Page 2 -The Michigan Daily -Friday, April 19, 1985
Turner unveils bid for CBS
IN BRIEF
NEW YORK - Cable television en-
trepreneur Ted Turner made his long-
awaited bid to take over CBS in a com-
plicated $2.9 billion deal yesterday and
promised if successful he would im-
prove the giant network's "quality, ob-
jectivity and diversity."
CBS Inc. vowed to fight the takeover
and several Wall Street analysts were
skeptical the flamboyant Atlanta
broadcaster could pull it off.
"WE DO NOT intend to make any
fundamental changes in CBS broad-
casting," Turner said at a news con-
ference after a closed-door meeting
with analysts evaluating the Turner
deal for their clients.
In discussing his plans for CBS, Tur-
ner said:
"While there are no specific plans for
modifications of programming policies,
TBS will seek to improve the quality,
objectivity, and diversity of CBS
programming. In short, we intend to at-
tempt to strengthen the television
segment of the company.
Turner wants to acquire 21/, million
shares of CBS stock - 67 percent of the
company's stock - then merge CBS
with his Turner Broadcasting System
cable network.
ANALYSTS valued his bid at
anywhere from $150 to $165 per share.
He offered CBS shareholders a no-
cash package of stock in a new com-
bined company, as well as bonds and
fixed income securities in exchange for
their CBS stock. When the dust has
cleared, Turner said, the deal would
give Turner Broadcasting roughly a 50
percent ownership in the new company.
"It was a hastily made proposal and
ridiculously cheap," said Elizabeth
Toth, an analyst who follows CBS for
Provident National Bank, Philadelphia.
SHE SAID Turner's company is not
profitable enough to finance the debt
and added, "I can't think of anybody
who has offered a deal with absolutely
no cash in the broadcasting area."
Turner said the offer was "the first
step in a series of planned transactions
which we are proposing to bring about
the recapitalization of CBS and restruc-
turing of its operations for the benefit of
all CBS shareholders."
He said if the takeover succeeds, CBS
will have to divest itself of its 14 owned
and operated radio stations and its
Philadelphia television station because
of federal regulations.
TURNER called the divestitures the
first step toward restructuring CBS and
reducing the debt brought on by his
recapitalization. He also plans to con-
sider selling off all of CBS's non-
broadcast operations and corporate
assets.
Nonbroadcast holdings including
Columbia records, a wide range of
'We do not intend to make any fundamental
changes in CBS broadcasting.'
- Ted Turner
Cable television entrepreneur
magazines including the newly acquired
12 Ziff-Davis consumer magazines and
"Field and Stream" and "Woman's
Day," as well as a theatrical film joint
venture, a video club, and several other
enterprises.
"I want to make it clear that Turner
Broadcasting is acting alone. There is
no connection to any ideological
group," Turner said.
HIS BID for CBS nevertheless was
hailed by Fairness in Media, the group
formed after conservative Sen. Jesse
Helms (R-N.C.), attacked CBS for its
"liberal bias" and urged conservatives
to buy CBS stock and "become Dan
Rather's boss."
In the broadcasting community,
however, CBS' programming has
always been considered the most con-
servative of the three major networks.
Current hits, such as "Dallas," "60
Minutes" and "Simon & Simon," are
favored by and reflect CBS' loyal
viewers, who tend to be older and out-
side big cities.
MSA approves new
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Legal
(Continued from P
treasurer for the SLS bo
The new bylaws are I
for ratification just a s
SLS settled a lawsuit w
the dismissal of a memb
Kaplan said the revis
long underway before t
the lawsuit but that tI
have been accelerated
suit.
AT TUESDAY'S MSA
was the final meeting
USE DAILY CL
services bylaws
age 1)
ard. assembly, Kaplan said he wanted to see
being presented the new bylaws ratified by the outgoing
short time after assembly because they had been
hich arose from responsible for much of the work on
er of its board. them.
ion process was "Considering we've been working on
he settlement of them for four months in assembly and
he process may we're the most experienced assembly
because of the with them, its only logical that they
should be passed under our ad-
meeting, which ministration," agreed Schnaufer.
g of the 1984-85 "I'm pleased that they were able to
address them with the experienced
people still here, rather than working
with a new government," Nichols said.
Nichols anticipates no problems in
getting the approval of the remaining
ASSIFIEDS two groups. "I think the bylaws are
significantly improved in terms of
organization," she said. "I think we've
got an approvable document.
Compiled from Associated Press and
United Press International reports
Co inttee okays Conta funding
WASHINGTON-The Republican-led Senate Appropriations Committee
voted 15-13 yesterday to approave President Reagan's plan to release $14
million in aid to Nicaraguan rebels, but many committee members said they
would vote against Reagan's proposal on the Senate floor.
The vote threw doubt on the survivability of a compromise Contra funding
plan worked out earlier among House and Senate Republican leaders and
which reportedly had Reagan's approval.
For the moment, the president won a significant victory in the committee,
which sent the $ 14 million to the floor for the vote Tuesday. The plan faces
considerable opposition in both chambers of Congress and is given little
chance of passage in the House.
Many members of the committee, including Republicans, said they
would vote against Reagan's proposal on the floor, although they supported
it yesterday for procedural reasons.
Under Reagan's plan approved by the committee, the $14 million would be
provided as food, clothing, and medical assistance for a 60-day cease-fire
period. After that, Reagan could divert the money to weapons and am-
munition if the Nicaraguan government, in the president's judgment, fails to
negotiate seriously with the rebels seeking to overthrow the leftist San-
dinista regime.
Union Carbide finances aid
program for Bhopal victims
NEW YORK-Union Carbide agreed yesterday to finance a $5 million
emergency aid program for victims of the Bhopal chemical disaster, but
said a "fair global settlement" of the victims' lawsuits would do more good.
Carbide acted two days after U.S. District Judge John Keenan publicly
urged the corporation to spend $5 million to $10 million as a show of "good
will" without waiting for couq action to be resolved. Such a donation
Keenan said, would not imply that the Danbury, Conn.-based corporation
admits any liability for the Dec. 3 accident.
According to Indian government figures, some 1,700 people were killed
and up to 200,000 were injured when a cloud of methyl isocyanate gas
escaped from a pesticide plant and drifted through a slum area of Bhopal.
The New Delhi government sued Union Carbide last week, adding to more
than 60 other suits against the company that were brought by private
American attorneys on behalf of accident victims. All the cases have been
placed before Keenan for at least preliminary action.
Two Ed. Dept. aides resign
WASHINGTON-Two Education Department aides who favored
eliminating federal school aid for the handicapped resigned yesterday after
a Republican senator threatened to deny funds for their salaries.
The action came after Education Secretary William Bennett
labeled as "insensitive and repugnant" some of the comments that aide
Eileen Gardner had made about handicapped issues.
Bennett' had stopped short of bowing for the Heritage Foundation, and
Lawrence Uzzell, a conservative activist who favors scrapping most federal
school programs.
But later, his assistant secretary for public affairs and legislation, Anne
Graham, announced, "Eileen Gardner and Larry Uzzell have voluntarily
submitted their resignations and Secretary Bennett has accepted them."
There was no immediate comment form Sen. Lowell Weicker (R-Conn.)
who warned Bennett on Wednesday that he would try to block funds for their
salaries.
Britain expels 2 Soviet Citizens
LONDON-Britain ordered two Soviet citizens-a diplomat and an airline
employee-expelled for "unacceptable activities," a diplomatic euphemism
for spying, the government announced.
Assistant Naval Attache Capt. Uleg Los and Vyacheslav Grigorov, who
was employed at the London office of the Soviet national airline Aeroflot,
were given seven days to leave the country, a Foreign Office statement said.
The statement said Soviet Ambassador Victor Popov was summoned to
the Foreign Office yesterday morning and told Los had been engaged in "ac-
tivities incompatible with his status" as a foreign envoy and must leave the
country.
The ambassador was told that Grigorov, who has no diplomatic status in
Britain, had been engaged in "unacceptable activities," and "appropriate
measures would be taken" if he did not leave within a week.
A Foreign Office spokesman would not elaborate and would not discuss the
nature of the two men's activities. It was not immediately clear when the
men would leave Britain.
Study reveals new Pill risk
CHICAGO-Women who use birth control pills may increase their risk of
developing chlamydia, the most common sexually transmitted disease in
America and a leading cause of some pelvic infections, a new study says.
As many as 15 percent to 25 percent of the 2 million women who get
chlamydial infections each year will develop pelvic inflammatory disease,
which can lead to infertility, an author of the study said.
The findings regarding oral contraceptives are contrary to what in-
vestigators say has been a growing belief that birth control pills protect
against the pelvic infections. Some doctors recommend them for that
reason.
The study says while the pills may protect against pelvic inflammatory
disease caused by gonorrhea, "no basis exists for assuming similar protec-
tion is provided against chlamydial" pelvic inflammatory disease.
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Vol. XVC - No. 159
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Editor in Chief.................NEIL CHASE
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JACKIE YOUNG
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