Time Warner Turner: Nice Script, But...

The entertainment biz is nothing if not flexible. Not so long ago, Walt Disney Co. Chairman Michael D. Eisner was pooh-poohing big-ticket acquisitions. Time Warner Inc. Chairman Gerald M. Levin, desperate to pare debt from his balance sheet, wanted out of his 18% stake in Turner Broadcasting System Inc. And Ted Turner was adamant in his refusal to do any deal that left him second fiddle.

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