Turner Ponders Ways To Finance Bid For Cbs Media Baron Unlikely To Drop Attempt To Acquire Network

Ted Turner is expected to keep hunting for financing for a rival CBS Inc. bid despite ending talks that would have given the cable pioneer access to the resources of a cash-rich television syndicator.

People close to Turner said the termination of talks with syndicator King World Productions Inc. closed down only one financing avenue for a competing CBS bid.

They say Turner is determined to explore other possibilities, including getting new investors in Turner Broadcasting System Inc., recruiting bidding partners for the owner of the CBS television network or simply seeking bank financing on its own for a bid.

The CBS board accepted a $5.4 billion cash offer from Westinghouse Electric Corp. earlier this month.

Westinghouse, a Pittsburgh-based broadcasting and industrial conglomerate, has lined up more than enough bank commitments to finance its $81-a-share offer but needs regulatory clearances expected to delay completion of the deal for months.

After trading above the Westinghouse offer in anticipation of Monday’s meeting of Turner Broadcasting’s board, CBS slipped Tuesday. King World also gave ground.

In trading on the New York Stock Exchange, CBS was down 62-1/2 cents a share at $80.75 and King World fell $1.37-1/2 to $38.62-1/2 a share.

It was the market’s first chance to react to Monday’s after-hours announcement that the Turner Broadcasting board had “no current plans” to try to buy King World.

The King World deal was one of several possible scenarios that emerged in recent weeks as a way to raise money for a rival bid for CBS.

Atlanta-based Turner Broadcasting owns Cable News Network, several other cable channels and TV and film production and its chairman has wanted for years to add a broadcast network to the empire.

But he has been hamstrung by a large debt and complicated ownership structure in his efforts to raise the money needed to buy a network.