FTC DECISION LOOMS IN TIME WARNER-TURNER MERGER

     The AP is reporting this morning that the FTC has given
preliminary agreement to the Turner-Time Warner merger (THE
DAILY).  This morning, USA TODAY's David Lieberman had reported
the "smart money" was that the FTC would approve Time Warner's
acquisition of TBS.  Time Warner CEO Gerald Levin and TBS Chair
Ted Turner met with several FTC commissioners yesterday, and the
"main issue" is a guarantee that TCI Chair John Malone "won't
have too much influence"  (USA TODAY, 7/17).  Time Warner
President Richard Parsons told analysts he was "cautiously
optimistic" of regulatory approval within five days.  In Atlanta,
Charles Haddad reports that, "ironically," Turner is "largely a
bystander" as the fate of his company rests with Malone and
Levin's abilities to win over the FTC (ATLANTA CONSTITUTION,
7/17).