The boards of Time Warner Inc and Turner Broadcasting System Inc finally reached agreement on Friday for Time Warner to acquire Turner in an $7,500m share exchange to create the world’s largest entertainment company. Turner founder Ted Turner will become v ice-chairman of Time Warner and head of the Time Warner Video Division, which will consist of all the businesses of the Cable News Network company. In addition, he will have supervisory responsibilities for the businesses of Home Box Office and will have the right to designate two Time Warner Inc directors,one of whom will be himself. Tele-Communications Inc, with 21% of Turner, granted Time Warner an option to acquire its stake.
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