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 TED TURNER SLOWS DOWN PAYMENT OF BILLION-DOLLAR U.N. PLEDGE AFTER STOCK WOES Sun Aug 25 2002 16:46:34 ET CNN founder Ted Turner has dramatically slowed down payments of a billion-dollar gift he promised to the United Nations. Hit with a stunning devaluation of AOLTIMEWARNER stock [off nearly 80% from its high], Turner, 63, has so far made good on $350 million of the $1 billion pledged. Turner's stock in AOLTIMEWARNER was worth $7.2 billion when the merger of the two companies closed in January 2001. It is now valued at only $1.76 billion, the NEW YORK TIMES reports in Monday editions. In 1997, Turner promised he would donate $100 million a year to the U.N., with the pledge to be paid off by 2007. But now the payment schedule has been extended past the original plan. With more than $600 million to go, Turner still plans to give the full $1 billion, eventually. Developing... |
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