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Howard Stringer's statement on Michael Ovitz's move to Disney

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LOS ANGELESĀ -- The following was released today by Howard Stringer:

CAA and Michael Ovitz have played a number of crucial roles in the development of TELE-TV. CAA brought Bell Atlantic, NYNEX, and Pacific Telesis together; it facilitated the hiring of key executives; and, it helped design TELE-TV's strategic plan. As a result, TELE-TV is a solid, stable organization which is the video spearhead for its parent companies. TELE-TV is on schedule to begin active entry into the marketplace next year, with Wireless Digital Television offering a unique, early-entry strategy with superior quality as its cornerstone.

With respect to Michael Ovitz's move to Disney: Like every other business, there are continuing shifts in alliances and business relationships. We began to consider a change in our relationship with Michael Ovitz and CAA during the MCA discussions and will, of course, be reviewing our relationship with CAA. However, it's important to recognize that the pool of talent runs deep at CAA. While his departure is a great disappointment, we are not looking to disassociate ourselves from people who have been extremely valuable to us.

NYNEX is a global communications and media company that provides a full range of services in the northeastern United States and high-growth markets around the world, including the United Kingdom, Thailand, Gibraltar, Greece, Indonesia, the Philippines, Poland, Slovakia and the Czech Republic.

The Corporation is a leader in the telecommunications, wireless communications, cable television, directory publishing and entertainment and information services.