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Strategies & Market Trends : Gorilla and King Portfolio Candidates -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (7571)	10/5/1999 5:05:00 PM
From: NY Stew	Read Replies (2) \| Respond to of 54805

bp, Also Lehman is trying to have it both ways. I recall reading that they believed long term the litigation was not going to be an issue for GMST and now they're saying...whoa, big relief, the litigation is out of the way. Smooth sailing ahead. Maybe so, but what's the true cost to GMST? This is a complex deal that involves WGN, KU bandwidth and the C Band subs that will all be spun off in whole or in part. A preliminary value from someone who knows TV Guide well is between 2-3 billion from these assets. The are some more but I still don't have a handle on it. Take from this amount the assumed 600 million debt. My point is that TV Guide has assets beyond the guide business. You either take 60% of the IPG ad revs as a licensing fee or 100% by acquisition. Henry saw value in the latter. AT&T was a party to the settlement talks as was Liberty Media and News Corp. There may be additional value here that will not show until a later date. I have decided to paint my kitchen as the market does what the market does. My entire house may be painted before this event settles. Perhaps this is the watershed event or defining moment that others have previously mentioned. Just some rambling thoughts. Regards Stew