White Knight In A Black Hat?

Great American Communications Co. wasn't exactly a trophy property when financier Carl H. Lindner acquired it in 1987. Its earnings were falling, and its revenue growth was slow. But where others saw a foundered hulk, the Cincinnati millionaire and quintessential bottom-fisher saw a sunken treasure. Known at the time as Taft Broadcasting Co., it owned five TV stations and 15 radio stations in some of the fastest-growing markets in the country, including Tampa and Phoenix.

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