FIRM TURNS TABLES ON TIME WARNER.Byline: Geraldine Fabrikant The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times Is turnabout fair play? Last fall, Time Warner Inc. surprised its cable television partner, U S West Inc., by agreeing to acquire one of the top cable programmers, Turner Broadcasting System Turner Broadcasting System, Inc. (often abbreviated TBS Networks or TBS, inc.) is the company managing the collection of cable networks and properties started by Robert Edward "Ted" Turner from the mid-1970s to the late-1990s. . U S West, the Denver-based regional Bell company, was so stunned stun tr.v. stunned, stun·ning, stuns 1. To daze or render senseless, by or as if by a blow. 2. To overwhelm or daze with a loud noise. 3. and angry that it hauled Time Warner into court, arguing that it should have had a vote in the Turner deal. But now, as that case is about to go to trial, U S West has turned the tables by announcing its own surprise acquisition: the $5.3 billion purchase of Continental Cablevision, the nation's third-largest cable operator. Gerald Levin, chairman of Time Warner, had not been briefed on the plan until he was called to the phone at a benefit in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. on Monday night, and was given a heads-up by Pearre Williams, U S West's chief negotiator in the Continental deal. The fact that Levin learned the details of the buyout only hours before the rest of the world - and weeks after talks heated up between U S West and Continental - indicates just how badly frayed the relationship has become between Time Warner and U S West. Time Warner executives concede that U S West had said as early as last May that it might be interested in making a bid for Continental and that Time Warner supported such a deal. But several media analysts said Tuesday that the deal put Time Warner further on the defensive in its legal negotiations with U S West. U S West "now has more leverage, because they have more assets to negotiate with," said Paul Kagan, a leading cable industry analyst. What U S West reportedly wants, in exchange for letting the Turner deal go through, is more control of Time Warner Entertainment's cable subscribers. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. some analysts, Time Warner, which wants to regain complete ownership of Warner Brothers Warner Brothers (b. Eichelbaums) movie executives; Harry (Morris) (1881–1958), born in Krasnashiltz, Poland; Albert (1884–1967), born in Baltimore, Md.; Samuel (1887–1927), born in Baltimore, Md. and HBO Hyperbaric oxygen therapy (HBO) A form of oxygen therapy in which the patient breathes oxygen in a pressurized chamber. Mentioned in: Ozone Therapy , might be willing to give U S West a larger stake in the cable systems than its current 25 percent, but Levin reportedly does not want to give up control by letting U S West have 51 percent or more of the operation. |
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