Bummer, Ted sent all his $$$ to the UN. Can you imagine what
that kind of money could do for nanotech??
--
The future has arrived; it's just not evenly distributed.
-William Gibson
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TED TURNER DONATES $1 BILLION TO 'U.N. CAUSES'
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.
causes."
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
cares?"
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
off."
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
there."
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.'"
rule
Related sites:
Note: Pages will open in a new browser window
* Time Man of the Year 1991 - Ted Turner: Prince of the Global
Village
* Turner Foundation, Inc.
* Robert Edward (Ted) Turner - Forbes Four Hundred profile
* United Nations Home Page
* UNESCO - United Nations Educational, Scientific and Cultural
Organization
* 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.
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