Lani
06-15-2004, 10:42 AM
This Family Was Really Messed Up (http://www.latimes.com/business/la-fi-abcfamily15jun15,1,7958691.story?coll=la-home-headlines) -- Poor moves for ABC Family, LA Times, 6/15/04
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Disney CEO Michael Eisner, hungry to be a part of the acquisitions feast happening with larger companies back in 2001, bought the struggling Fox Family Network for a price that far exceeded what observers in the field thought was the right price.
Eisner stunned the sellers by promptly asking them to name a price that would shut out potential competitors, sources familiar with the meeting said. Smelling desperation, Murdoch and Saban said they wanted $5.5 billion, far above the approximately $3-billion value Murdoch's own bankers had privately placed on the asset.
[Free subscription required to view full article.]
Disney CEO Michael Eisner, hungry to be a part of the acquisitions feast happening with larger companies back in 2001, bought the struggling Fox Family Network for a price that far exceeded what observers in the field thought was the right price.
Eisner stunned the sellers by promptly asking them to name a price that would shut out potential competitors, sources familiar with the meeting said. Smelling desperation, Murdoch and Saban said they wanted $5.5 billion, far above the approximately $3-billion value Murdoch's own bankers had privately placed on the asset.