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CALL IN THE LAWYERS: TURNER, TCI, TIME WARNER IN AGREEMENT?
Published September 1, 1995
A formal offer by Time Warner to buy Turner Broadcasting for an estimated $8.5B in stock "could be made early next week as key participants have reached agreement on the broad outlines of a deal," according to sources familiar with the talks cited in today's L.A. TIMES. Key points: the terms sought by TCI Chair John Malone, who holds approx. 20% in TBS, and how Time Warner Chair Gerald Levin will protect himself against his two newest stockholders, Ted Turner and Malone (Sallie Hofmeister, L.A. TIMES, 9/1). The N.Y. TIMES reports that some senior Time Warner execs, including HBO Chair Michael Fuchs, are said to be wary of how much power Turner will have in the new combined company (Mark Landler, N.Y. TIMES, 9/1). The ATLANTA CONSTITUTION reports that Turner's Atlanta-based operations would remain there and not move to New York. Turner is expected to continue to run CNN and his other businesses (Kloer & Haddad, ATLANTA CONSTITUTION, 9/1).