'I lost more money than anybody in the history of capitalism!': Remembering Ted Turner
Fortune • • nation
Key Points:
- Ted Turner, who played a key role in building the Time Warner media empire, was effectively sidelined after Time Warner's merger with AOL in 2001, when CEO Jerry Levin stripped him of management authority.
- Turner had initially sold his Turner Broadcasting company to Time Warner in 1996, receiving about $7.5 billion in stock and acquiring roughly 11% ownership, but was bound by a strict standstill agreement limiting his influence.
- The AOL-Time Warner merger diluted Turner's stake from around 11% to about 4%, weakening his power and preventing him from challenging Levin for the CEO position.
- Turner believed Levin orchestrated the AOL deal partly to dilute his shares and neutralize him as a rival, a move that backfired as the combined company's stock plummeted after the merger announcement.
- By 2003, Turner had sold nearly all his Time Warner shares at a significant loss, reportedly losing more money than anyone in history, but remained known for his ambitious vision and bold endeavors.
