TIME <TL> 1987 EARNINGS MAY BE 4.25 DLRS SHARE
Time Inc's chief financial officer,
Thayer Bigelow, told security analysts the company is
"comfortable" with Wall Street estimates that 1987 earnings
will be in a range of 3.75 dlrs to 4.25 dlrs per share.
    In 1986, Time reported earnings of 5.95 dlrs per share,
including a number of special items.
    Bigelow said in adjusting the 1986 results for the special
items and also removing the earnings of American Television and
Communications Corp <ATCMA>, Time earned 2.35 dlrs per share in
1986.
    Turner Broadcasting System Inc said the investment by the
cable consortium would be in Turner Broadcasting, not directly
in CNN. The consortium would infuse up to 550 mln dlrs in
Turner Broadcasting in return for a 35 pct equity interest.
    Ted Turner, Chairman, would retain a 51 pct interest, a
Turner Broadcasting spokesman said.
    Bigelow said the company is continuing its previously
announced 10 mln share repurchase program and has bought back
4.1 mln of its own shares. He said 700,000 shares were
purchased in the first quarter of 1987 at an average price of
81 dlrs per share.
    Bigelow said the company will always have a share buyback
program in place whenever it believes it is a better long-term
investment than starting or acquring a business. But he did not
give any specifics on further repurchases beyond the 10 mln
shares already announced.
   
    On the subject of acquisitions, Richard Munro, chairman and
chief executive said the company is not interested in investing
in over-the-air broadcasting, but continues to look at all
areas in which it is currently engaged.
    Munro said book publishing is an area that interested Time.
In 1986 the company purchased Scott and Foresman, its biggest
acquisition ever.
    N.J. Nicholas, president and chief operating officer, said
the company might be interested in a relatively small book
business.
    He said following the recent agreement for the sale of
Harper and Row to the News Corp Ltd <NWS>, "there may be pieces
that Murdoch doesn't want," referring to News Corp chairman
Rupert Murdoch.
    Asked if the company's SAMI business is for sale, Munro
said it is a "delicate subject", and "we're looking at all the
options." SAMI is a marketing information service for the food
industry. Published reports have stated it could be worth as
much as 500 mln dlrs.
   
    Bigelow said that Time's Home Box Office added  subscribers
last year and the trend is continuing in the first quarter of
1987. However, he said, HBO's results in the quarter will be
down slightly, but in the first quarter of 1986 there was a
special gain in the HBO unit.
    Nicholas said that HBO and Cinemax had combined subscriber
growth of 800,000 for last year.
    He also said the tax rate in 1987 will remain at just under
50 pct because of the repeal of investment tax credits and
higher state and local taxes. He said he sees a decrease in the
tax rate in 1988 of five or six percentage points.
    Munro said the company does not plan to increase its
dividend.
    Trygve Myhren, chairman and chief executive of American
Television and Communications, said the unit is looking at
getting involved in the home shopping video area. "It would be
foolish not to be a player there," he said.
    He said the company had talks with Home Shopping Network
Inc <HSN> prior to that company's public offering last year,
but nothing came of the talks.
 Reuter
