Click on the Manage Content for adding and managing content.
Click on the Rotator Settings and choose what and how it will be displayed.

‘News will be the star’: Ted Turner’s extraordinary uphill battle to launch CNN

Kraig Pakulski 0 21 Article rating: No rating

By Brian Stelter, CNN

(CNN) — Banks scoffed. Potential partners rejected him. Newspaper owners mocked the idea. But Ted Turner persevered and won.

Turner faced an extraordinary uphill battle to launch CNN in 1980. Before the network became an institution, a shorthand for 24/7 breaking news around the world, it was a dare that many people considered unserious and some derided as “Chicken Noodle News.”

Turner willed the network into being at great personal and financial risk.

“I just wanted to see if we could do it — like Christopher Columbus,” he once said. “When you do something that’s never been done before, sail on uncharted waters and don’t know where you’re going, you’re not sure what you’re going to find when you get there, but at least you’re going somewhere.”

Turner saw a huge opening in the television marketplace, a chance to supersede the ABC, NBC and CBS broadcast networks that only allotted half an hour for news at night.

To the broadcasters, and many others, the premise seemed absurd: Who would watch the news at 2 p.m.? Or 2 a.m.? And who would pay for it?

But Turner thought “the big, powerful networks were captives of market studies,” Hank Whittemore wrote in 1990’s “CNN: The Inside Story.”

The broadcasters “took poll after poll of the demand out there, and all their surveys plainly showed that news was a clunker,” Whittemore wrote.

Turner didn’t believe much in market research. He trusted his gut. And he bet that if he created a supply of 24/7 news, the demand would follow.

He also wanted to stick it to the broadcasters he viewed as smug and self-satisfied. “They loved having just a three-channel environment,” Turner said. Turner loved the chance to disrupt the entire industry.

So in 1978, he talked with associates about producing a never-ending newscast — a costly, round-the-clock effort built for a cable world that had not yet really arrived.

“I’m gonna call it Cable News Network,” he told Reese Schonfeld, CNN’s founding president.

Turner — who took over his father’s billboard company and expanded it into films and TV — admitted he knew “diddley-squat” about the news business. He brashly claimed he disliked the news altogether until he began to market CNN.

Crucially, Turner recruited people like Schonfeld who knew who to hire and what to order. But it was a battle every step of the way. Turner and his colleagues had fights over satellites, staffing needs, distribution strategies and everything else.

Recruiting journalists to the startup was one of the steepest challenges, Turner recalled in his memoir “Call Me Ted.” But the mogul’s maverick attitude appealed to some just as it scared off others.

“We didn’t often get people who were at the height of their careers,” he recalled, “but we did find some promising up-and-comers who were attracted by CNN and the chance to be on the ground floor of something new, ambitious, and exciting.”

Some of those new hires might not have realized how far Turner was financially stretching to get the network on the air. Turner risked his personal wealth, knowing he barely had any runway to keep it going, and later said he “stayed just a step ahead of the bankers.”

Turner was “a wild man,” a “go-for-broke idea guy whose craziest idea, perhaps, was a global television network,” one of CNN’s original anchors, Mary Alice Williams, said in a statement Wednesday.

His vision, she said, was a network “that could connect the whole world so that all of us could see each other. See our shared common challenges and share solutions. In the belief that maybe — maybe! — there’d be a chance at peace in this troubled world.”

The launch was set for June 1, 1980. A combined Armed Forces Band performed at the ceremony outside CNN’s Techwood campus, a former country club on Techwood Drive in Atlanta, Georgia.

The US changed its mind about offering ships a way out of the Strait of Hormuz. Where does that leave shipping companies?

Kraig Pakulski 0 24 Article rating: No rating

By Vanessa Yurkevich, CNN

(CNN) — For tens of thousands of seafarers on the 1,600 ships stuck in the Strait of Hormuz, “Project Freedom” was anything but.

President Donald Trump’s operation to “guide” ships through the strait lasted just 48 hours. Only two ships were guided through.

Now, shipping companies and stranded seafarers are again left without a safe way out, unwilling to bear the risk of transit. Despite the ceasefire, missiles continue to fly over the 21-mile waterway.

“Nothing short of a true peace accord that is demonstrated and proven will gain the confidence of the commercial shipping community,” said Gene Seroka, executive director of the Port of Los Angeles.

Seroka, who spent half a decade working for the major shipping company American President Lines in the Middle East, said he has not spoken to a single shipping executive willing to move their cargo and personal even alongside the US military.

For more than two months, shipping lines have been looking for windows to leave the strait. In normal times, 120 vessels move through the Strait of Hormuz every single day, with many ferrying 20% of the world’s oil supply.

Now letting ships leave would endanger both cargo and personnel. Any damage to a multimillion-dollar ship would set companies back financially and logistically. Insurers have wartime clauses in their contracts that do not require them to cover vessels stuck in the middle of a war. So, moving ships without that financial backing risks being extraordinarily costly.

The Trump administration called multiple shipping lines about “Project Freedom” to offer their service, Secretary Rubio said Tuesday. Few took them up on it.

Danish shipping giant Maersk confirmed Monday its ship was one of the two guided out by the US military. The vessel had been “unable to depart” the Persian Gulf since fighting broke out in February, the company told CNN in a statement.

A total of 10 vessels, including the two guided by the US military, passed through the Strait of Hormuz on Monday, according to S&P Global Commodities at Sea.

Hapag-Lloyd, another top shipping line, told CNN Wednesday it had been exploring using the US military to get its remaining four ships out of the strait before “Project Freedom” was paused.

“As the situation has changed again overnight, we need to see if and how it will work,” said Nils Haupt, senior director group communications, at Hapag-Lloyd.

Another attack on a container vessel overnight, this one resulting in injuries, highlights the continued risk, Haupt added.

Thirty-two ships have been hit with missiles since the beginning of the war, resulting in 10 deaths and at least a dozen injuries, according to the International Maritime Organization, or IMO.

The IMO continues to urge ships to “exercise maximum caution” and says that “naval escorts are not a sustainable long-term solution.”

The United States and Iran are getting closer to an agreement to end the war, a regional source familiar with negotiations told CNN on Wednesday. However, the Trump administration cautioned that talks have fallen apart at the last minute before.

After Trump announced the pause on “Project Freedom,” Iran said safe passage through the Strait of Hormuz is possible under “new procedures.” Iran launched the Persian Gulf Strait Authority that would regulate passage through the strait, including tolls, according to Iran’s state-owned Press TV.

The United States has previously warned that Iran does not have the authority to control the waterway.

Still, leaving the Strait of Hormuz, even with a US military guide, requires a “very specific assessment” for shipping companies, according to Seroka.

“They’re going to need a lot

Mamdani’s tax the rich slogan is ‘just as hateful’ as racial slurs, New York real estate titan says

Kraig Pakulski 0 24 Article rating: No rating
Steven Roth

By Nathaniel Meyersohn, CNN

New York (CNN) — No one likes higher taxes. But New York City Mayor Zohran Mamdani’s plan to tax wealthy residents’ second homes has elicited a highly emotional response from two of the city’s richest.

“Creepy and weird,” is what Ken Griffin had to say Tuesday at a conference about Mamdani’s campaign-style video touting the tax outside the hedge fund manager’s $238 million penthouse.

Steven Roth, the CEO of real estate giant Vornado, went further Tuesday on an earnings call.

“I consider the phrase ‘tax the rich’ when spit out with anger and contempt by politicians both here and across the country, to be just as hateful as some disgusting racial slurs and even the phrase, ‘from the river to the sea,’” Roth said, referring to the pro-Palestinian phrase that the Anti-Defamation League labels an antisemitic threat.

Mamdani announced a plan last month to tax New York City’s luxury second homes with market values above $5 million, saying it would fulfill his central campaign promise to “tax the rich.” He singled out Griffin’s penthouse as a prime example of the “fundamentally unfair system” that allows the city’s richest to store their wealth in homes that sit empty most of the time without paying city and state income taxes.

Business leaders have rallied to Griffin’s defense and said Mamdani’s video endangered his safety.

“We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule,” Steven Roth said. “The ugly, unnecessary video stunt is personal for Ken and sort of personal for me.” Vornado is one of the largest real estate companies in New York City and is currently developing a new office tower with Griffin’s hedge fund Citadel.

The rich who Mamdani and other political leaders target “are the epitome of the American dream” and the largest employers and philanthropists, Roth said. “They are at the top of the great American economic pyramid for a reason. They should be praised and thanked.”

Mamdani’s office responded, saying the mayor wanted all New Yorkers to succeed, including business owners and Griffin, “who is a major employer in our City and a powerful figure in our economy.” But that does not negate the fact that the tax system is “fundamentally broken” and needs to be reformed to make New York City more affordable.

Most New York City business leaders fiercely opposed Mamdani, a democratic socialist, during his campaign last year. Since he entered office this year, some have warmed to him and consider him to be pragmatic. But the video, which came out three weeks ago, has outraged many of the business class. They say that hostility toward the rich will drive out businesses and wealthy taxpayers from New York City.

Griffin, at a separate event, said Tuesday that the video was “creepy and weird” and New York “doesn’t welcome success” under Mamdani. Citadel plans to expand in Miami over New York City in response to the video, he said.

He compared New York to Chicago, where Citadel was previously headquartered. Griffin moved Citadel out of Chicago in 2022, citing crime and anti-business sentiment.

“Looking at what Mamdani did to me and more broadly is doing to the city of New York is triggering the trauma I went thro

RSS
First13051306130713081310131213131314Last