Ted Turner Discloses Time Warner Vetoed His Bid for NBC

Strategic Insights -

Ted Turner, the renowned entertainment mogul, spoke at the National Press Club on Tuesday, revealing that Time Warner Inc. had vetoed his bid to buy the NBC network from General Electric last year. According to Turner, the deal was "a basic agreement worked out...a little over a year ago," but Time Warner refused to let him proceed, citing no specific reasons. Turner expressed his disappointment and frustration with the outcome, stating that he feels "on the outside" in the big game of media consolidation. He also criticized the current state of the cable television industry, calling it a "tragedy" as four or five mega-companies will soon control the majority of what Americans watch on TV.

Key Takeaways:

  • Time Warner Inc. vetoed Ted Turner's bid to buy NBC from General Electric last year, citing no specific reasons.
  • Turner has taken no legal action "yet" against Time Warner for blocking the deal.
  • The current consolidation of the cable television industry is a "tragedy" according to Turner, as four or five mega-companies will control what Americans watch on TV.
  • Turner has expanding his involvement in the movie business, closing deals to buy New Line Cinema Corp. and Castle Rock Entertainment for over $600 million.
  • Turner's investments in Hollywood are seen as a way of boosting the library for his six cable networks and diversifying while new technologies take hold.
  • Turner Broadcastings System (TBS) operates several cable networks, including CNN, TNT, Cartoon Network, Turner Classic Movies, and Headline News in the US.
  • TBS also owns a variety of foreign cable channels, animator Hanna Barbera Entertainment Co. Inc., the Atlanta Braves baseball team, and the Atlanta Hawks basketball team.

Statistics:

  • Time Warner has a holding of approximately 20% in Turner Broadcasting System (TBS).
  • Intel Corporation owns a 8.8% stake in TBS, partially owned by Ted Turner.
  • Turner Broadcasting System (TBS) operates over 6 cable networks, including CNN, TNT, Cartoon Network, Turner Classic Movies, and Headline News.

Sources:

  • Washington Post, September 27, Unknown
  • Variety, September 27, Unknown
  • New York Times, September 28, Unknown