[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]


   CNN logo 
   Infoseek/Big Yellow 
   Pathfinder/Warner Bros 
   Main banner SAMSUNG Meet the Challenge rule
     Ted Turner making his speech In this story: 
     * 'A billion's a good round number' 
     * 'You have to learn to give'
     * 'The world is awash in money'
     September 19, 1997
     Web posted at: 12:10 a.m. EST (0510 GMT)
     NEW YORK (CNN) -- CNN founder and Time Warner vice chairman Ted
     Turner announced Thursday night that he will donate $1 billion over
     the next decade to United Nations programs.
     Turner made the announcement at a dinner held in New York by the
     United Nations Association-USA to honor Turner for his contribution
     to the international community. He was presented the Global
     Leadership award by the group.
     Speaking of his gift, Turner said, "this is not going to go for
     administration. This is only going to go for programs, programs like
     refugees, cleaning up land mines, peacekeeping, UNICEF for the
     children, for diseases, and we're going to have a committee that
     will work with a committee of the U.N. The money can only go to U.N.
     The donation will be made in 10 annual installments of $100 million
     in Time Warner stock, he said.
     "Present day value that's about $600,000," he joked.
     The 56-year-old Turner also joked that he was about to be named to
     Forbes magazine's list of the top 25 richest Americans, "and I'm
     going to push myself down the list." 
  'A billion's a good round number'
     During his speech at the New York Marriott Marquis Hotel, Turner
     said that he made the decision to donate the money only two nights
     ago. He said it was based on the increase in his net worth since the
     beginning of the year.
     the Announcement icon vxtreme
     The announcement 1.5 MB/16 sec. AIFF or WAV sound
     Turner explains the plan for making the donation 416 K MB/5 sec.
     AIFF or WAV sound
     Turner explains the plan for making the donation 416 K MB/5 sec.
     AIFF or WAV sound
     Turner explains where the money came from 621 K MB/28 sec. AIFF or
     WAV sound
     Ted explains how the money will be spent 317 K MB/14 sec. AIFF or
     WAV sound
     Ted Turner's speech
     CNN's Larry King talks with Ted Turner about his donation.
     "When I got my statement in January," he said, "I was worth $2.2
     billion. Then I got another statement in August that said I was
     worth $3.2 billion. So I figure its only nine months' earnings, who
     Speaking live later with CNN's Larry King, Turner said, "I'm no
     poorer than I was nine months ago, and the world is much better
     Asked how he came to pick the figure $1 billion, the irrepressible
     Turner said, "A billion's a good round number."
  From one station to a colossus
     Starting in 1970 with a single UHF television station in Atlanta,
     Turner grew a global colossus that includes a smorgasbord of cable
     channels, movie studios and professional sports teams. He started
     his TBS satellite superstation in 1976 and CNN in 1980.
     As a yachtsman, Turner was skipper of the boat that won the
     America's Cup in 1977.
     In April, Turner chided fellow billionaires Bill Gates and Warren
     Buffett for not donating more money to charity.
     "What good is wealth sitting in the bank?" Turner said at the annual
     meeting of the Boys & Girls Clubs of America. "It's a pretty
     pathetic thing to do with your money."
     Turner said the gift was based on the money he'd made from the Time
     Warner stock he received when Turner Broadcasting merged with Time
     Warner to form the world's largest communications company (and CNN's
     parent company as well).
     He said the decision was to give the money based on the value of the
     stock, but that it is possible the stock will increase in value and
     "Who knows, I might get a little money back from this deal." 
  'You have to learn to give'
     Turner and Annan
     In 1996, Turner gave away $28 million, according to a survey by
     Fortune magazine. The money went to Worldwatch, the Bat Conservation
     Society, Friends of the Wild Swan and hundreds of other
     environmental causes.
     Turner told King that he has discovered "the more good I do, the
     more money has come in. You have to learn to give. You're not born
     to give. You're born selfish."
     Turner said he wanted to donate the money directly to the U.N. but
     was told by his lawyers that would not be legal. The U.N. cannot
     legally accept money from individuals, so Turner will create a
     foundation to spend the money and administer the programs.
     The programs are expected to focus on jobs, land mines, education
     and global warning. When King asked about global warming, Turner
     said, "Haven't you been outside lately? It's hotter than hell out
     Turner also said he intends to become a fund-raiser for United
     Nations causes "so everybody who is rich can expect a call."
     Alvaro de Soto, the U.N. assistant secretary general for political
     affairs from Peru, said Turner's gift "symbolizes the best of what
     we all admire in America. I can only hope that his gesture will
     inspire many." 
  'The world is awash in money'
     "There are so many rich guys in the world, billionaires," he said.
     "The world is awash in money and nobody knows what to do with it. We
     don't want the money they know what to do with, just the money they
     don't know what to do with."
     "Did you talk to Jane Fonda about this?" King said.
     "Yeah, two nights ago when I thought of it in a hotel room here in
     New York," Turner said.
     Asked her response, Turner was momentarily quiet. "It brought tears
     to her eyes," he said. "She said, 'I'm proud to be married to you.'"
  Related sites:
     Note: Pages will open in a new browser window
     * Time Man of the Year 1991 - Ted Turner: Prince of the Global
     * Turner Foundation, Inc.
     * Robert Edward (Ted) Turner - Forbes Four Hundred profile
     * United Nations Home Page
     * UNESCO - United Nations Educational, Scientific and Cultural
     * United Nations Development Programme 
     * United Nations Environment Programme
     * United Nations Children's Fund
     * EPA - Global Warming
     * Natural Resources Defense Council
     * Turner Foundation
     External sites are not endorsed by CNN Interactive.
   Infoseek search ____________________ ____  ____
   rule Message Boards Sound off on our
   message boards
   You said it... [INLINE] Do a global ad campaign for your cat. Because
   you can. rule
   To the top 
    1997 Cable News Network, Inc.
   All Rights Reserved.
        Terms under which this service is provided to you.