Page 6B Time Warner buys remaining part of Court TV
By David Lieberman USA TODAY 05/15/06 http://www.usatoday.com/printedition/money/20060515/courtv15.art.htm NEW YORK There's order in Court TV after Time Warner, which already owned half the cable channel, paid partner Liberty Media $735 million on Friday for its 50% stake. Time Warner will put the service, which reaches 86 million cable and satellite subscribers, into the entertainment group of its Turner Broadcasting System unit. Henry Schleiff, who has been CEO since 1998, will serve as non-executive chairman and work on the transition and public service initiatives, including the channel's efforts to promote TV coverage of courtroom proceedings. Although Court TV will be housed in the entertainment unit, TBS chief Phil Kent says that when there's a newsworthy trial, there's going to be an enormous amount of cooperation (with CNN). It won't affect in any way what trial CNN will cover, or not. Turner Entertainment Group President Mark Lazarus adds, We will be smart about sharing resources, but we won't sacrifice either brand. The channels already know each other well, even though Time Warner didn't manage Court TV's day-to-day operations. Former prosecutor Nancy Grace moved to CNN Headline News from Court TV, where she still hosts a show. And Court TV's Catherine Crier began her television career at CNN. Court TV, though, represents a strategic investment in one of Time Warner's most successful lines of business our news and entertainment cable networks, Time Warner CEO Dick Parsons said in a statement. We look forward to working with our friends at Liberty Media in the future. That seemed to be a sly reference to Time Warner's negotiations to sell the Atlanta Braves baseball team to Liberty. Kent called those talks ongoing but declined to provide further details. The price for Court TV, which values the enterprise at nearly $1.5 billion, is the most tangible sign of its comeback since 1998, when Time Warner and Liberty bought out another partner, NBC. At that point, the channel launched by journalist Steven Brill in 1991 had fallen on hard times after a burst of popularity during the O.J. Simpson trial. It was only in 30 million cable homes and major cable operators, including Cox and MediaOne (now owned by Comcast), were threatening to drop it. Since 2003, it has shown significant (revenue) growth each year, says Kagan Research senior analyst Deana Myers. The new programming has made it a significant player in cable TV. Court TV's prime-time lineup includes several talk shows and real-crime shows including Cops, Forensic Files, Psychic Detectives and Body of Evidence. Myers says that this year, Court TV should generate $292 million in revenue, up 10.2% from 2005, with cash flow of $88 million, up 15.8%. In addition to the cable channel, the operation formally known as Courtroom Television Network also runs popular websites The Smoking Gun and CrimeLibrary.com. In addition, a subscription broadband video service, Court TV Extra, enables people to watch several live trials. ================================ George Antunes, Political Science Dept University of Houston; Houston, TX 77204 Voice: 713-743-3923 Fax: 713-743-3927 antunes at uh dot edu Reply with a "Thank you" if you liked this post. _____________________________ MEDIANEWS mailing list medianews@twiar.org To unsubscribe send an email to: [EMAIL PROTECTED]
