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Turner Broadcasting Plans Mall TV

COMPANY TOWN

November 18, 1999|From Bloomberg News

ATLANTA — Time Warner Inc.'s Turner Broadcasting System Inc. and Simon Property Group Inc., the largest U.S. shopping mall owner, said they plan to develop a television network targeting shoppers in Simon's malls.

The network, which would feature programming from Turner's cable-TV operations such as CNN, TNT and the Cartoon Network, is expected to begin installing TV screens and kiosks in the malls by the end of next year. The 50-50 venture will include a related Internet site and mall-distributed magazine.

The move would give Turner a way to extend its group of popular cable networks into new markets and promote its programming to consumers who are away from home and their TV sets. It also comes about two weeks after Simon created a unit to invest in emerging retail concepts as mall owners cope with consumers shifting some of their shopping online.

Simon Property's malls provide the "perfect promotional platform for us to display our brands," Steven Heyer, president and chief operating officer of Turner, said.

Indianapolis-based Simon Property owns about 260 properties nationwide, including the Forum Shops at Caesars in Las Vegas, Dadeland Mall in Miami and the Source in Westbury, Long Island.

On the New York Stock Exchange, Time Warner shares fell $2.50 to close at $67.50, and Simon Property ended unchanged at $23.44.

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