Creating an Entertainment Giant : And in This Corner ...
Time Warner Co. and Turner Broadcasting System Inc. announced their plans for a$7.5-billion merger Friday, but not everybody is happy. Three of the harshest critics are in the corporate arena. Here are snapshots of the dissidents and their reasons for opposing the mega-merger.
US WEST INC.
* Business: Provides local telephone service in states. In 1993, it paid $2.5 billion for a 25.5% stake in Time Warner Entertainment, a cable partnership controlled by Time Warner.
* Objections: Filed suit to block the deal, saying that a meger with Turner--a Time Warner Entertainment competitor--would create a conflict of interest for Time Warner.
CONTINENTAL CABLEVISION INC.
* Business: Operates cable TV systems nationwide. Joined with Comcast and 18 other companies in 1987 in a $600-million rescue of Turner, which was then struggling under a huge debt load.
* Objections: Continental is pressing Time Warner for the same concessions given toTele-Communications Inc., which owns 21% of Turner.
COMCAST CORP.
* Business: Provides cable TV service in 18 states and holds a majority interest in electronic shopping network QVC Inc.
* Objections: Same as those of Continental.
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