Captain Outrageous Opens Fire

In his longest shot yet, Turner aims to buy CBS for $5.4 billion

"Okay, wow!" exclaimed a slightly flustered Ted Turner, as though he could hardly believe the audacity of what he was about to propose. Facing a bright battery of TV lights at a Manhattan press conference, the self-made cable king announced last week that he will try to take over CBS, the country's top-rated TV network. Following more than a month of rumors, Turner had finally raised the curtain on what could become one of the most dramatic takeover dramas yet.

Turner has put forth a novel, no-cash financing plan. His Atlanta-based Turner Broadcasting System will offer a complex package of several...

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