Excerpt from The Situation Room
October 30, 2007
Wolf Blitzer
(CNN Anchor)
"We interrupt regular news coverage to bring you an announcement from our founder Ted Turner..."
Ted Turner
(Founder and Chairman Emeritus; Turner Broadcasting System)
"Ladies and gentlemen, for the last few months, my entertainment empire has been operating under the threat of a hostile takeover by Bain Capital, the parent company of the new Romney/Weinstein venture. Today, I am proud to announce that my board of directors has approved a plan to merge our assets with those owned by Microsoft under the Paramount banner in a $94 Billion USD half cash/half stock deal."
"If approved by federal lawmakers, our live action motion picture and television production will move onto Paramount's backlot in Hollywood. In animation, the workforce of Ruby-Spears will be combined with that of Rankin-Bass."
"As for the future of the sports assets under our wing; The Hammers, Hawks, Flames, WCW and the Goodwill Games...If the Justice Department demands we spin off those assets to allow the merger to go forward, we will only sell to those who promise to keep those entities right here in Atlanta."
"Paramount has agreed to sell its stake in the Odyssey Network to facilitate the inclusion of Cartoon Network as part of this proposed merger."
"As soon as the deal is closed, Geraldine Laybourne will serve as chair of the combined board. The combined film and television assets will be chaired by Rob Reiner with Barbara Broccoli reporting to him."
"In addition, the comic book assets of Image Comics will eventually be absorbed by Paramount Comics."
"Basketball fans can expect the NBA to stay with TNT for the next six years, but now with additional games to be televised by UPN starting with the 2008-09 season."
"While the new TBS-Paramount umbrella is likely to be based in California, we will retain our Techwood Drive campus for our cable networks, including CNN."
"Now, I shall answer your questions..."