100 LEADING MEDIA COMPANIES: TIME WARNER REMAINS U.S. LARGEST MEDIA COMPANY AS INDUSTRY CONSOLIDATES UNDER HEAVY ACQUISITION, MERGER ACTIVITY.

Advertising Age, August, 1998 by Endicott, Craig R.

The nation's 100 Leading Media Companies resemble those finely expressed M.C. Escher drawings that are as much a puzzle as they are visual renderings of puzzling ideas.

His birds melt into fish, tadpoles into toads, much as mergers and acquisitions (and new technologies) are moving these companies into new media areas and into seemingly unrelated industries, like retailing.

Since early 1997 there have been 22 media deals at a price of $1 billion or more each, all involving the 100 players.

Acquisitions have eliminated nine companies from the last Advertising Age list published a year ago, all consumed by 100 Media occupants present in this year's 19th annual 100 Leading Media Cos. report. And three on this year's list are about to be sold: No. 83 LIN...

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