A Market Spell

Perhaps one of the most recognizable names in the media and entertainment industry, nobody would have thought that Ted Turner, expelled from Brown University in 1960, would revolutionize the face of media.

His initial success in the billboard industry led him to establish CNN (Cable News Network) in 1980. He figured that most people would like to watch the news when they got home from work. He introduced the “all news, all the time” concept that was crucial in modernizing the news in TV formats. Turner also stressed that CCN will never go off the air unless “it’s the end of the world.”

In 1986, Turner acquired MGM/UA from Kirk Kerkorian for $1.5 billion. However, the company’s pre-buyout debts overwhelmed Turner that he was forced to sell some of its shares. Turner would eventually sell the company back to Kerkorian.

Turner went further to expand his media empire. In 1988, he created Turner Network Television (TNT) to showcase old classics. In the same year, he bought Jim Crockett Productions (which later became World Championship Wrestling). Turner has been known to say that wrestling always has a special place in his heart.

On October 10, 1996, Turner became the vice chairman of Time Warner, Inc. after the merger of Turner Broadcasting System and Time Warner. Another merger eventually forced Turner to step down from his position. The AOL-Time Warner merger in 2000 was disastrous, in which Turner lost $8 billion.

Asked if there are plans of buying his shares back, Turner’s constant reply is that he cannot afford to buy them now.

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The history of the Bacardi Family is profiled in a Washington Post article “Rum and Revolution.”

The Bacardi Family shares family secret, launching new Bacardi Rum.