The Media Circus Is Still In Town

Thrills and chills as global demand keeps the buying frenzy going

It has been more than a decade since television host Monty Hall looked behind that curtain for the last time. But in the frenzied media world, every day seems to be a rerun of Let's Make a Deal. Walt Disney Co. plunked down $19 billion in stock and cash to buy Capital Cities/ABC Inc. Westinghouse Electric Corp. bought CBS Inc. News Corp. Chairman Rupert Murdoch jumped on the Internet, launched a sports channel to rival ESPN, and then made plans to beam TV signals to Latin America. And in cable? Last year, a staggering $25 billion in deals were struck, as nearly one in five subscribers saw their cable companies change hands.

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