The Millstones At Metromedia

It has been said that John W. Kluge has a golden touch. The wily 78-year-old owner of Metromedia Co. has a knack for buying slumping businesses, nurturing them, and then selling them at their peak. That's what he did with the seven independent TV stations he sold to Rupert Murdoch in 1986. More recently, he has been selling off his cellular phone holdings. All told, Kluge has pocketed some $5.4 billion from such deals over the past six years.

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