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Ted Turner: The Upshot of Losing $8 Billion
Ted Turner revolutionized the media industry when he launched CNN, the first 24-hour cable news channel in 1980. Already a mogul in the television business -- he started Turner Broadcasting System (TBS) in 1970 and later Turner Network Television (TNT) -- he went on to lead Turner Broadcasting through a merger with Time Warner. When Time Warner subsequently merged with AOL in 2001, Turner's stock in the company collapsed and so did his position as an executive at the company. Undefeated, he returned to his entrepreneurial roots and started Ted's Montana Grill, now a nationwide chain of 55 restaurants. Looking back on his rise and fall, he said this to Inc. in 2004: "I got fired. I was over 60, and it's hard to get a job when you're over 60. People don't want to give you insurance. I thought: I better get a job! Hell, I lost $8 billion!"