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COMPANY TOWN ANNEX

<i> Times Staff and Wire Reports</i>

Milken Role in Turner Talks: Nearly three years after he finished serving time for securities laws violations, disgraced junk bond king Michael Milken stands to reap a reported $50 million from helping advise Ted Turner in his negotiations to sell Turner Broadcasting System Inc. to Time Warner Inc. for $7.4 billion. The Securities and Exchange Commission had barred the former Drexel Burnham Lambert bond executive from securities dealings and investment advice for life as part of his historic settlement with the government in 1990. His compensation, contingent on completion of the Time Warner-Turner merger, opens the question of whether Milken acted as an investment adviser in violation of his SEC sanctions. The Wall Street Journal reported that Turner reportedly would pay about $10 million of the fee himself, with the rest paid by Turner Broadcasting.


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