Ted Turner | 60 Minutes Archive
In a Nutshell
Ted Turner, the maverick TV pioneer who launched CNN in 1980 and built a superstation empire after his father's suicide propelled his entrepreneurial rise, regrets the disastrous AOL-Time Warner merger that cost him $7-8 billion and stripped his control at CNN. Now 64, vice chairman in name only after resigning, he focuses on philanthropy—including a $1 billion UN Foundation pledge, nuclear threat initiatives, and environmental efforts—while owning 2 million acres, running Ted's Montana Grill, and producing films. Reflective yet unapologetic, he owns outrageous past statements, values stepping aside for the young, and envisions a tombstone reading "I have nothing more to say."
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60 Minutes rewind profiles Ted Turner, known as Maverick, Captain Outrageous, Terrible Ted, Mouth from the South. Television pioneer created CNN over 20 years ago. Fascinating and unpredictable. Disliked job as vice chairman at AOL Time Warner but resigned last week without clue. Still holds title of vice chairman until May.
Walking outside AOL Time Warner headquarters in Manhattan. Not iced out: one foot in the door, one on the sidewalk. Vice chairman is title without portfolio, like emperor of Japan—in charge of nothing. No voice in running CNN. Formal role as advisor, but not what he wants. Trying to play assigned role well, on board of directors, but they don't pay as much attention as he'd like.
Voted for Time Warner and AOL merger with unbridled joy: > "I did it with as much or more excitement and enthusiasm as I did on that night when I first made love some 42 years ago." On eve of merger, clear it would go through, so went along. Big mistake. Stock soared at announcement, giving largest individual shareholder Ted Turner billions. Since then, stock gone way south. Lost 7 or 8 billion from high to low.
1977: Met young Ted Turner after sailing Courageous to victory in America's Cup race. > "Ah, you know, it's just another sailboat race." Father ran successful billboard company, tortured by depression, strict disciplinarian, extremely close. Used to beat Ted with wire coat hanger several times. Made Ted spank him one night—much harder to spank father than be spanked. Father committed suicide when Ted was 24; then Ted swung into high gear as entrepreneur.
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