Par, Malone eyed Turner buy

Paramount Communications Inc. considered teaming with Tele-Communications Inc. and Liberty Media Inc. to try to buy nearly half of Turner Broadcasting System Inc. earlier this year.

Those talks, disclosed in court documents submitted in the on-going battle to acquire Par, led to a proposal that would have turned Liberty into an investment vehicle owned largely by Par and TCI.

Paramount considered buying Time Warner’s 20% stake in Turner and turning it over to Liberty. TCI, then, would have added its 23% piece of Turner to Liberty. In exchange, Par and TCI would have each owned 43% of Liberty, and Liberty, in turn, would have owned 17% of Par.

John Malone, TCI president and Liberty chairman, said in a deposition the deal fell apart because of regulatory concerns.

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