HOlLYWOOD Under pressure from Ted Turner, Time Warner Inc. has taken New Line Cinema off the market, dimming New Line chairman Bob Shaye's hopes of maintaining full autonomy.
With buyers unwilling to pay the price Turner wants, Time Warner told people still interested in the deal (last week) that the company was off the market. Shaye told a meeting of New Line division heads last week that the company was now "staying with Time Warner," sources say.
The entertainment giant is now talking with banks about arranging off-balance-sheet production financing for New Line, bankers said, to ensure that its funding needs do not come out of Time Warner's coffers.
Time Warner has not completely abandoned hope of selling part of New Line, sources added. Turner is believed to be willing to consider sale of a majority stake to one unidentified …