The Grand Acquisitor's New Prey : Rupert Murdoch and Warner

Does Rupert Murdoch really mean to grab Warner?

Does Rupert Murdoch really mean to grab Warner?

The brief letter from Rupert Murdoch's News Corp. to Warner Communications was impeccably polite, but it had the impact of a death threat. Received on Dec. 30 and made public last week, the letter announced that Murdoch's company might buy up to 49.9% of Warner's stock. Later in the week Murdoch notified the Securities and Exchange Commission that he might wage a proxy fight to "influence the managment or acquire control of the company." At Warner's Manhattan headquarters, executives quickly donned flak jackets for a takeover battle.

When Murdoch bought 7% of Warner's stock last...

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