Love Those Loopholes
Why did Quincy Jones, Rupert Murdoch’s News Corp., the Tribune Co. and Time Warner Inc. get a small gold mine while Viacom got the shaft? Because, as they say in the PR biz, the whale that comes to the surface gets harpooned. Especially if the whale wants to swim through a racial preference loophole when “affirmative action” has become a dirty term in Washington. Viacom, of course, was trying to get a socalled minority tax certificate to avoid paying $500 million or so of capital-gains tax on the proposed sale of its cable-TV systems....