Ted Turner says he lost more money than anyone in capitalism history
Updated
Updated · Fortune · May 10
Ted Turner says he lost more money than anyone in capitalism history
11 articles · Updated · Fortune · May 10
At a 2006 Ted's Montana Grill opening in Manhattan, Turner said the AOL Time Warner merger helped slash his Time Warner stake from about 11% to roughly 4%.
After being stripped of management authority in 2001 and as the merged company's shares fell, he sold nearly all his stock in 2003 for about $3bn, down from roughly $11bn in 1999.
Turner, who died on Wednesday aged 87, had sold Turner Broadcasting to Time Warner in 1996 for about $7.5bn in stock and later suggested the AOL deal also diluted his influence.
Can Ted Turner's vision for CNN survive the next big media merger he always warned against?
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How did the architect of history's worst merger become a top expert in corporate turnarounds?
The $7 Billion Setback: Ted Turner, the AOL-Time Warner Merger, and the Biggest Personal Loss in Media History
Overview
The AOL-Time Warner merger, finalized in January 2001, was initially celebrated as a bold combination of old and new media, with Ted Turner enthusiastically supporting the deal by voting his 100 million shares. However, this optimism quickly faded as the economic landscape changed dramatically: the dot-com bubble burst and a recession began soon after the merger. These events turned the merger into what many later called the worst in history, leading to massive financial losses and high-profile resignations. Turner's personal and professional setbacks from this failed merger became a defining chapter in his complex legacy.