HomeMy WebLinkAbout2003-0218 Document Submitted at the Meeting
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furners{~ ~~~-~~
J "That's worse than-I anticipated, and I thought I was
. : pretty dour," says Tom Wolzien, an analyst at Sanford
qUIts as c. ~~n:~~~~~~~~o ~':~~er markets closed.
AOL shares dropped 10% in after-hours trading.
Analysts also were stunned by Thrner's plan to step
aside as vice chairman after the shareholders' meet-
ling in May. One of AOL's largest investors, Thrner, 64,
AOL ' I did not say whether he will also give up his board
OSS . seat. That will be settled soon, an AOL spokeswoman
said, although Parsons believes Turner will stay.
, Turner was not available for comment. He said in a
statement that he "would like to now devote even
hi $9' 98 more time, effort and resources" to his businesses and
t charities. Among other things, he is helping to finance
documentaries and is opening a bison and burger res-
taurant chain, Ted's Montana Grill.
S But Thmer is clearly frustrated with his current role
at AOL. He told 60 Minutes II, in an interview to be
broadcast next week, that he has "a title without
portfolio, like the emperor of Japan."
He took over his father's Thrner Broadcasting in
1963 and ran it until 1996, when he sold to Time War-
ner. In that time, he was the nation's leading cable en-
trepreneur. He launched CNN, TBS and TNT, bought
the Castle Rock and New tine film studios and bought
film libraries from MGM and Hanna-Barbera.
Lately, though, 'Ted's made it clear that he doesn't
want to work full time," Blaylock & Partners analyst
NEW YORK - AO,L lime Warner rock~d, Wall Street John linker said. "And at a company like AOL Tune
on Wednesday as It reported a $99 bdhon loss for Warner, either you're involved or you're not."
2002 - the largest annual loss ever by a U.S. company
- and said Ted Thrner is resigning as vice chairman.
The announcements cap a tumultuous year for the
world's largest media company and might be seen as
the final pen stroke on the Internet go-go years.
Though most of the loss is on paper, it indicates a
breathtaking collapse in the value of what was consid-
ered a fearsome powerhouse in 2001 when America
Online bought Tune Warner for $ 106 billion.
No immediate effect on consum-
ers is anticipated. But America On-
line will continue plans to court
more broadband customers and to
give AOL subscribers access to ex-
clusive content from other Time
Warner properties, for a fee.
During the Internet boom, Amer-
ica Online was valued at more than
$200 billion. Now it is on the books
for $7.8 billion. That computation Turner: Wants
comes after the company's surpris- to move on.
ing announcement that it shaved
$45.5 billion off the value of its as- Corporate
sets in the last quarter of 2002 - turmoil
most of that due to the diminished
worth of America Online, where ad Sprint's
sales have plummeted and sub- CEO and
scription growth has slowed. 'd
Earlier in the year, the company preS) ent
slashed the value of other non- likely to
Internet assets by $54 billion. leave any
Since the write-downs are only day, 1 B
on paper, to reflect the falling asset '
values in the stock market. they re-
sulted in a reported loss but "do not affect our liquid-
ity" and don't run afoul of bank loan agreements,
Chief fmancial Officer Wayne Pace said. The company
generated $41.1 billion in revenue last year, up 7%.
The company isn't promising 2003 will show much.
if any, improvement: CEO Richard Parsons said it "will
be a challenging year." With declines in store for the
Internet service, slow ad sales at its cable systems,
and ongoing problems in music, revenue will rise less
than 10%; cash fl<?w ~~~ will ~e vi~tually flat.
Grim outlook for '03
follows record plunge
By David Lieberman
USA TODAY
AP
~^_._-'
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........................
Resolution on Evictions at the Lower Pines Mobile Court
February 4, 20
NOTE: THIS WAS RECEIVED AT
THE COUNCIL MEETING OF
FEB 4 WITH A REQUEST FOR IT
TO BE DISTRIBUTED TO
COUNCIL MEMBERS. THIS
TOPIC MAY BE DISCUSSED AT
THE PUBLIC FORUM PORTION
OF THE COUNCIL MEETING ON
FEBRUARY 18.
Ashland City Council
.......................
We, members of the Ashland City Council and community residents of Ashland,
are concerned with the impending eviction of the residents in the Lower Pines. We
recognize that this action places several families and individuals at risk of homelessness,
of losing their investments and losing their community.
The City of Ashland has an interest in encouraging affordable housing and
diversity in our population. Mobile park living is an affordable alternative for housing in
Ashland. This eviction will not only cause great hardship for residents of the Lower
Pines, but will also reduce the amount of affordable housing in our community,
Most importantly, if the evictions proceed, the Lower Pine residents will bear a
disproportionate share of the burden of Ashland's shortage of affordable housing. The
equitable solution is for the owners, who stand to profit from the sale and development of
the property, to pay fair relocation costs for each displaced resident.
We, therefore, encourage the owners of the Lower Pines to enter into mediation
with the residents with the support of Mediation Works Mobile Home Mediation
Program in order to structure an equitable plan for the relocation of the current residents
or for the development of affordable housing on the same site. We urge you to do this for
the sake of our entire community.
'Y-' .