Sailing Close to the Wind

Atlanta Yachtsman and Cable-TV Magnate Ted Turner has often sailed daringly close to the wind, sometimes taking a soaking. In 1985 he failed to carry off a $5.4 billion takeover of CBS on behalf of his flagship Turner Broadcasting System, only to bob back seven months later by taking over MGM/UA for the startling sum of $1.7 billion. Then he aimed at nothing less than boosting world peace with his Moscow Goodwill Games in July, which failed to attract the huge TV audience he had expected. Last week the ebullient Turner dipped into the water again when second-quarter results from TBS...