Former QVC head Barry Diller and ITT chief Rand Araskog
"came within a whisker" of completing a $5B deal for CBS,
according to the N.Y. POST, but CBS Chair Laurence Tisch "wanted
too much." Tisch, who said to be seeking $80 a share for the
network, reportedly wants all payments in cash. The Diller/ITT
bid was said to be in the form of ITT stock. Diller, who has
failed three times to complete a bid for CBS, is "still thought
to be interested" in buying the network. ITT is co-owner of MSG
(N.Y. POST, 6/9).
NBC PREPS FOR FIGHT WITH TURNER: Ted Turner's bid to start
a financial news cable network that would rival CNBC "is setting
the stage for a war" with CNBC owner NBC "to become the premier
provider of TV news and information," according to the WALL
STREET JOURNAL. Yesterday, NBC said it is "prepared to fight
back by launching its own 24-hour news channel" to compete with
Turner's CNN. While NBC News President Andrew Lack said that
cable operators and channel limitations stand in the way, other
NBC execs note that direct broadcast satellite could be an
option. The Turner board is expected to approve the new channel
plan today (Sharpe/Jensen/Robichaux, WALL STREET JOURNAL, 6/9).
THROUGH THE ROOF: The N.Y. TIMES' Stuart Elliott examines
this year's bull market in up-front ad sales for the networks'
'95-96 seasons. Of the total $5.6B spent (up 27.3% from '94-95),
NBC led with $1.7B, ABC had $1.6B, CBS had $1.3B and Fox, which
sold only $720M last spring, came in at $1B. Jerry Dominus,
senior partner at J. Walter Thompson, New York: "I've never seen
so much money change hands in so brief a period of time" (N.Y.
TIMES, 6/9).
EMPLOYEE OF THE MONTH: David Letterman, on yesterday's
hiring of Les Moonves to head the CBS Entertainment Division: "I
think I speak for all of us, especially right here on the 'Late
Show' when I say -- CBS has an entertainment division?" ("Late
Show," CBS, 6/8).
