Creating an Entertainment Giant : Turner’s Long History With Time Warner

Turner Broadcasting System Inc.’s fate has been linked for years to the fortunes of Time Warner Inc. and other major cable TV system operators.

1970--Billboard operator Ted Turner buys an Atlanta TV station that becomes the foundation for his cable TV empire.

1976--The Atlanta TV station is distributed for the first time by satellite to homes nationwide, becoming cable TV’s first superstation.

1980--Cable News Network debuts.

1982--CNN Headline News channel is launched.

1985--Turner makes unsuccessful $5-billion-plus offer for CBS Inc. CNN International starts in Europe.

1986--Turner Broadcasting System acquires MGM Entertainment Co. with its huge film library for $1.4 billion.

1987--A group of cable system owners rescues Turner after he runs into trouble paying debts on the MGM purchase. The cable owners, including affiliates of Time Inc. and Warner Communications Inc., get a 36% stake in Turner Broadcasting.

1988--Turner Network Television debuts with 17 million subscribers, the biggest network launch in cable history.

1989--Time Inc. buys a majority of Warner Communications Inc. in the first step of a $14-billion merger. The combined company owns about 18%of Turner Broadcasting and has three seats on its 15-member board.

1991--CNN attracts all-time high cable ratings with its coverage of the Persian Gulf War. Turner buys Hanna-Barbera Cartoons Inc.

1992--Turner launches the Cartoon Network. Time Warner suggests it might be willing to sell its Turner stake.

1993--Turner agrees to buy film and TV production companies Castle Rock Entertainment and New Line Cinema.

1994--Turner considers a bid for Home Shopping Network or CBS. Ted Turner complains in a colorful speech to the National Press Club that Time Warner has blocked his efforts to buy a network.

January, 1995--Turner ends talks with General Electric Co. about buying NBC division because GE won’t sell a controlling interest.

March--Turner shareholder Tele-Communications Inc. says it won’t buy Time Warner’s Turner stake. Time Warner reportedly wants $1.6 billion in cash after failing to get Turner to trade for a cable network or other assets.

August--Time Warner Chairman Gerald Levin visits Turner at his Montana ranch and proposes buying Turner Broadcasting for stock and making Turner a vice chairman of Time Warner. The companies announce merger talks.

Sept. 22--Boards of both companies approve Time Warner’s purchase of Turner for about $7.4 billion in Time Warner stock.