King World Stock Up $2 on Talk of Turner Buyout
The stock of King World Productions Inc. jumped $2 a share Monday following a report that the television syndicator of “Jeopardy” and “Wheel of Fortune” is being courted by Turner Broadcasting System Inc.
The Hollywood Reporter quoted unnamed sources as saying TBS is in serious talks to buy King World for $1.9 billion in a stock swap.
The stock of King World, which also syndicates “The Oprah Winfrey Show” and other programs, closed at $42.875 in trading on the New York Stock Exchange.
A spokesman for New York-based King World declined to comment on the report, as did TBS officials.
King World has been mentioned frequently as a potential takeover target because it generates a lot of cash. The entertainment firm recently hired Goldman Sachs to explore possible strategic alliances and has held meetings with executives from the big three networks: CBS, NBC and ABC.
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