Turner wins a cable war
When Satellite NewsChannels went on the air in June 1982, officials of the cable-TV service predicted they would soon put Ted Turner's rival Cable News Network out of business. SNC's corporate parents, ABC and Westinghouse, boasted greater news-gathering assets than CNN and deeper pockets to offset losses. The stock market agreed: after SNC was an nounced, the over-the-counter price of a share of Turner Broadcasting System fell from $16 to $11.50 in two days. But last week David conquered Goliath with his checkbook. Turner bought out SNC for $25 million in order to shut it down on...
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