Turner wants to buy leading US network: 'Savings potential of up to dollars 100m a year on news gathering'
Tuesday 02 August 1994
Speaking in St Petersburg, where he is attending the Goodwill Games, Mr Turner said he agreed with the market view that all the big US broadcast networks would probably change hands within the next two or three years.
'I think that basically all three of them are now available for the right deal.' He added that, though he had no immediate plans, his Atlanta-based Turner Broadcasting System was an interested buyer.
Mr Turner's name has long been associated with takeover rumours, most recently as a potential counter-bidder for CBS during its short-lived engagement to QVC, the home shopping company. That deal fell through and CBS chairman Laurence Tisch has since said the company is no longer for sale - a position that has won little credibility on Wall Street.
Mr Turner's remarks yesterday fuelled speculation over the future of CBS. Shares in the company rose dollars 4 to trade at dollars 317 by midday.
Mr Turner pointed to the big cost savings on news gathering operations that would be achieved in any link-up between CNN and a network broadcaster, estimating that dollars 50m to dollars 100m a year could be saved by a merger.
Because of the potential savings on news gathering Mr Turner is seen as a natural partner for CBS, though the Walt Disney Company is also seen as a possible suitor.
Of the other two networks, speculation most often surrounds NBC, which is owned by General Electric.
The ABC network is owned by Capital Cities/ABC, which also has substantial radio and publishing interests including Institutional Investor magazine. ABC has its own cable network subsidiary, the ESPN sports channel.
CBS, NBC and ABC form the established triumvirate of broadcast television in the US, though they are under attack from Fox, the fourth network set up by Rupert Murdoch's News Corporation.
Mr Murdoch has been making aggressive moves over the past year, including outbidding CBS for the rights to show NFC Football games, and signing up a group of stations that defected from CBS.
- 1 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 2 West poised to join forces with President Assad in face of Islamic State
- 3 Mother fed her daughter tapeworms to make her skinny for pageant
- 4 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 5 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with President Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
iJobs Money & Business
£30000 - £45000 per annum: Harrington Starr: A global investment management fi...
£65000 - £75000 per annum: Harrington Starr: Senior Network Engineer-(CCIE, CC...
£70000 - £80000 per annum: Harrington Starr: Senior Network Analyst - (CCIE, C...
£60000 - £80000 per annum: Harrington Starr: Senior Network Engineer-(Design, ...