Where Does a Discovery Merger Leave CNN?

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In 1988, Ted Turner had a vision: CNN should merge with Discovery Channel. It was still early days for cable television (Discovery debuted an experiment called “Shark Week” that year), but the outs…

It was still early days for cable television , but the outspoken CNN founder, someone with an eye for deals, floated the consolidation. “They just belong together,” Turner told Discovery founder John Hendricks at the time, inviting him to CNN’s Atlanta headquarters for a tour.

Discovery’s board convened in the wood-paneled board room of the boutique investment firm Allen & Company, under the watchful eye of the Norman Rockwell paintings that adorned its walls. “It was clear to all of us on the board of directors that the Discovery Channel would one day be worth $500 million, $1 billion or more. So why sell out now when the value might be only $150 million?” Hendricks wrote in his 2013 memoir,.

 

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