Consider his deal with Ted Turner: By splitting MGM/UA in two, he doubled its market value. That's something, isn't it?''. Learn more. With Turner's permission, Brown of Drexel had given Kerkorian an overview of the bidding situation. Today, reaching 36 million U.S. homes, WTBS is cable's biggest and most profitable advertiser-supported network and, with an estimated 1986 operating cash flow of $70 million, the financial engine that drives Turner Broadcasting. He virtually mothballed the studio. TWX (TWX) has the following price history information. If he wants to solve the debt problem anytime soon, he may have to sell more assets or a big chunk of company stock, reducing his 81% stake. The $112 billion union of online access provider America Online Inc. and Time Warner was the largest merger in U.S. history, creating a media powerhouse capable of touching consumers' lives over three billion times each month. Turner, who still keeps a photo of his father in his office, quickly learned the value of parsimony, urgent salesmanship, and a cash flow sufficient to cover payments on debt. TNT, TBS, and Cartoon Network continued to hold top spots in the industry, while Turner Classic Movies secured its 66 millionth subscriber in 2003, and CNN/U.S. In October 2003, the company officially dropped AOL from its name, reverting back to Time Warner Inc. TBS entered a new chapter in its history without its founder at the helm. ''He was a tyrant,'' recalls Peter Dames, 48, a close friend of Ted's since college and a former employee of both Turners. In May, though he still hadn't decided, Drexel began soliciting bids for all of MGM's assets other than its library of films. Lorimar-Telepictures, the fast-expanding TV powerhouse best known for Dallas, offered $190 million for MGM's studio real estate and film lab. CNN's success pressured the three established networks to acknowledge the audience CNN had tapped and to provide late-night and early-morning news broadcasts for this group.
Holders of preferred shares could receive not only common but also more preferred, entitling them to more of both kinds of stock, and so on. ''I didn't negotiate on price,'' he says. He has sold a fifth of this new film company to the public and seems likely to sell more when the market is ripe. The agreement obliged Turner Broadcasting to buy MGM/UA Entertainment for $1.4 billion. In a 1969 merger that took his company public, Turner got hold of a ratty little Atlanta TV station now called WTBS. Within the space of a few years, his sister, Mary Jane, died of a degenerative disease, his parents got divorced -- and then R. E. Turner Jr. picked up a pistol one day and shot himself in the head.
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