Hobbled by the recent half-billion-dollar losses of its Atari division, Warner Communications finds itself vulnerable to a potential hostile takeover by Australian publisher Rupert Murdoch, who isn’t shy about his plan to acquire a controlling interest in Warner’s very slowly recovering stock. To stave off Murdoch’s takeover attempt, a 19% stake in Warner is traded for 43% of Chris-Craft Industries’ broadcasting division, BHC Communications. This transaction later has unforseen consequences, including BHC’s near-successful 1989 attempt to block the Time Warner merger, and the creation of the short-lived PTEN television network, a failed 1990s venture whose main claim to fame will be the science fiction series Babylon 5.
