For 10 months the three men circled like prizefighters, lovers or vultures. Then last week the Federal Trade Commission finally blessed a compromise version of Time Warner's $6.54 billion acquisition of Turner Broadcasting. And so, early this fall, a deal is expected to be cut between Time Warner chairman Gerald M. Levin, TBS founder Ted Turner and Tele-Communications Inc. president John Malone: the unsteady father, the unruly son and the unholy ghost.
The new merger will restore Time Warner's mantle as the world's largest media company. Time Warner will be an $11.5 billion behemoth controlling a vast array of content, including...
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