Shell
04-22-2003, 10:46 AM
Ted to bid for AOL pro teams
Turner-led group seeks three Atlanta franchises
By PHYLLIS FURMAN
DAILY NEWS BUSINESS WRITER
Ted Turner's stepping up to the plate in a pitch for AOL Time Warner's pro sports teams as the media giant prepares to unload a number of its top properties including Comedy Central.
The outspoken media mogul's in talks with several Turner Broadcasting execs about joining them in a bid for the Atlanta Braves, NBA Hawks, and NHL Thrashers, sources said. The Turner group is expected to make an offer this week, insiders said.
"They're trying to get Ted on board," said a source close to the talks.
AOL Time Warner is selling off its sports teams as part of a broader effort to shave a heavy debt load. The stumbling media giant is about to announce asset sales as it prepares to release its quarterly profit report tomorrow.
Right off the bat, it's set to rake in $1 billion from the sale of its half stake in Comedy Central to its partner in the cable network, Viacom.
Talks between the two have been dragging on for months, but lately there have been signs of progress.
Sources told the Daily News that AOL Time Warner senior exec and former HBO chief Jeff Bewkes had been holding things up because of his reluctance to sell off an interest in such a valuable asset as Comedy Central.
AOL Time Warner did just that in the past when it shed its stakes in what would eventually become one of the most prized cable networks on the planet - MTV.
"They have a history of selling good properties," said Sanford Bernstein analyst Tom Wolzien.
AOL Time Warner's also looking for buyers for its book publishing group and for parts or all of its music division.
Fortuitously, Viacom's in a buying mode. In addition to the Comedy Central deal, the CBS-owner also is said to be making progress in talks to acquire the Sci Fi Channel and possibly the USA Network from cash-strapped Vivendi Universal. But sources said GE's NBC also remains a serious suitor for general interest network USA.
As for AOL's sports franchises, the execs bidding include Turner's longtime pal and trusted lieutenant, Terry McGuirk - now head of the Turner Sports Teams - McGuirk's No. 2 Stan Kasten, and Bill Bartholomay, the Chicago businessman who owned the Braves in Milwaukee and moved them to Atlanta.
Fans have clamored for Turner to reclaim the Braves, but the ex-AOL Time Warner vice chairman has said he doesn't have the cash to make a bid on his own. He hasn't ruled out buying a stake in the team.
A spokeswoman for Turner declined to comment. AOL Time Warner also would not comment.
A Turner bid would pit the CNN founder against two other suitors - former Madison Square Garden chief Dave Checketts and Dallas auto tycoon David McDavid.
Checketts and his backers, George Soros and Los Angeles businessman Eli Broad, have offered $450 million for the sports teams, a related cable TV network, and an Atlanta sports arena. Checketts declined to comment.
Last week, the former MSG boss withdrew his offer for the Los Angeles Dodgers because the seller, News Corp., refused to sell the sports network that carries the teams' games. Earlier, Checketts lost out in a bid for the Boston Red Sox to a suitor who had leg up because he already owned a baseball team.
Turner-led group seeks three Atlanta franchises
By PHYLLIS FURMAN
DAILY NEWS BUSINESS WRITER
Ted Turner's stepping up to the plate in a pitch for AOL Time Warner's pro sports teams as the media giant prepares to unload a number of its top properties including Comedy Central.
The outspoken media mogul's in talks with several Turner Broadcasting execs about joining them in a bid for the Atlanta Braves, NBA Hawks, and NHL Thrashers, sources said. The Turner group is expected to make an offer this week, insiders said.
"They're trying to get Ted on board," said a source close to the talks.
AOL Time Warner is selling off its sports teams as part of a broader effort to shave a heavy debt load. The stumbling media giant is about to announce asset sales as it prepares to release its quarterly profit report tomorrow.
Right off the bat, it's set to rake in $1 billion from the sale of its half stake in Comedy Central to its partner in the cable network, Viacom.
Talks between the two have been dragging on for months, but lately there have been signs of progress.
Sources told the Daily News that AOL Time Warner senior exec and former HBO chief Jeff Bewkes had been holding things up because of his reluctance to sell off an interest in such a valuable asset as Comedy Central.
AOL Time Warner did just that in the past when it shed its stakes in what would eventually become one of the most prized cable networks on the planet - MTV.
"They have a history of selling good properties," said Sanford Bernstein analyst Tom Wolzien.
AOL Time Warner's also looking for buyers for its book publishing group and for parts or all of its music division.
Fortuitously, Viacom's in a buying mode. In addition to the Comedy Central deal, the CBS-owner also is said to be making progress in talks to acquire the Sci Fi Channel and possibly the USA Network from cash-strapped Vivendi Universal. But sources said GE's NBC also remains a serious suitor for general interest network USA.
As for AOL's sports franchises, the execs bidding include Turner's longtime pal and trusted lieutenant, Terry McGuirk - now head of the Turner Sports Teams - McGuirk's No. 2 Stan Kasten, and Bill Bartholomay, the Chicago businessman who owned the Braves in Milwaukee and moved them to Atlanta.
Fans have clamored for Turner to reclaim the Braves, but the ex-AOL Time Warner vice chairman has said he doesn't have the cash to make a bid on his own. He hasn't ruled out buying a stake in the team.
A spokeswoman for Turner declined to comment. AOL Time Warner also would not comment.
A Turner bid would pit the CNN founder against two other suitors - former Madison Square Garden chief Dave Checketts and Dallas auto tycoon David McDavid.
Checketts and his backers, George Soros and Los Angeles businessman Eli Broad, have offered $450 million for the sports teams, a related cable TV network, and an Atlanta sports arena. Checketts declined to comment.
Last week, the former MSG boss withdrew his offer for the Los Angeles Dodgers because the seller, News Corp., refused to sell the sports network that carries the teams' games. Earlier, Checketts lost out in a bid for the Boston Red Sox to a suitor who had leg up because he already owned a baseball team.