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Time And Warner

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NEWS
June 17, 1989 | KATHRYN HARRIS and PAUL RICHTER, Times Staff Writers
After studying its options for nine days, Time Inc. took rapid-fire actions Friday to try to demolish a hostile takeover bid and press ahead with a friendly Warner Communications Inc. merger--this time offering to acquire Warner in a two-step deal valued at $14 billion. However, Paramount Communications Inc. immediately vowed to pursue its hostile $10.7-billion bid for Time. And, on Wall Street, many speculators were steaming with rage. Some traders expressed disbelief that Time's directors would spurn Paramount's $175-a-share cash offer without coming up with some alternative that would include cash for Time shareholders.
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BUSINESS
May 8, 1990 | From Times Wire Services
J. Richard Munro, who led publishing giant Time Inc. into a combination with entertainment powerhouse Warner Communications Inc., said today he is stepping down as co-chairman and co-chief executive of Time Warner Inc. The announcement, which came at the annual shareholders' meeting of the world's biggest media and entertainment concern, came as no surprise.
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BUSINESS
June 10, 1989 | PAUL RICHTER and KATHRYN HARRIS, Times Staff Writers
A Delaware judge Friday rejected Paramount Communications' request to temporarily block an anti-takeover clause of the merger agreement between Time Inc. and Warner Communications that Paramount feared could upset its rival $10.7-billion bid for Time. Meanwhile, as the battle of the communication giants ended its third day, Time directors were believed to have set a meeting for Sunday, and there were signs of frantic lobbying by both sides in Washington. On Wall Street, the stocks of the three giant media and entertainment companies were among the five most active in trading on the New York Stock Exchange.
BUSINESS
June 16, 1989 | KATHRYN HARRIS and PAUL RICHTER, Times Staff Writers
Directors of Time Inc. and Warner Communications Inc. apparently met separately Thursday to thrash out plans to salvage their merger, but by nightfall, neither company had tipped its hand about the next move. Rumors of the meetings--on the ninth day after Paramount Communications made its surprise $10.7-billion cash bid for Time--provoked long debates on Wall Street about whether Time and Warner can find an expedient solution together, or whether the two companies will ultimately go their separate ways.
BUSINESS
June 21, 1989 | KATHRYN HARRIS, Times Staff Writer
As the battle for Time Inc. shifts to a Delaware court, Paramount Communications said Tuesday that it will file new documents today alleging that Time's $14-billion bid for Warner Communications is, in essence, an illegal effort to entrench management. Time last week spurned a hostile $10.7-billion cash offer from Paramount in order to press ahead with its planned merger with Warner. Time's board altered its original plan to exchange shares with Warner, however, to avoid putting the decision to a shareholder vote.
NEWS
June 16, 1989 | From Times Wire Services
Time Inc. today rejected a $10.7-billion buyout offer from Paramount Communications Inc. and launched a tender offer for Warner Communications that values Warner at more than $12.4 billion. In addition, Time filed a lawsuit to block Paramount from taking any steps "to disrupt the merger" of Time and Warner, but Paramount said it will press ahead with its unwanted, $175-a-share bid. They were part of a complicated, three-way battle for Time, which had announced a merger with Warner before Paramount jumped in with its own bid for Time that was launched June 7. A merger of Time and Warner would create the world's largest media company.
BUSINESS
June 17, 1989 | SCOT J. PALTROW, Time Staff Writer
QUESTION: What's at stake? ANSWER: The three-way battle involving Time Inc., Warner Communications and Paramount Communications will determine control of some of the nation's most valuable cable television, movie, publishing and music assets. Q: How did the battle over Time and Warner get started? A: On March 4, Time Inc. and Warner Communications announced an agreement to merge through an exchange of stock valued at $18 billion. The merger was to have created the world's largest communications company.
BUSINESS
June 9, 1989 | PAUL RICHTER, Times Staff Writer
The formidable legal teams of Time Inc. and Warner Communications head to court in Delaware this morning to wage what may be an uphill battle to defend their merger agreement against the takeover assault of Paramount Communications. The Time and Warner lawyers must defend an anti-takeover feature of the deal before a court increasingly inclined toward letting shareholders choose between rival takeover bids. Presiding will be Chancellor William T. Allen, who has jarred the takeover world with decisions favoring hostile bidders, but also recently was criticized by the Delaware Supreme Court for tilting toward defending management.
BUSINESS
June 21, 1989 | KATHRYN HARRIS, Times Staff Writer
As the battle for Time Inc. shifts to a Delaware court, Paramount Communications said Tuesday that it will file new documents today alleging that Time's $14-billion bid for Warner Communications is, in essence, an illegal effort to entrench management. Time last week spurned a hostile $10.7-billion cash offer from Paramount in order to press ahead with its planned merger with Warner. Time's board altered its original plan to exchange shares with Warner, however, to avoid putting the decision to a shareholder vote.
BUSINESS
June 20, 1989 | KATHRYN HARRIS and PAUL RICHTER, Times Staff Writers
Shares of Time Inc. continued to lose value Monday on the second day of trading since the giant media company announced that it will take on a massive new debt to acquire Warner Communications for $14 billion. Time's stock dropped $5.625 to close at $156.875 per share, as about 2 million shares traded on the New York Stock Exchange. The downward drift was slowed by traders' speculation that a Delaware court challenge may yet force Time to accept a hostile takeover bid from Paramount Communications that was made two weeks ago. The legal issues are expected to be thrashed out on July 11 in a Delaware court hearing, just six days before the expiration of Time's friendly cash offer for half of Warner's shares.
BUSINESS
June 17, 1989 | SCOT J. PALTROW, Time Staff Writer
QUESTION: What's at stake? ANSWER: The three-way battle involving Time Inc., Warner Communications and Paramount Communications will determine control of some of the nation's most valuable cable television, movie, publishing and music assets. Q: How did the battle over Time and Warner get started? A: On March 4, Time Inc. and Warner Communications announced an agreement to merge through an exchange of stock valued at $18 billion. The merger was to have created the world's largest communications company.
NEWS
June 17, 1989 | KATHRYN HARRIS and PAUL RICHTER, Times Staff Writers
After studying its options for nine days, Time Inc. took rapid-fire actions Friday to try to demolish a hostile takeover bid and press ahead with a friendly Warner Communications Inc. merger--this time offering to acquire Warner in a two-step deal valued at $14 billion. However, Paramount Communications Inc. immediately vowed to pursue its hostile $10.7-billion bid for Time. And, on Wall Street, many speculators were steaming with rage. Some traders expressed disbelief that Time's directors would spurn Paramount's $175-a-share cash offer without coming up with some alternative that would include cash for Time shareholders.
BUSINESS
June 16, 1989 | KATHRYN HARRIS and PAUL RICHTER, Times Staff Writers
Directors of Time Inc. and Warner Communications Inc. apparently met separately Thursday to thrash out plans to salvage their merger, but by nightfall, neither company had tipped its hand about the next move. Rumors of the meetings--on the ninth day after Paramount Communications made its surprise $10.7-billion cash bid for Time--provoked long debates on Wall Street about whether Time and Warner can find an expedient solution together, or whether the two companies will ultimately go their separate ways.
NEWS
June 16, 1989 | From Times Wire Services
Time Inc. today rejected a $10.7-billion buyout offer from Paramount Communications Inc. and launched a tender offer for Warner Communications that values Warner at more than $12.4 billion. In addition, Time filed a lawsuit to block Paramount from taking any steps "to disrupt the merger" of Time and Warner, but Paramount said it will press ahead with its unwanted, $175-a-share bid. They were part of a complicated, three-way battle for Time, which had announced a merger with Warner before Paramount jumped in with its own bid for Time that was launched June 7. A merger of Time and Warner would create the world's largest media company.
BUSINESS
May 8, 1990 | From Times Wire Services
J. Richard Munro, who led publishing giant Time Inc. into a combination with entertainment powerhouse Warner Communications Inc., said today he is stepping down as co-chairman and co-chief executive of Time Warner Inc. The announcement, which came at the annual shareholders' meeting of the world's biggest media and entertainment concern, came as no surprise.
BUSINESS
May 23, 1989 | KATHRYN HARRIS, Times Staff Writer
A settlement in the stormy five-year marriage between Chris-Craft Industries and Warner Communications Inc. was announced Monday, removing an obstacle to Warner's announced plan to merge with Time Inc. Time and Warner immediately set Friday, June 23, as the date for their respective shareholders meetings in New York. Proxy materials for both companies were cleared Monday by the Securities and Exchange Commission. With the two developments, the stage is set for any challenge that might materialize to the Time-Warner merger.
BUSINESS
June 15, 1989 | KATHRYN HARRIS, Times Staff Writer
The suspense over Time Inc.'s future continued to color Wall Street trading and Washington rhetoric as yet another day passed without action by Time's board on a hostile bid by Paramount Communications Inc. Sources said the 12-member Time board is likely to meet today, however, to discuss how--or whether--Time will try to salvage its plan to merge with Warner Communications. Until Paramount made its surprise $175-a-share offer last week, both Time and Warner had expected their stock-swap proposal to be approved by shareholders at meetings on June 23. So far, neither Time nor Warner has canceled its meeting.
BUSINESS
June 10, 1989 | PAUL RICHTER and KATHRYN HARRIS, Times Staff Writers
A Delaware judge Friday rejected Paramount Communications' request to temporarily block an anti-takeover clause of the merger agreement between Time Inc. and Warner Communications that Paramount feared could upset its rival $10.7-billion bid for Time. Meanwhile, as the battle of the communication giants ended its third day, Time directors were believed to have set a meeting for Sunday, and there were signs of frantic lobbying by both sides in Washington. On Wall Street, the stocks of the three giant media and entertainment companies were among the five most active in trading on the New York Stock Exchange.
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