Time Warner bid stalls
Monday 11 September 1995
Time Warner's bid for Turner Broadcasting appears to have stalled and it has begun to look doubtful that John Malone, chief executive of Telecommunications Inc, will agree to the current terms of the $8bn deal. Sources close to the talks, which have been going on for two weeks, say that although Time Warner and TBS are in agreement, Mr Malone, a notoriously tough negotiator, has been changing the terms. He has, in effect, the veto over the deal because Liberty Media, an affiliate of TCI, holds 21 per cent of Turner stock.
Current disputes centre on the swap value of Turner shares for those of Time Warner. Mr Malone has been pushing for a preferential rate that could give Liberty about 8 per cent of TW stock and $670m in profit that the heavily leveraged cable supplier badly needs.
Emergency landing at Heathrow sparks further controversy over London airport capacity
Unrest may spread across Europe, warns Red Cross chief
French government seeks to ban extreme right-wing group
BNP and EDL accused of attempt to fuel racial hatred after Woolwich terror attack
You want to get an Eton scholarship? All you need to do is answer four (not so simple) questions
- 1 What, let gays get married? We must be bonkers
- 2 Rocky Horror star Tim Curry 'suffers major stroke'
- 3 Exclusive: How MI5 blackmails British Muslims
- 4 Lord of the Sings: Sir Christopher Lee, 91, to release heavy metal album
- 5 Exclusive: Woolwich killings suspect Michael Adebolajo was inspired by cleric banned from UK after urging followers to behead enemies of Islam
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.