Cable Guy No Longer Free to Show Up Whenever He Damn Well Pleases
Also: no more interminable phone waits. Hooray!By Dan Amira
Also: no more interminable phone waits. Hooray!By Dan Amira
Now that they've spun off from Time Warner, the Internet giant is slimming down.By Chris Rovzar
After a 14 percent decline in profits, the media giant finally considers this long-anticipated move.By Chris Rovzar
Today's displeasing news about the news.By Mike Vilensky
The awkward puberty of the media continues.By Kathryn H. Cusimano
It's cheaper than a model train set, and the people love it.By Jessica Pressler
Morgan Stanley CEO John Mack grapples with plummeting profits and a rogue trader, a summer associate messes with the wrong guy at the company picnic, and Rachael Ray buys in the Hamptons, in our daily roundup of finance, law, media, and real-estate news.
Plus the latest on what's up with UBS, Beth Israel, and McDonald's in our daily industry roundup.
In our daily industry roundup, the former Citigroup chairman second-guesses himself on the appointment of successor Charles Prince. And more!
Also in our daily industry roundup: No recession! High-end boutiques on the LES! And law professors suing students!
Bewkes, Michael Patrick King, and the Sex and the City cast ham it up at a Point Foundation dinner.
Jerry has more car trouble, Cindy Adams takes the stand, and Shelley Ross gets the last cackle in today's roundup of all the dish from New York's gossip columns.
After all, the argument goes, now these schmoes who are leeching off their father's legacy can force DC to stop printing Superman comics or demand that Warner Bros. stop making Superman movies!
MEDIA • At least 75 Time Warner layoffs are expected to be announced today. The layoffs are among CEO Jeff Bewkes's first public tasks since taking the helm of the company from Dick Parsons last month. Earlier today, Time Warner announced a 41 percent decline in fourth-quarter earnings. [MSNBC & AdAge] • Maybe some of those Time Warner folks can hang their hats over at Condé Nast. The Observer evaluates Portfolio's recent spending spree, during which it recruited top talent from The New Yorker, the Post, and the Times. [NYO] • (Product)Red, the love child of Bono, iPod, and the Gap, has raised more than $22 million for fighting HIV and AIDS in Africa. But considering the big advertising bucks spent during the Super Bowl and elsewhere, some are arguing that it's not enough. [NYT]
Sources said to me that the lunch was requested by Turner (est worth $2.3 bil) in an effort to "bury the hatchet" with Murdoch (est worth $8.8 bil). It came just days after a GQ interview was published with the CNN founder blaming the Fox News Channel founder for helping get America into the Iraq mess and labeling it "Rupert's war" — and FNC in response using air time to belittle and demean Turner as "off his rocker." Now, Murdoch can use the Wall Street Journal and new Fox Business Channel to belittle and demean Turner as well. "Ted reached out in the hope to make nice to Rupert now that he's the biggest media mogul in the world," a Murdoch insider told me. Did it work? "Rupert doesn't change anything. He still goes after anyone he wants."As we all know, Murdoch's News Corp recently surpassed Time Warner as the globe's largest media conglomerate. We're guessing it was a testy lunch — for a brief run through of all the icky background between the two, see Finke's piece. In the meantime, we are totally going to start lurking around the Olive Garden in Times Square. We just know that's where Donald Trump and Rosie O'Donnell have been hanging out. Ted and Rupert Break Bread Together [Deadline Hollywood Daily]
MEDIA • Rumor has it that Richard Parson's will announce his departure at Time Warner as early as this week. Jeff Bewkes, longtime No. 2, is set to take over as CEO. Does this mean a Parsons run for mayor? [Times of London] • Radar cooked up a clever quiz: Fox News anchor or porn star? You decide. Wait, no, Murdoch decides. [Radar] • Jim Cramer matched Rupert Murdoch's legendary subtlety: "We have a competitor now in Fox and it is really important to destroy and mutilate them." [Broadcasting & Cable]
FINANCE • Alan Greenspan's old flame Barbara Walters complained the G-man never gave good advice, insisting back in the seventies that she avoid an apartment on Fifth Avenue because it was a "bad investment." [NYP] • Henry Kravis got a little egg on his face thanks to the collapse of the $8 billion Harman buyout. Steve Schwarzman gets bragging rights or an excuse to back out of his own impossibly huge deals. [Deal Journal/WSJ] • With computers taking over, the NYSE plans to cut the trading floor down by half from its historic high. The famous Main Room and "the Garage," opened in 1903 and 1922 respectively, will remain open. [NYT]
FINANCE • Blackstone founders Stephen Schwarzman and Pete Peterson shot up 30 places to No. 4 in Vanity Fair's annual ranking of "The New Establishment." Henry Kravis, who made the list for the first time, will have to console himself with No. 51. [VF, DealBook/NYT] • Maybe CEOs aren't all automatons after all: Scholars found that the death of a child or wife typically results in a 15 to 20 percent hit on profits — though the death of a mother-in-law often means good news for business. Let's just hope they're not confusing cause and effect, here. [WSJ] • Beat this, Spence girls: The daughter of Qwest CEO Edward Mueller gets free use of the corporate jet to help ferry her from Denver to California for high school. [DealBook/NYT]
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