TURNER-TIME WARNER DEAL TO BE ANNOUNCED TODAY?

     The long-awaited merger announcement between Turner
Broadcasting and Time Warner could be made in New York today.  It
is possible that TBS Chair Ted Turner and Time Warner Chair
Gerald Levin could discuss the deal on CNN's "Larry King Live"
tonight (Shapiro & Sharpe, WALL STREET JOURNAL, 9/22).  Analysts
note that Time Warner's WB Network would have an instant
"pipeline" of news, and possibly sports, programming from TBS
cable holdings (Greg Clarkin, N.Y. POST, 9/22).  Unlike in
previous drafts of the deal, Time Warner's HBO is not expected to
move out of New York and be operated under Turner in Atlanta.
The change was apparently made to "appease" US West, which holds
a stake in Time Warner Entertainment (Haddad & Unger, ATLANTA
CONSTITUTION, 9/22).  Also, as one of the concessions to TCI
Chair John Malone, a 21% shareholder in TBS, Time Warner will
sell Malone the remaining 44% stake in SportSouth, a regional
sports network co-owned by Turner and Malone's Liberty Media
(Sallie Hofmeister, L.A. TIMES, 9/22).