
جام جم آنلاين: كارل آيكان ، ميلياردر آمريكايي و يكي از سرمايه داران اصلي تايم وارنر ، غول رسانه اي آمريكا پيشنهاد كرده است اين شركت عظيم به منظور بالا بردن ارزش سهام خود به چهار شركت كوچكتر تبديل شود.
تايم وانر ، در سال 2001 با شركت آمريكا آنلاين ( AOL ) ادغام شد و بزرگترين شركت رسانه اي جهان را پديد آورد.

اگرچه در همان زمان بسياري از ناظران و كارشناسان اقتصادي و رسانه اي اين ادغام را ناموفق ارزيابي كردند اما هم اكنون براي همگان مشخص شده است كه بزرگي و گستردگي بيش از حد اين شركت رسانه اي ضربات سنگيني را به منافع سرمايه گذاران آن وارد كرده است.

تد ترنر بنيانگذار شبكه خبري سي ان ان ، و يكي از بزرگترين سهامداران شركت تايم وارنر در پي اين ادغام بزرگ شبكه محبوب خود را از دست داد و آن را دو دستي به راست گرايان و طرفداران جمهوريخواهان كه در شركت تازه تاسيس نفوذ بيشتري يافته بودند تقديم كرد.
نارضايتي او از اين ادغام سرانجام به خروج او از هيئت مديره تايم وارنر و سپس واگذاري عمده سهامش به قيمتي ناچيز به ديگران تمام شد.
اين ترس هم اكنون در ميان ساير سهام داران بزرگ تايم وارنر پديد آمده است كه اگر فكري براي افزايش ارزش سهام آن نشود همگي دير يا زود متضرر خواهند شد.
در اين ميان كارل ايكان ميلياردر آمريكايي كه 3/3 از كل سهام تايم وارنر را در اختيار دارد به تازگي با انتقاد از ريچارد پارسون مدير عامل اين شركت اعلام كرده است تنها در صورت تجزيه اين شركت به چهار شركت كوچكتر است كه منافع سهامداران تامين خواهد شد.
وي معتقد است در صورت عملي شدن پيشنهاد او و تبديل شركت تايم وارنر به چهار شركت كوچكتر ارزش سهام آن به 45 تا 60 ميليارد دلار افزايش خواهد يافت.
در طرح ايكان بزرگترين شركت رسانه اي جهان بايد به چهار شركت ” آمريكا آنلاين (AOL)“ ، ” شركت كابلي تايم وارنر“ ، ” بخش انتشارات “ و ” شبكه هاي تلويزيوني و فيلم “ تبديل شود.
آيكان و جمع زيادي از سهامداران ديگر شركت تايم وارنر با تهيه مستنداتي كه 342 صفحه شده است مدعي شده اند هيچ لزومي بر ادامه روند فعاليت يكپارچه تايم وارنر نيست و هر يك از اين چهار شركت مي توانند به خوبي منافع سهامداران خود را تامين كنند و رقابتي بهتر از گذشته با يكديگر داشته باشند.
تايم وارنر هم اكنون در حيطه هاي مختلفي چون اينترنت ، ارائه خدمات كابلي ، شبكه هاي تلويزيوني نظير سي ان ان ، HBO و شبكه فيلم هاي كلاسيك ترنر و نيز در بخش انتشار كتاب ، مجله ، توليد فيلم و موسيقي فعال است.
تايم وارنر صاحب يكي از بزرگترين استوديوهاي فيلم سازي جهان ، يعني استوديوي فيلم سازي برادران وارنر است و نيز ناشر يكي از پرتيراژترين مجلات جهان يعني ، هفته نامه تايم است.
آيكان به نمايندگي از سهامداران تايم وارنر ، يك تيم حرفه اي از بانكداران و متخصصان اقتصادي و رسانه اي را براي تهيه اين مستندات 342 صفحه اي و براي اثبات اينكه جدايي اين چهار شركت به نفع همه سهامداران است به خدمت گرفته است.
با اين حال ريچارد پارسون مدير عامل سياه پوست تايم وارنر كه از ماه مه سال 2002 تا كنون در اين سمت بوده است از مخالفان جدي ايكان است. او با استناد و تكيه بر رشد 21 درصدي درآمد اين شركت در چهار ماهه پايان سال 2005 مي كوشد تا ايكان را شكست دهد.
محمدرضا نوروزپور
Icahn Proposes That Time Warner Break Up
NEW YORK, Feb. 8, 2006
(AP) |
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(AP) Carl Icahn called for Time Warner Inc. to split into four separate companies, citing a report he commissioned that accused the media conglomerate of mismanaging for the short term.
Icahn recruited the investment bank Lazard Ltd. to study options for the company, and appeared alongside Lazard chief Bruce Wasserstein to present the proposals to financial analysts and reporters at a news conference in New York Tuesday.
The proposals were largely in line with Icahn's previous demands for the company, and included a $20 billion share buyback as well as criticisms of Time Warner's current management.
The Lazard report also called for Time Warner to be broken up into four companies: AOL, Time Warner Cable, publishing, and entertainment. Just a day earlier, Time Warner said it would sell its book publishing division to the French media and defense conglomerate Lagardere SCA for $537.5 million.
"Our view is that Time Warner has been managed for the short term," said Bruce Wasserstein, the head of Lazard. "Since 2002, almost every strategic decision concerning AOL has been wrong."
Wasserstein said AOL should have capitalized on its large position in instant messaging to build a big business in Internet-based telephone services. He also said it waited too long to offer a bundled service with corporate sibling Time Warner Cable and didn't capitalize on the surge in Internet advertising.
However, it remains unclear whether the proposals will win over other investors. Icahn has allied himself with some other Time Warner shareholders, but collectively they control only about 3.3 percent of the company's stock.
Time Warner's deal in 2000 to be acquired by AOL led to enormous problems, including a plummeting share price, a management purge, failure to deliver on promises of corporate synergy and accounting improprieties at AOL. The combined company used to be called AOL Time Warner Inc.
Time Warner has since shed debt, settled shareholder lawsuits and regulatory investigations and revamped AOL's business strategy to attract more advertising.
Despite those efforts, however, Time Warner' stock has remained in a rut, something that Time Warner Chief Executive Dick Parsons and Icahn agree on. The stock is still roughly at the same level it was in the spring of 2002.
Time Warner promised to evaluate the proposals in Lazard's report. In the meantime, the company said: "We are on the right path. The company is delivering."
Icahn has also recruited Frank Biondi, a former head of Time Warner unit HBO and Viacom Inc., to serve as chief executive of Time Warner if Icahn's drive to install a new slate of directors succeeds, which is far from certain.
In a somewhat puzzling twist, Biondi told the news conference that he hoped Jeff Bewkes, who is currently Parson's No. 2 executive, would stay on board. Icahn has been very critical of Time Warner's current management, which would presumably include Bewkes.
Chris Young, a director at Institutional Shareholder Services, a proxy advisory firm, said the presentation "advanced the ball a little bit," but said his firm was still studying the situation and hadn't decided how to advise shareholders on their votes.
Young described the arguments presented by Lazard and Icahn as "a textbook argument against the conglomerate discount." He also noted that large conglomerates tend to "go in and out of style. Bankers build up companies and then break them up, and they earn fees on both sides."
Last week Parsons took a swipe at Icahn, telling investors on a conference call that the company wouldn't consider a "flavor-of-the-day" approach to boosting its lagging share price, apparently referring to moves by other media companies to spin off assets in hopes of boosting their share prices. Earlier this year Viacom Inc. split into two companies.
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On the Net:
Icahn group's site: http://www.enhancetimewarner.com/home
Company Web site: http://www.timewarner.com/buildingvalue
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