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Turner quitting AOL `in disgust`; laments losses
New York, May 13: CNN founder Ted Turner said he quit `in disgust` his post at AOL Time Warner, the media giant that absorbed his company, in an interview published yesterday.
New York, May 13: CNN founder Ted Turner said he
quit "in disgust" his post at AOL Time Warner, the media giant
that absorbed his company, in an interview published
yesterday.
Turner also told Fortune magazine that he kicked himself
for holding AOL Time Warner shares as he lost billions of
dollars. He is concerned that his philanthropic causes will
suffer.
Fortune, which is also part of the AOL Time Warner conglomerate, noted that turner will step down as vice chairman of the corporation at Friday's annual shareholder meeting. Turner was quoted as saying the move comes "in disgust" but without elaboration.
But when Turner was not consulted about a change in to management at CNN, "it was the final straw," he said.
Referring to former AOL Time Warner chief executive Gerald Levin, Turner said, "The biggest mistake I made was trusting Jerry too much." Turner initially sold his TBS Broadcast empire -- CNN, TNT, the TBS superstation, Turner classic movies, the Cartoon Network, new line cinema, and several sports teams, including the Atlanta Braves -- in 1996 to Time Warner.
That became absorbed into AOL Time Warner when America Online used its high stock value to acquire the media giant in 2000.
The magazine estimated that Turner's stock holdings declined from 10.7 billion dollars in early 2000 to 1.4 billion dollars as a result of the 81-per cent slide in the value of AOL Time Warner. Bureau Report
Fortune, which is also part of the AOL Time Warner conglomerate, noted that turner will step down as vice chairman of the corporation at Friday's annual shareholder meeting. Turner was quoted as saying the move comes "in disgust" but without elaboration.
But when Turner was not consulted about a change in to management at CNN, "it was the final straw," he said.
Referring to former AOL Time Warner chief executive Gerald Levin, Turner said, "The biggest mistake I made was trusting Jerry too much." Turner initially sold his TBS Broadcast empire -- CNN, TNT, the TBS superstation, Turner classic movies, the Cartoon Network, new line cinema, and several sports teams, including the Atlanta Braves -- in 1996 to Time Warner.
That became absorbed into AOL Time Warner when America Online used its high stock value to acquire the media giant in 2000.
The magazine estimated that Turner's stock holdings declined from 10.7 billion dollars in early 2000 to 1.4 billion dollars as a result of the 81-per cent slide in the value of AOL Time Warner. Bureau Report