TNT

"So let's summarize: since entering Vivendi in 2012, the Bolloré group has received 660 million euros in Vivendi shares for its TNT channels, 1.34 billion euros in dividends, the equivalent of 1.4 billion euros saved through capital reductions, 2.4 billion euros through the acquisition of 60% of Havas, and a final asset of 8 billion euros in UMG shares. In total: nearly 14 billion euros that have benefited Bolloré during this prodigious decade. Of course, to enable this succession of operations, it was necessary to take risks and invest: tens of millions of euros to initially finance the annual losses of the TNT channels, hundreds of millions of euros to establish an impregnable position in Havas, and billions to strengthen their position in Vivendi. The true cost of Bolloré's takeover of Vivendi, Vincent Bolloré keeps to himself, likely between 3 and 4 billion euros. On the other hand, he has already earned three or four times more... and he still holds his 27% stake in Vivendi, even if it has become smaller. Hats off to the artist!"

"The combination of the Warner Bros. studio, Time’s magazines (including *Time, People*, and *Sports Illustrated*), HBO, and Ted’s networks, including CNN, TBS, and TNT, was an impressive medley of assets, but it offered little true synergy beyond financial machinations, in my opinion. Time had barely proven the validity of its merger with Warner Communications, five years earlier, in 1990. Jerry was scrambling to get the stock price up, even as he was trying to quash the internal infighting that would become a hallmark of Time Warner’s corporate structure."