Unresolved Issues Delay Turner Deal

Time Warner Inc. was continuing to move toward an agreement to buy Turner Broadcasting System Inc. but unresolved issues could still block a deal, executives close to the discussions said Friday.

The executives are hopeful a deal can be announced as early as next week, but they recognize the possibility for last-minute objections from a key Turner board member, cable industry kingpin John Malone.

Turner Broadcasting Chairman Ted Turner, Time Warner Chairman Gerald Levin and Malone were said to have agreed on a rough outline for the deal earlier this week, leaving some significant details unsettled.

“There are still issues to be resolved,” one executive, speaking on condition of anonymity, said Friday. He declined to say what they were.

Harold Vogel, who follows the industry for the investment firm Cowen & Co., said there appears to be “sort of a general, informal agreement … There’s nothing very secure about it.”