Turner Formally Tells FCC He Is Withdrawing Application
WASHINGTON (AP) _ Ted Turner on Tuesday formally closed the books on his attempt to buy CBS, informing the Federal Communications Commission he is withdrawing his application to take control of the CBS radio and TV stations.
The possibility of a battle to gain control of the CBS board of directors through a proxy fight remains, a Turner spokesman said.
Turners attorney, Charles D. Ferris, told the commissioners in a letter that Turner Broadcasting System is ″terminating its offer to acquire CBS shares.″
A similar withdrawal notification was sent to the Securities and Exchange Commission last week, a Turner publicist said.
Turner is now involved in another venture, the purchase of MGM-UA Entertainment Co.
The CBS-Turner saga started in late February when Ferris made general inquiries at the commission regarding license transfer procedures. Turner has threatened to battle for control of CBS through a proxy fight prior to the company’s next shareholders’ meeting, and Arthur Sando, vice president for corporate communications for TBS, said nothing in Tuesday’s action would preclude a proxy fight.