The new Ted Turner misses the old
Filed under: People, Media, Viacom, Time Warner
Sir Isaac Newton could see as far as he did, he said, because he stood on the shoulders of giants. Ted Turner, it seems, has footprints on either side of his neck, while the likes of Rupert Murdoch get to enjoy the view. Father of the 24-hour cable news industry, Turner is now on the sidelines with but a few billion dollars of his fortune left, no media company to call his own and only the memory of sharing a bed with movie star Jane Fonda.
Turner "feels like a dummy," he tells Bloomberg News, despite the fact that he's now "working on issues that are life or death for us," through his role as co-chair of the Nuclear Threat Initiative -- a job he shares with former U.S. Senator Sam Nunn. Once a media mogul, Turner has put the world of News Corp (NWS), Time Warner (TWX) and Viacom (VIA) behind him. Now, he's reinventing himself in the government policy arena and focusing on challenges of greater importance.
"War is obsolete," Turner says, referring to the demise of conventional conflicts and the now-quaint concept of surrender. "The last time someone surrendered was Japan, and that was 60 years ago."
Of course, this perspective conveniently overlooks Turner's own white flag, raised three years ago when he left the board of Time Warner, which had acquired his company, Turner Broadcasting System, in 1996. Five years after the buyout, he watched $7 billion of his wealth evaporate thanks to the ill-fated AOL merger. With $1.8 billion left, he ranks 196th on the Forbes 400 list of richest Americans -- far below the perch he once occupied.
Though it's convenient enough to blame the Time Warner/AOL merger -- as many have over the past eight years --Turner does concede his own role in eroding the fortune he had amassed. The billionaire parted with his cash too easily, likening it to a joint: "you just pass it around, light it up, you know, share with your friends." The largest of his gifts was a $1 billion pledge to establish the United Nations Foundation back in 1997. Of that amount, he has already supplied $750 million, with the remainder currently set aside.
Sans media empire and having learned to live on something of a budget, Turner is far from out. His new company, Turner Enterprises, has 2 million acres of land across 12 states and Argentina, inhabited by more than 50,000 bison. Since the land is mostly purchased from energy companies, the sellers have held on to the rights to any coal, oil or natural gas found, though they would have to pay royalties to Turner. The value of the land has fallen, and Turner says he isn't ready to make another big buy. A realist, he does admit, "You can get by on a billion or two."
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Reader Comments (Page 1 of 5)
10-19-2009 @ 1:46PM
giltydreamz said...
What is this an article written by a JErk off about a bigger Jerk Off ????
Reply
10-19-2009 @ 3:40PM
David said...
The author IS a jerkoff ... he failed to mention that Turner invented CNN! Ted was always a little over the top, but a jerkoff he isn't.
10-20-2009 @ 9:54AM
justlegalizeit09 said...
and he invented cnn while smoking cannabis.... he is still a daily user to this day.....
10-19-2009 @ 3:49PM
Hollon said...
what is the point of the story? are we just confirming that Ted lost a lot of money.
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10-20-2009 @ 11:56AM
Factor Facts said...
Someone did create a better 24/7 cable news organization, it's called FOXNEWS and it's currently number one in ratings by ten times its closest competitor.
10-19-2009 @ 4:56PM
mabel eads said...
I feel bad for Ted Turner knowing he is almost down to his last nickle so to speak! Just kidding. As others have said, all this story about him tells people that he has lived quite an interesting life and owns land from here to there. God has truly blessed him and we will just let it go at that. We don't need to worry about Ted, he will make it ! The day he trades in his old cluncker for a newer car, then the world will know he is in trouble !
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10-19-2009 @ 6:51PM
jim said...
Turner's shit is beginning to back up on him and spill out of his mouth...
CNN SUCKS..
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10-20-2009 @ 8:13AM
AP said...
Jiom, are you implying you can create a better news network? C'mon, let's see what you've got!
10-20-2009 @ 9:50AM
dossthane said...
He created CNN. But its current poor condition arose after he left. It arises from decisions to try to compete with Fox rather than letting it die a natural death once the far right ran off the road and out of steam.
10-19-2009 @ 7:23PM
Mr, Rodgers said...
If it looks like a DUMMY and Smells like a Dummy....Well you know the rest.
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10-20-2009 @ 2:37AM
kaye said...
what ur overlooking is that mr.turner is a self made billionaire an if he made a bad call and lost billions Im sure it cut to the bone but my bet is on Ted to turn it around and smell like a rose at least hes not asking for a bailout and this story is out there cause people like to hear about rich people losing their shirts makes us everyday people feel better for some reason think its called ENVY
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10-24-2009 @ 11:06AM
ron said...
Was Turner a big player in giving Obama his stake? What did he get for his money?
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10-20-2009 @ 6:41AM
James said...
I'm not too fond of the guy anyway; so if he loses his money I won't dryup from crying. I just worry about his politics. He seems to mean well...but why would I trust him. He was one of those 'spit on the babykilling solders' back in the 60's and 70's...he married Hanoi Jane... and he thinks he can help by making us more defenseless than we are now. >.<
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10-20-2009 @ 6:53AM
fla next said...
Dear Ted:
I am a college grad, working two jobs, to help my kids also become college grads, without amassing debt, equal to your net worth.
If you want my name and address to send your assistance, I would gladly cook you a wonderful dinner.
Reply
10-20-2009 @ 7:03AM
mabel eads said...
Mr. Turner has had his moment in the sun! Most of us as we get older , we think back at how we wish we had changed a lot of things in our lives and yes, it probably would have been for the better. Mr. turner has had more in his lifetime that most of us have never been privy to. I don't begrudge him that. He probably has a few dollars left to change things in his life for the better now.
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10-20-2009 @ 7:15AM
rEA said...
I don't care what else he does, I just don't want to lose TCM [Turner Classic Movies] The ONLY place you can see GREAT movies wihtout interruption. And they are the movies other movie channels don't show. Keep it going Ted and thanks for the memories.
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10-20-2009 @ 9:30AM
Wish Belkin said...
You said it! The best channel on television.
10-20-2009 @ 12:28PM
CRod said...
I currently pay $64 per month for basic cable with Comcast. I only pay it so I can watch TCM--the only cable channel that is commercial-free. All other cable channel programs bombard viewers with headache-creating commercials. I do worry that TCM will turn to commercials in the future. And I do wish to thank Mr. Turner for this great gift to society.
10-20-2009 @ 7:22AM
joseph said...
I believe Mr. Turner was and is a MAN OF OUR TIMES!!
He relied on advice from confidants and inner circle and they gave him BAD BAD BAD information about the merger!!
God bless you Mr. Turner and Good Luck!!!
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10-20-2009 @ 7:21AM
ttrexxx said...
You'll be reading his obit in five years.Lert's move on people
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