Turner’s CBS takeover bid was set back.
Ted Turner had claimed before the Federal Communications Commission that CBS’ proposal to buy 21% of its own stock was an illegal transfer of control of the network’s radio and TV licenses. But the regulatory agency said the buy-back did not constitute a transfer of control. Later, U.S. District Judge Robert L. Vining Jr. said Turner failed to prove that the CBS buy-back plan contained restrictions designed solely to impede Turner’s takeover effort. In addition, Vining ruled that Turner, chairman of Atlanta-based Turner Broadcasting System, did not prove a claim that CBS directors failed in their duty to stockholders by rejecting his proposal. Turner said he will appeal Vining’s ruling.
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