Cable operators that own part of Turner...

Cable operators that own part of Turner Broadcasting System have tentatively agreed to accept $35 million in stock instead of a cash dividend payment, TBS Chairman Ted Turner said. “This will give us some breathing room,” Turner told reporters after addressing a business group. “We are drawing up the documents now, but we think we’ve got it nailed down.” A group of about 30 cable operators invested $560 million in Turner Broadcasting last year and is due to receive the dividend in April. The operators also were given seven seats on the 15-member TBS board of directors. Under the original agreement, TBS had to pay the dividend within six months of April 15 or give the cable operators two more seats on the board.