Taft Broadcasting Co

A scion of the prominent Taft family of Ohio and a Rhode Island investment firm Friday offered $1.34 billion in cash for Taft Broadcasting Co., a major operator of TV and radio stations and producer of movies and TV programs. Taft has recently been threatened with liquidation amid deepening losses and shareholder dissension. Dudley S. Taft, vice chairman and son of founder Hulbert Taft Jr., said he and Narragansett Capital Inc.

Shareholders of Taft Broadcasting Co. on Tuesday approved the company's sale to a partnership of major Taft stockholders headed by Cincinnati financier Carl H. Lindner Jr. and Texas financier Robert M. Bass. A total of 76.7% of the stockholders voting approved the sale of the company to the TFBA Limited Partnership. The $847-million buyout still must be approved by the Federal Communications Commission.

Shareholders of Taft Broadcasting Co. on Tuesday approved the company's sale to a partnership of major Taft stockholders headed by Cincinnati financier Carl H. Lindner Jr. and Texas financier Robert M. Bass. A total of 76.7% of the stockholders voting approved the sale of the company to the TFBA Limited Partnership. The $847-million buyout still must be approved by the Federal Communications Commission.

Taft Broadcasting said that under the revised offer for the remaining stock, Taft's shareholders could elect to swap each of their existing shares for either $157 in cash or $144 in cash and one share of FMI Financial. FMI Financial would be the general partner of TFBA Limited Partnership, the entity formed by the investors to make the acquisition. The partnership is led by FMI, which is 72%-owned by Cincinnati financier Carl H. Lindner's American Financial Corp.

Taft Broadcasting said that under the revised offer for the remaining stock, Taft's shareholders could elect to swap each of their existing shares for either $157 in cash or $144 in cash and one share of FMI Financial. FMI Financial would be the general partner of TFBA Limited Partnership, the entity formed by the investors to make the acquisition. The partnership is led by FMI, which is 72%-owned by Cincinnati financier Carl H. Lindner's American Financial Corp.

A long-brewing struggle over the assets of Taft Broadcasting seemed suddenly headed for resolution Tuesday as the media and entertainment company's three principal shareholders disclosed that they have formed a limited partnership and will seek to buy out the company's public shareholders. The partnership, with about 42% of Taft Broadcasting's stock, is led by American Financial Corp. President Carl M. Lindner. Joining Lindner are Dudley S.

The group seeking to buy Taft Broadcasting increased by $2 a share its $1.4-billion offer for the Ohio-based television station operator and program producer. Three members of the shareholders group, Taft vice chairman Dudley S. Taft, Texas investor Robert M. Bass and an American Financial Corp. subsidiary controlled by Carl H. Lindner, had been rivals for Taft but joined forces in April. Together, the group owns about 42% of Taft's 9.2 million common shares.

Taft Broadcasting Co., Cincinnati, said it reorganized its senior management to create an office of the chairman that includes Dudley S. Taft as vice chairman and George D. Castrucci as executive vice president and chief operating officer. Charles S. Mechem Jr. will remain chairman and chief executive and is the third member of the office. Taft, who has been president and chief operating officer, will take on additional responsibilities including acquisitions and dispositions.

The group seeking to buy Taft Broadcasting increased by $2 a share its $1.4-billion offer for the Ohio-based television station operator and program producer. Three members of the shareholders group, Taft vice chairman Dudley S. Taft, Texas investor Robert M. Bass and an American Financial Corp. subsidiary controlled by Carl H. Lindner, had been rivals for Taft but joined forces in April. Together, the group owns about 42% of Taft's 9.2 million common shares.

A long-brewing struggle over the assets of Taft Broadcasting seemed suddenly headed for resolution Tuesday as the media and entertainment company's three principal shareholders disclosed that they have formed a limited partnership and will seek to buy out the company's public shareholders. The partnership, with about 42% of Taft Broadcasting's stock, is led by American Financial Corp. President Carl M. Lindner. Joining Lindner are Dudley S.

A scion of the prominent Taft family of Ohio and a Rhode Island investment firm Friday offered $1.34 billion in cash for Taft Broadcasting Co., a major operator of TV and radio stations and producer of movies and TV programs. Taft has recently been threatened with liquidation amid deepening losses and shareholder dissension. Dudley S. Taft, vice chairman and son of founder Hulbert Taft Jr., said he and Narragansett Capital Inc.

Cincinnati-based Taft Broadcasting Co. said its board of directors unanimously rejected the offer from an investor group led by its vice chairman, Dudley S. Taft, son of the company's founder. The board concluded that the offer failed to recognize fully the future prospects of the company and directed management to explore alternatives including possible financial restructuring. The offer for Taft, a Cincinnati-based television station and cable system operator, was made last Friday.