SBD/1/Sports Media

CALL IN THE LAWYERS: TURNER, TCI, TIME WARNER IN AGREEMENT?

     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).
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Related Topics:

HBO, Media, TBS/TNT, Time Warner

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