OTHER NEWS - June 8, 1996

Milken to Get $50 Million if Time Warner Deal Succeeds: Turner Broadcasting System Inc. Chairman Ted Turner said the Atlanta company will pay former junk bond banker Michael Milken a $50-million fee if Time Warner Inc. successfully acquires the company. Turner also told shareholders at the company’s annual meeting that he expects the company to generate $4 billion in revenue this year. That is up from $3.44 billion last year. Turner said he would personally pay $10 million of the fee to Milken. Milken has worked as a consultant on corporate transactions involving media executives Rupert Murdoch, Turner and others since being released from prison after serving time for securities fraud. New York-based Time Warner plans to buy the 82% of Turner that it doesn’t already own for $7.5 billion.