William Bevins Resigns From Turner Broadcasting

William C. Bevins Jr., who for years has handled the often hectic job of financing the business ventures thought up by maverick broadcaster R. E. (Ted) Turner, has turned in his resignation as chief financial officer of Turner Broadcasting System.

According to some reports, he may become an executive for Los Angeles financier Kirk Kerkorian.

The 41-year-old Bevins was not available for comment. A Turner spokesman at Atlanta headquarters said that Bevins had resigned but that he will remain on the job for an undetermined period.

Terry Christensen, president of Tracinda Corp., Kerkorian’s holding company for MGM/UA Communications and for casino and airline interests, said only: “He (Bevins) hasn’t joined us . . . we haven’t hired him.”

Meanwhile, Turner Broadcasting, “in an effort to streamline” its operations, announced a “realignment” of the duties of three other top executives, including the promotion of veteran TBS executive Robert J. Wussler to senior executive vice president.

A group of cable system operators obtained great power at Turner Broadcasting early this year in return for a $576-million bailout of Turner. However, a source close to the situation said the board was sorry that Bevins decided to leave.

The source, who has worked closely with Bevins, said: “He’s got some other opportunities that he wants to consider. This has been brewing for some time. It is more out of loyalty to the company that he’s waited this long.”

But the source said that he did not know specifically if Bevins had an offer from Kerkorian.

Bevin’s biggest chore for Ted Turner revolved around the June, 1986, acquisition of the 3,650-film MGM library from Kerkorian-controlled MGM/UA Communications by Turner Broadcasting for about $1.2 billion.

The result of Ted Turner’s obtaining his goal was a giant load of debt on publicly traded TBS, along with the interest costs of carrying it. The cable operators, led by Time Inc. and Tele-Communications Inc., later came to Turner’s rescue by buying a 37% stake in Turner Broadcasting. The outsiders also won a virtual veto power on major financial deals in the future.

Before that change, the source close to Bevins said, “Bill functioned as Ted’s alter ego . . . now the job description is more as regular chief financial officer.” Bevins began with Turner in 1979 and before that was with the accounting firm that handled Turner’s auditing.

Another Bevins associate said, “I guess he got tired of being between a rock and a hard place.”

He noted that Kerkorian thought well of Bevins, and that Kerkorian was increasing his activities, including the pending purchase of the Sands and Desert Inn hotel-casinos in Las Vegas, the start-up of Los Angeles-New York service by MGM Grand Air and the possible purchase of Pan American World Airways.

In the announcement of the other TBS executive changes, Chairman Turner was quoted as saying: “TBS has grown dramatically over the past few years, and this realignment of duties should help improve the efficiency of our company’s operations.”

Wussler, who has been executive vice president since April, 1980, will oversee the company’s “increasing international expansion and relationships with broadcasters around the world,” the announcement said.

Gerald F. Hogan has been named president of Turner Broadcasting System Inc.’s Entertainment Network. In this position, he will have overall responsibility for the operations of SuperStation TBS and the proposed Turner Network Television. Hogan previously was vice president of advertising sales.

Jack Petrik continues as chairman of Turner Program Services and president of Turner Home Entertainment. He has overall responsibility for TPS, the syndication arm of the company, and Turner Entertainment Co., which manages the vast MGM film library.