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PARAMOUNT COMMUNICATIONS, INC. v. TIME INC.

571 A.2d 1140 (1989)

PARAMOUNT COMMUNICATIONS, INC. and KDS Acquisitions Corp., Plaintiffs Below, Appellants, v. TIME INCORPORATED, T.W. Sub, James F. Bere, Henry C. Goodrich, Clifford J. Grum, Matina S. Horner, David T. Kearns, Gerald M. Levin, J. Richard Munro, N.J. Nicholas, Jr., Donald S. Perkins, Clifton R. Wharton, Michael D. Finkelstein, Henry Luce III, Jason D. McManus, John R. Opel, and Warner Communications, Inc., Defendants Below, Appellees. LITERARY PARTNERS, L.P., Cablevision Media Partners, L.P., and A. Jerrold Perenchio, Plaintiffs Below, Appellants, v. TIME INCORPORATED, TW Sub Inc., James F. Bere, Michael D. Dingman, Edward S. Finkelstein, Matina S. Horner, David T. Kearns, Gerald M. Levin, Henry Luce III, Jason D. McManus, J. Richard Munro, N.J. Nicholas, Jr., John R. Opel, Donald S. Perkins, and Warner Communications, Inc., Defendants Below, Appellees. In re TIME INCORPORATED SHAREHOLDER LITIGATION.

Supreme Court of Delaware.

Decided: July 24, 1989.

Written Opinion: February 26, 1990.

Revised: March 9, 1990.

Attorney(s) appearing for the Case

Melvyn L. Cantor (argued) of Simpson Thacher & Bartlett, New York City, Bruce M. Stargatt, David C. McBride, Josy W. Ingersoll, and Jan R. Jurden of Young, Conaway, Stargatt & Taylor, Wilmington, for Paramount Communications, Inc. and KDS Acquisition Corp., appellants.

Michael R. Klein (argued), Richard W. Cass, Thomas W. Jeffrey, and Eric R. Markus of Wilmer, Cutler & Pickering, Washington, D.C., P. Clarkson Collins, Jr., Lewis H. Lazarus, and Barbara M. MacDonald of Morris, James, Hitchens & Williams, Wilmington, for Literary Partners, L.P., Cablevision Media Partners, L.P., and A. Jerrold Perenchio, appellants.

Robert D. Joffe (argued) of Cravath, Swaine & Moore, New York City, Martin P. Tully, Thomas R. Hunt, Jr., Lawrence A. Hamermesh, and Palmer L. Whisenant of Morris, Nichols, Arsht & Tunnell, Wilmington, for Time Inc., TW Sub Inc. and the Individual Director defendants, appellees.

Herbert M. Wachtell (argued), William C. Sterling, Jr., Peter C. Hein, Kenneth B. Forrest, Barbara Robbins, Andrew C. Houston, Benjamin E. Rosenberg, and George T. Conway III of Wachtell, Lipton, Rosen & Katz, New York City, Charles F. Richards, Jr., William J. Wade, Thomas A. Beck, Gregory V. Varallo, Daniel A. Dreisbach, Michael J. Feinstein, and William P. Bowden of Richards, Layton & Finger, Wilmington, for Warner Communications Inc., appellee.

Stuart H. Savett (argued) of Kohn Savett Klein & Graff, P.C., Philadelphia; Henry A. Heiman and Gary W. Aber of Heiman, Aber & Goldlust, Wilmington, Berger & Montague, P.C., of counsel, Philadelphia, for Shareholder plaintiffs.

Before HORSEY, MOORE and HOLLAND, JJ.

HORSEY, Justice:

Paramount Communications, Inc. ("Paramount") and two other groups of plaintiffs1 ("Shareholder Plaintiffs"), shareholders of Time Incorporated ("Time"), a Delaware corporation, separately filed suits in the Delaware Court of Chancery seeking a preliminary injunction to halt Time's tender offer for 51% of Warner Communication, Inc.'s...

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