CASE 19 Vertical and Horizontal Ownership in Cable TV

Total Page:16

File Type:pdf, Size:1020Kb

CASE 19 Vertical and Horizontal Ownership in Cable TV CASE 19 Vertical and Horizontal Ownership in Cable TV: Time Warner-Turner (1996) Stanley M. Besen E. Jane Murdoch Daniel P. O’Brien Steven C. Salop John Woodbury INTRODUCTION After a twelve-month investigation, the Federal Trade Commission in 1996 approved, subject to certain conditions, the merger of Time Warner and Turner Broadcasting, creating, in the words of the merging parties, “a global media organization with the world’s foremost combination of news, enter- tainment, information resources and distribution systems.”1 The FTC al- leged that the merger was potentially anticompetitive because of (a) a hori- zontal overlap between the cable program services of the merging entities, (b) a vertical linkage between the Turner program services and the Time Warner cable television systems, and (c) the participation in the transaction of TCI, the nation’s largest cable television operator, which was a major The authors served as consultants to the attorneys who represented TCI before the FTC in the Time Warner-Turner merger. Because of space limitations, some issues related to the merger have been abbreviated, and some issues have not been addressed at all. The authors would like to thank Jonathan Baker, Christopher Bogart, Kathy Fenton, Robert Joffe, and Joe Sims for their helpful comments on earlier drafts. Of course, the views expressed here are the authors’ own and do not necessarily reflect those of TCI or any of the other participants in the merger. 1“Time Warner Inc. and Turner Broadcasting System, Inc. Agree to Merge, Creating the World’s Foremost Media Company.” Press release of Time Warner, September 22, 1995. 452 Case 19: Time Warner-Turner (1996) owner of Turner and which became an owner of Time Warner, the second largest cable operator, as a result of the merger.2 Time Warner was a large, diversified company with ownership inter- ests in magazine, book, and music publishing; the Warner Brothers motion picture studio; the WB broadcast television network; a large number of cable television systems; and five cable television program services, includ- ing, most prominently, Home Box Office (HBO), the largest and most successful premium cable service. Most of Time Warner’s cable interests were held through Time Warner Entertainment, a partnership with US West in which Time Warner had a 75-percent ownership share. Turner Broadcasting owned a number of cable television program services, including TBS, TNT, CNN, and the Cartoon Network, as well as a television broadcast station (WTBS), the Atlanta Braves baseball team, the Atlanta Hawks basketball team, and some movie studios. Ted Turner owned a major interest in Turner Broadcasting, and the transaction would make him Time Warner’s largest individual shareholder with an ownership stake of about 10 percent. The merger resulted in Time Warner’s adding the stable of Turner services to its ownership of HBO and its other pro- gram services. Moreover, it combined Time Warner’s extensive cable sys- tem ownership with the Turner services. A number of major cable television system operators, including Time Warner, TCI, Comcast, and Cablevision Systems, held ownership interests in Turner3 that would become holdings in Time Warner as a result of the merger. TCI held its interest through its Liberty subsidiary. Although Lib- erty was traded on the stock market separately from TCI, the FTC treated them as a single entity. Thus, TCI’s 23-percent ownership interest in Turner would become an approximately 9-percent ownership interest in Time Warner. TCI would now have a financial interest in Time Warner’s cable systems and program services. Table 19-1 summarizes the major cable in- terests of Time Warner, Turner, and TCI at the time of the transaction. TCI also entered into an agreement with Turner (the Program Service Agreement) that specified the terms under which TCI would carry the various Turner program services. The Agreement committed TCI to carry the services for twenty years in return for a price equal to 85 percent of the average price paid by other cable operators. A BRIEF HISTORY OF THE CABLE TELEVISION INDUSTRY Cable television initially developed as a means to deliver television broad- cast signals via antennas, microwave towers, and cables to consumers. The 2For a statement of the FTC’s views, see Federal Trade Commission, Analysis of Proposed Con- sent Order to Aid Public Comment, September 12, 1996. 3Time Warner had previously owned 23 percent of the Turner shares. 453 THE ANTITRUST REVOLUTION TABLE 19-1 Cable Subscribers and Program Service Ownership Interests (By Company, 1996) Time Warner TCI Turner Cable Subscribers 12,100,000 16,009,000 na National Video Cinemax (100%) BET (17.5%) Cartoon (100%) Program Services Comedy Central (50%) Court TV (33.3%) CNN (100%) (ownership share) Court TV (33.3%) Discovery (49%) Headline News (100%) E! (50%) Encore (90%) TBS (100%) HBO (100%) E! (10%) TCM (100%) Faith & Values (49%) TNT (100%) The Family Channel (20%) Fit TV (20%) HSN (80.4%) International Channel (50%) Intro TV (100%) NewSport (33%) Prime Network (33%) QVC (43%) Q2 (43%) Request TV (47%) Starz! (90%) TLC (49%) Viewer’s Choice (10%) Sources: Paul Kagan Associates, Inc., Economics of Basic Cable Networks, 1997, pp. 48–50; 1996, pp. 39–40; 1993, p. 38. NCTA, Cable Television Developments 21, no. 1 (Spring 1997): 14. relationship between broadcasting and cable was initially symbiotic, with cable systems providing either improved reception of local television sig- nals or service to rural areas without broadcast television stations, thereby increasing station viewership and advertising revenues. Eventually, how- ever, cable systems found that they could sell the reception of “distant” television broadcast signals to urban viewers who wished to augment the broadcast service they could receive over the air. Thus began the trans- formation of cable, from offering an improved antenna to becoming the source of a wide array of programming not available to over-the-air viewers. Because distant signals competed for viewers and advertising reve- nues, television broadcasters complained to the Federal Communications Commission (FCC) that cable threatened their economic viability, or at least their ability to satisfy FCC-imposed public interest obligations. Re- 454 Case 19: Time Warner-Turner (1996) sponding to these complaints, the FCC initially prohibited the importa- tion of distant television signals into larger markets and required cable systems to carry local broadcast signals. Until the early 1970s, the restric- tions on the carriage of distant signals effectively confined the growth of cable television mainly to rural areas with little or no over-the-air televi- sion service. In a further effort to protect television broadcasters from cable com- petition, the FCC imposed limits on the programming that cable systems could provide to their subscribers. In particular, the FCC prohibited the of- fering of series programs of any type, severely constrained the sporting events that could be carried, and permitted movies to be shown only if they were less than two or more than ten years old. These “antisiphoning” restrictions were adopted to prevent the migration of the most popular types of broadcast programming to cable. Notwithstanding these restrictions, HBO, which was then majority- owned by Time and subsequently became a wholly owned subsidiary, began offering uncut, commercial-free movies in 1972 as a “premium” service to cable systems in return for a portion of the fees that these ca- ble systems collected from their subscribers. However, FCC rules, com- bined with the high cost of using ground-based communications systems to deliver the service to individual cable systems, initially limited HBO largely to New York City. This changed when a young Time executive named Gerald Levin identified what would subsequently prove to be an historic opportunity. Noting that new FCC rules permitted a reduction in the size of “receive-only” satellite dishes, Levin convinced Time to use satellites to deliver HBO to cable systems across the country. This de- livery system dramatically reduced the costs of distribution and made it economical for HBO to reach cable systems throughout the United States. Equally important for HBO’s subsequent growth was a 1977 Court of Appeals decision that overturned the FCC’s restrictive “antisiphoning” rules, thus permitting HBO to obtain the rights to a much wider array of movies.4 The consequences were dramatic. In 1979, HBO had only about 2 million subscribers; by 1996, it had more than 18 million subscribers and was the leading pay-per-channel service, with access to virtually all cable households. Although the FCC began to relax its distant-signal restrictions in 1972, widespread carriage was still confined by the high cost and limited availability of the ground-based microwave relay systems that were then in use. Another young entrepreneur, Ted Turner, identified a way out of this difficulty. Turner, then the owner of a small independent UHF broad- cast station in Atlanta (and former America’s Cup winner), arranged to place the signal of his station on a satellite, thus making it available to any 4Home Box Office v. FCC, 567 F.2d 9 (D.C. Cir. 1977), cert. denied, 434 U.S. 829 (1978). 455 THE ANTITRUST REVOLUTION cable system with a receiving dish. Although copyright laws prevented Turner from collecting payments from the cable systems that retransmitted the signal of what became WTBS, Turner could obtain revenues from na- tional advertisers because the reach of his Atlanta station now extended to the entire country. This, in turn, permitted Turner to acquire more expen- sive programming, and the “superstation” concept was born. Turner demonstrated that “basic” services as well as “premium” ser- vices could take advantage of satellite delivery.5 Subsequently, Turner Broadcasting launched the Cable News Network (CNN). CNN offered the first competitive challenge to the news organizations of the three major broadcast networks.
Recommended publications
  • The.Annenberg.Schoolfor.·
    1 ~ELBVISION VIOLENCE PROPILE: ~HE ~URNING POI~ Prom Research to Action Dec8lllber 1993 George Gerbner .. The.Annenberg.Schoolfor.·. .cClmmunication University of pennsylvania Michael Morqan Department of Communication University of Massachusetts, Amherst ii'ancySiqnorie:l:l:i Department of Communication University of Delaware contents The Violence Profile The Violence Index Trends Flap over measurement The Dynamics of Violence Is violence avoidable? A calculus of risks Cultivation Analysis Patterns of response The "Mean World" Syndrome "Mainstreaming" The Structural Basis of Violence Concentration, conglomeration, globalization Public backlash From research to action 2 TELEVXSXON VXOLENCE PROFXLE NO. 16: THE TURNXNG POXNT From Research to Action December 1993 ·(!,Gns·erns a·bout television violence -- as about violence in other media -- have led to much research and controversy since the earliest days of the medium. Yet, despite political shifts and technological developments, the debate has remained at a virtual standstill. That is, until the 1992-93 television season. '"rhat'wasa' time of turning-point in the television violence debate. Agitation, legislation, high-level consultation, grass-roots organization and even implausible scapegoating ("television made me do it!") moved up high in public attention and the political agenda. By year's end, discussion about television violence saturated the media almost as much as its subject matter. The cultural climate was ripe for action. The only question was what kind. This Violence Profile (16th in the series) also goes beyond the usual research on trends. It attempts to change some terms of the debate and to suggest action alternatives. We note that, despite some muting of dramatic violence, the deeper problems of its burdens and dynamics still persist.
    [Show full text]
  • DISH Network Offers Two Customer Appreciation Promotions -- ESPN Classic Experience Sweepstakes to Disney World and FREE HBO Preview
    DISH Network Marketing Update: DISH Network Offers Two Customer Appreciation Promotions -- ESPN Classic Experience Sweepstakes to Disney World and FREE HBO Preview LITTLETON, Colo.--(ENTERTAINMENT WIRE)--Aug. 6, 1999--EchoStar Communications Corp. (NASDAQ: DISH, DISHP) is proud to announce today that DISH Network™ is offering two new customer promotions: 1) ESPN Classic is offering DISH Network customers the chance to win a grand prize trip to the ESPN Club at Disney World in Orlando, Fla., and 2) HBO is offering DISH Network customers an eight-day preview of all six HBO channels in August! ESPN Classic Sports Experience Sweepstakes: DISH Network customers who currently receive America's Top 100 CD programming package and customers who upgrade their current programming to America's Top 100 CD by Aug. 31, 1999, will be automatically entered into the ESPN Classic Experience Sweepstakes to win a trip for two to the ESPN Club at Disney World courtesy of ESPN Classic! Prizes include round-trip airfare, hotel accommodations and passes to Disney World. No purchase is necessary and DISH Network customers may enter by mail. Available on DISH Network's America's Top 100 CD package, ESPN Classic televises the greatest sporting events and most memorable stories and heroes of all time. ESPN Classic is the only network that features past Super Bowls, World Series, NBA Championships, Stanley Cups, heavyweight championship fights, NCAA Final Fours, Olympics, NASCAR, Grand Slam tennis events, The Masters and much more. The greatest moments in sports, larger-than-life personalities, history-making games and epic events are available to relive.
    [Show full text]
  • General Reflection Manual
    Reflection Manual Quotes, prayers, Group reflections for service trips, immersion groups and volunteers Format for Spring Break Reflections Opening Prayer: Spontaneous, or from manual Experience Questions for discussion: • Check-in: how was your day? • What was challenging for you? What was comforting? • Was there a special grace you encountered today? Suggestions for further reflection on experience: ¾ Drawing: your experience, feelings or thoughts you had today ¾ Using clay, poetry, music to express your impressions of the day Social Analysis Questions for discussion: • What justice issue did you encounter today? • What structures are affecting those you met? Suggestions for further reflection with social analysis: ¾ Include information from social analysis section about structural injustice ¾ Name as many larger issues as possible that are at work: welfare, minimum wage, the health care system, public services (trash pick-up, etc) public education, United States government policy, media reporting (or unreporting,) military spending ¾ ASK: how do these issues affect those you’ve met today? Who benefits? Who pays? Theological Reflection Questions for discussion: • In what way did you encounter God today? • What experiences of connection did you have? Suggestions for further theological reflection: ¾ Draw different experiences of God ¾ Include a reading from theological reflection section of manual ¾ Use silence! 3-5 minutes reflecting silently on experience of God with optional sharing Action Questions for discussion: • Wrap-up: How will you remember this day? • What will tomorrow be like? Closing Prayer: Spontaneous or from manual Opening/Closing Prayers We choose struggle Rather than indifference We choose to share the suffering Rather than ignore the pain We choose to make peace Rather than wait for war We choose to proclaim the Good News Rather than sit in silence.
    [Show full text]
  • X********X************************************************** * Reproductions Supplied by EDRS Are the Best That Can Be Made * from the Original Document
    DOCUMENT RESUME ED 302 264 IR 052 601 AUTHOR Buckingham, Betty Jo, Ed. TITLE Iowa and Some Iowans. A Bibliography for Schools and Libraries. Third Edition. INSTITUTION Iowa State Dept. of Education, Des Moines. PUB DATE 88 NOTE 312p.; Fcr a supplement to the second edition, see ED 227 842. PUB TYPE Reference Materials Bibliographies (131) EDRS PRICE MF01/PC13 Plus Postage. DESCRIPTORS Annotated Bibllographies; *Authors; Books; Directories; Elementary Secondary Education; Fiction; History Instruction; Learning Resources Centers; *Local Color Writing; *Local History; Media Specialists; Nonfiction; School Libraries; *State History; United States History; United States Literature IDENTIFIERS *Iowa ABSTRACT Prepared primarily by the Iowa State Department of Education, this annotated bibliography of materials by Iowans or about Iowans is a revised tAird edition of the original 1969 publication. It both combines and expands the scope of the two major sections of previous editions, i.e., Iowan listory and literature, and out-of-print materials are included if judged to be of sufficient interest. Nonfiction materials are listed by Dewey subject classification and fiction in alphabetical order by author/artist. Biographies and autobiographies are entered under the subject of the work or in the 920s. Each entry includes the author(s), title, bibliographic information, interest and reading levels, cataloging information, and an annotation. Author, title, and subject indexes are provided, as well as a list of the people indicated in the bibliography who were born or have resided in Iowa or who were or are considered to be Iowan authors, musicians, artists, or other Iowan creators. Directories of periodicals and annuals, selected sources of Iowa government documents of general interest, and publishers and producers are also provided.
    [Show full text]
  • Channel Lineup 3
    International 469 ART (Arabic) MiVisión 818 Ecuavisa International 476 ITV Gold (South Asian) 780 FXX 821 Music Choice Pop Latino 477 TV Asia (South Asian) 781 FOX Deportes 822 Music Choice Mexicana 478 Zee TV (South Asian) 784 De Película Clasico 823 Music Choice Musica 479 Aapka COLORS 785 De Película Urbana 483 EROS NOW On Demand 786 Cine Mexicano 824 Music Choice Tropicales 485 itvn (Polish) 787 Cine Latino 825 Discovery Familia 486 TVN24 (Polish) 788 TR3s 826 Sorpresa 488 CCTV- 4 (Chinese) 789 Bandamax 827 Ultra Familia 489 CTI-Zhong Tian (Chinese) 790 Telehit 828 Disney XD en Español 497 MBC (Korean) 791 Ritmoson Latino 829 Boomerang en Español 498 TVK (Korean) 792 Latele Novela 830 Semillitas 504 TV JAPAN 793 FOX Life 831 Tele El Salvador 507 Rai Italia (Italian) 794 NBC Universo 832 TV Dominicana 515 TV5MONDE (French) 795 Discovery en Español 833 Pasiones 521 ANTENNA Satellite (Greek) 796 TV Chile MiVisión Plus 522 MEGA Cosmos (Greek) 797 TV Espanola Includes ALL MiVisión Lite 528 Channel One Russia 798 CNN en Español channels PLUS (Russian) 799 Nat Geo Mundo 805 ESPN Deportes 529 RTN (Russian) 800 History en Español 808 beIN SPORTS Español 530 RTVI (Russian) 801 Univision 820 Gran Cine 532 NTV America (Russian) 802 Telemundo 834 Viendo Movies 535 TFC (Filipino) 803 UniMas 536 GMA Pinoy TV (Filipino) 806 FOX Deportes 537 GMA Life TV (Filipino) 809 TBN Enlace 538 Myx TV (Pan Asian) 810 EWTN en Español 539 Filipino On Demand 813 CentroAmérica TV 540 RTPi (Portuguese) 815 WAPA America 541 TV Globo (Portuguese) 816 Telemicro Internacional 542 PFC (Portuguese) 817 Caracol TV = Available on RCN On Demand RCN On Demand With RCN On Demand get unlimited access to thousands of hours of popular content whenever you want - included FREE* with your Streaming TV subscription! We’ve added 5x the capacity to RCN On Demand, so you never have to miss a moment.
    [Show full text]
  • German Corporate Culture in the Twenty-First Century: the Ni Terrelation Between the End of Germany, Inc
    University of Minnesota Law School Scholarship Repository Minnesota Journal of International Law 2002 German Corporate Culture in the Twenty-First Century: The nI terrelation between the End of Germany, Inc. and Germany's Corporate Capital Gains Tax Reform Benjamin W. Johnson Follow this and additional works at: https://scholarship.law.umn.edu/mjil Part of the Law Commons Recommended Citation Johnson, Benjamin W., "German Corporate Culture in the Twenty-First Century: The nI terrelation between the End of Germany, Inc. and Germany's Corporate Capital Gains Tax Reform" (2002). Minnesota Journal of International Law. 141. https://scholarship.law.umn.edu/mjil/141 This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in Minnesota Journal of International Law collection by an authorized administrator of the Scholarship Repository. For more information, please contact [email protected]. Commentary German Corporate Culture in the Twenty- First Century: The Interrelation Between the End of Germany, Inc. and Germany's Corporate Capital Gains Tax Reform Benjamin W. Johnson* INTRODUCTION From 1945 until 1989, the world operated in two distinct economic spheres: the Soviet controlled economies and the United States and its allies.' In 1989, the governments of the Soviet bloc began collapsing and the wall dividing the two worlds crumbled. During the 1990's, Europe's economic growth was impressive considering the integration of the two distinct economic systems of the capitalist West and the communist East. Currently, the merging of the Eastern European econo- mies into the larger Western European market is not complete, but the countries have taken Herculean steps in this unprece- dented effort.
    [Show full text]
  • Turner Sports Sales Signs Hyundai Motor America As First Offical Sponsor of Women’S United Soccer Foundation
    Hyundai Motor America 10550 Talbert Ave, Fountain Valley, CA 92708 MEDIA WEBSITE: HyundaiNews.com CORPORATE WEBSITE: HyundaiUSA.com FOR IMMEDIATE RELEASE TURNER SPORTS SALES SIGNS HYUNDAI MOTOR AMERICA AS FIRST OFFICAL SPONSOR OF WOMEN’S UNITED SOCCER FOUNDATION Chris Hosford Corporate Communications Executive Director (714) 965­3470 [email protected] ID: 29044 FOUNTAIN VALLEY, Calif., Sep. 5, 2000 ­ Hyundai Motor America has signed on as the first official sponsor of the Women’s United Soccer Association (WUSA) in a four­year, category­exclusive deal, it was announced today by Keith Cutler, executive vice president of Turner Sports Sales. Hyundai will be the official car of the WUSA, which will air on TNT and CNN/Sports Illustrated beginning in April 2001 . “As the first official sponsor of WUSA, Hyundai receives unprecedented brand association with a hot, new franchise that already has a large, loyal fan base,” said Cutler. “The broad scope of the sponsorship affords Hyundai maximum exposure nationally and locally, both on­air and off­air.” “Once Hyundai had experienced the excitement of the Women’s World Cup in the United States, we knew that women’s soccer had the potential to become an important part of the American sports scene,” said Hyundai Motor America Director of Marketing Paul Sellers. “We’re proud to be the first sponsor of the Women’s United Soccer Association.” “We’re very excited to have Hyundai on board as our first national sponsor,” said Lee Berke, Acting President of the WUSA. “We're glad that Hyundai will receive great value and exposure from their involvement with the WUSA.
    [Show full text]
  • The City of Geneva, Illinois
    The City of Geneva, Illinois Broadband Network Initiative United Telesystems, Inc. 1 Greatcoat Lane Savannah, Georgia 31411 912 598-7223 September 20, 2002 RESTRICTIONS ON DISCLOSURE OF DATA The data furnished in this document shall not be disclosed outside the organization or government to which it is submitted and shall not be duplicated, used, or disclosed in whole or in part, for any purpose other than to evaluate the document and to implement the plan that it sets forth. This restriction does not limit any right to use information contained in this document if it is obtained from another source. United Telesystems, Inc. THE CITY OF GENEVA, ILLINOIS BROADBAND NETWORK INTITIATIVE TABLE OF CONTENTS SEPTEMBER 20, 2002 1 TAB - Executive Summary of Business Plan 2 TAB - Broadband Services Industry Overview 3 TAB - Partnering Opportunity 4 TAB - Qualifying Statements and Plan of Financing 5 TAB - Municipal Administrative and Utility Applications 6 TAB - Broadband System Development & Marketing Plan 7 TAB - Proposed Video, Data and Telephone Services 8 TAB - Geneva Only Financial Projections Years 1 - 10 9 TAB - Geneva Only Financial Projections Months 1 - 12 10 TAB - Geneva Only Financial Projections Months 13 - 24 11 TAB - Tri-Cities Combined Financial Projections Years 1 - 10 12 TAB - Tri-Cities Combined Financial Projections Months 1 - 12 13 TAB - Tri-Cities Combined Financial Projections Months 13 - 24 14 TAB - Broadband Network Equipment Costs Detail 15 TAB - Video Service Provider Overview 16 TAB - Incumbent Telecommunications Provider Overview 17 TAB - Illinois Competitive Local Exchange Carrier Overview Confidential Page 1. 9/20/02 United Telesystems, Inc. THE CITY OF GENEVA, ILLINOIS BROADBAND NETWORK INTITIATIVE TABLE OF CONTENTS SEPTEMBER 20, 2002 (Continued) 18 TAB - Service Area Franchise Agreements 19 TAB - Federal and State Legal Review 20 TAB - Broadband Terms Glossary Confidential Page 2.
    [Show full text]
  • By Placing Its Thumb on the Scale of Competition, the Commission by This
    ....@-- by placing its thumb on the scale of competition, the Commission by this Rule has distorted and restricted competition in other ways affecting pro­ gram producers, syndicators, independent stations, new networks, and network affiliates. The Rule has come to be seen largely as a measure to promote the fortunes of independent and UHF stations. The evidence shows that today many independent stations are more profitable than affiliates. Further, UHF affil­ iates of ABC, CBS and NBC are victims of the Rule, yet on average are fi­ nancially weaker than UHF independents, intended beneficiaries of the Rule. Furthermore, any "handicapII affecting independent UHF stations in the past has been reduced or eliminated, due to forces other than PTAR. The economic costs, penalties, restrictions and consumer harms caused by PTAR cannot be justified by an increase in diversity, because PTAR has not increased diversity. The number of outlets for local broadcast programming is unchanged by the Rule. The number of sources of programming avail­ able to those outlets is reduced by the terms of the Rule. There is no basis to believe that the Rule enhances the diversity of prime-time broadcast program content (or the variety of viewpoints), and there are some reasons to believe that diversity has been reduced. In any event, the flowering of new media alternatives makes irrelevant whatever marginal change in broadcast network affiliate content diversity, if any, can be attributed to the Rule. ECONOMISTS INCORPORATED - 65- Appendix A Data tables Table A-I
    [Show full text]
  • Edward T. Gavin IV, CTP Managing Director & Founding Partner
    Edward T. Gavin IV, CTP Managing Director & Founding Partner Contact Ted Gavin is a nationally recognized Certified Turnaround Professional, and the firm’s managing partner responsible for Gavin/Solmonese LLC development and oversight of all engagements related to 919 N. Market St. bankruptcy, fiduciary (trustee), and creditors rights Suite 600 representations, including trusteeships of liquidating trusts, Wilmington, DE 19801 litigation consulting, creditors’ committees, lender engagements, discrete creditor and ad hoc committee o: 302.655.8992 ext.151 engagements related to bankruptcy proceedings, out-of-court m: 484.432.3430 restructurings, and fiduciary assignments such as liquidation f: 302.655.6063 trusteeships, wind-downs, and bankruptcy liquidation [email protected] alternatives. Education In 2015 and into 2016, The Deal Pipeline ranked Ted as the top crisis manager in the U.S. by number of active assignments. In § University of Phoenix, BS – May 2016, Ted was one of only four industry professionals to Management & Information receive the Turnaround Atlas Award “Leadership Achievement” Systems honor for his significant contribution to the restructuring community. The award honored those individuals who over the Memberships & Affiliations years have contributed to numerous successful turnarounds resulting in revitalized companies, an improved economy, and § American Bankruptcy Institute job creation. (ABI): Board Member; Executive Committee His extensive experience includes working with distressed Member; Vice President - companies and their stakeholders in diverse industries such as Development retail, transportation, regulated and non-regulated § Turnaround Management manufacturing, pharmaceutical and healthcare, professional Association (TMA) services construction, and metal forming. Ted has served § Association of Insolvency & leadership roles in engineering, manufacturing, information Restructuring Advisors (AIRA) technology, and regulatory affairs functions.
    [Show full text]
  • Configuring Logos on the DNCS User Guide
    738163 R ev B Configuring Logos on the DNCS User Guide Please Read Important Please read this entire guide. If this guide provides installation or operation instructions, give particular attention to all safety statements included in this guide. Notices Trademark Acknowledgments Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks. Third party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. (1009R) Publication Disclaimer Cisco Systems, Inc. assumes no responsibility for errors or omissions that may appear in this publication. We reserve the right to change this publication at any time without notice. This document is not to be construed as conferring by implication, estoppel, or otherwise any license or right under any copyright or patent, whether or not the use of any information in this document employs an invention claimed in any existing or later issued patent. Copyright © 2008, 2010, 2012 Cisco and/or its affiliates. All rights reserved. Printed in the United States of America. Information in this publication is subject to change without notice. No part of this publication may be reproduced or transmitted in any form, by photocopy, microfilm, xerography, or any other means, or incorporated into any information retrieval system, electronic or mechanical, for any purpose, without the express permission of Cisco Systems, Inc. Contents About This Guide v Logo Overview 1 Logo Types ...............................................................................................................................
    [Show full text]
  • RCED-99-136 Telecommunications: Impact of Sports Programming
    United States General Accounting Office Report to the GAO Byron L. Dorgan,Honorable U. S. Senate June 1999 TELECOMMUNICATIONS Impact of Sports Programming Costs on Cable Television Rates |~Accountabllity * Integrity * Reliability GAO/RCED-99-136 United States General Accounting Office Washington, D.C. 20548 Resources, Community, and Economic Development Division B-280705 June 22, 1999 The Honorable Byron L. Dorgan United States Senate Dear Senator Dorgan: The rates that subscribers pay to receive cable television in the United States have increased at several times the general rate of inflation over the last few years. Cable operators have attributed these increases to inflation; programming costs; system upgrades, including increases in the number of channels; and other factors. However, some cable operators have attributed increases to the cost of acquiring sports programming, in particular. In terms of viewership, sports programming is among the highest-rated programming on cable television. This report responds to your request that we provide information on the role that sports programming played in recent increases in cable rates. Specifically, you asked us to provide information on (1) the extent to which sports programming costs are contributing to higher cable television rates; (2) how prices paid for sports programming differ for small and large cable operators; (3) the extent to which sports programmers require cable operators to bundle (i.e., combine) sports programming with other cable programming and how this practice affects cable rates; and (4) whether the salaries of players in major professional sports have risen over the last 4 years, and if so, whether this has contributed to increases in cable rates.
    [Show full text]