THE NETWORK SHUFFLE: NOW, IT'S G.E. GOING AFTER TIME WARNER
GE is considering buying Time Warner for the potential price
of $19B. The sale may revolve around whether GE CEO Jack Welch
wants to "ease out of the media business by selling all or part
of his TV network NBC -- or get in deeper by buying Time Warner."
Welch apparently is being advised to hold onto NBC and buy into
other media properties. Even though Time Warner is $16B in debt,
"it would fit Welch's desire to own companies that are leaders in
their field" (Dorfman & Lieberman, USA TODAY, 9/19).
ITT TO HEAR OFFERS FOR FINANCIAL CORP: ITT confirmed that
it is hearing offers for its ITT Financial Corp. subsidiary and
has hired Goldman Sachs to handle the sale. Analysts say the
profitable financial services operations could go for close to
$3B. The proceeds "would be used to finance ITT's sudden new
push into entertainment business." ITT is reportedly interested
in purchasing either NBC or CBS (Molly Baker, WALL STREET