braves and Hawks (ATLANTA CONSTITUTION, 8/9). Meanwhile, Turner said yesterday it was "continuing to hold discussions" with TCI and Time Warner about purchasing Time Warner's 18% share in TBS. Geraldine Fabrikant reports in this morning's N.Y. TIMES that Time Warner is seeking $1.6B for its stake, "worth roughly" $1.2B, or swapping it for a Turner asset such as the Cartoon Network. Fabrikant writes "those familiar with the discussions" say Turner is unwilling or unable to make the swap (N.Y. TIMES, 8/9).