The amount is based on Turner's personal profits on Time Warner stock since the corporation merged with CNN parent Turner Broadcasting last year. "I figure its only nine months' earnings, who cares?" Turner said. He also promised to prod similar donations from other billionaires, warning that they should expect his fund-raising calls.
FRIDAY: U.N. to Ted Thanks a Billion
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NEW YORK: It's the gift that keeps on giving: Ted Turner is not just donating $1 billion to the United Nations, he's planning to solicit more huge charitable contributions from his moneyed peers. The CNN founder and vice chairman of Time Warner (which owns TIME) brought tears to the eyes of wife Jane Fonda when he announced the gargantuan gift which he will make in 10 annual payments of $100 million in Time Warner stock to support programs such as UNICEF, peace-keeping missions and a land-mine cleanup.