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Media mogul Ted Turner yesterday sold more than half of his AOL Time Warner Inc. holdings for about $780 million, a move that reflects his efforts to slash his financial stake in the media giant.
After the close of regular trading yesterday, Turner sold a block of 60 million shares to Goldman Sachs & Co. for $13.07 per share, or 31 cents below the stock’s closing price yesterday. Goldman was said by Wall Street sources to be offering the stock to major investors for $13.15.
An outspoken critic of the corporation, Turner remains AOL Time Warner’s largest individual shareholder, with 45 million shares, and a member of its board of directors. A spokeswoman for Turner referred questions to AOL Time Warner.
At his peak Turner owned about 130 million shares, but he lost billions of dollars in wealth and grew bitter after the stock plunged following the merger of America Online and Time Warner in January 2001.
Turner,
A. he had to sell a large portion of his shares to Goldman at a loss
B. the merger covered the dissatisfactory financial results of AOL
C. American Online was found to have exaggerated its revenue
D. he lost billions of dollars in wealth due to the stock's going low
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Media mogul Ted Turner yesterday sold more than half of his AOL Time Warner Inc. holdings for about $780 million, a move that reflects his efforts to slash his financial stake in the media giant.
After the close of regular trading yesterday, Turner sold a block of 60 million shares to Goldman Sachs & Co. for $13.07 per share, or 31 cents below the stock’s closing price yesterday. Goldman was said by Wall Street sources to be offering the stock to major investors for $13.15.
An outspoken critic of the corporation, Turner remains AOL Time Warner’s largest individual shareholder, with 45 million shares, and a member of its board of directors. A spokeswoman for Turner referred questions to AOL Time Warner.
At his peak Turner owned about 130 million shares, but he lost billions of dollars in wealth and grew bitter after the stock plunged following the merger of America Online and Time Warner in January 2001.
Turner,
A. Turner's interest is presently centered on chain restaurants
B. Turner is such a changeable person on business matters
C. Turner will never give up his independent film company
D. Turner is a businessman full of imagination
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