Useful Bargaining Chip.

Mr. Eurnekian has since used his profits from the Cablevision sale to plunge into the tourism and agriculture businesses. But he retains his closely held media properties, even though most apparently are unprofitable. Some journalists employed by Mr. Eurnekian say that's because he finds their work useful as a bargaining chip with authorities.

As the airport bidding entered its final round, for instance, Mr. Eurnekian pulled the plug on a hard-hitting interview program called "Dia D" that had frequently uncovered scandals in the Menem government. The host of the program, Jorge Lanata, says he believes the sudden cancellation of his highly rated show was a quid-pro-quo for the airport deal. Mr. Eurnekian calls Mr. Lanata's interpretation "a ridiculous invention."

"I don't use my journalists to further my business interests," he insists. "I don't interfere with the news, although I reserve the right to do so." Mr. Eurnekian's subordinates say their boss personally vets the contents of news broadcasts and often subjects his staff to scathing outbursts when he disagrees with an issue.

Richard Ablon, the chairman of Ogden, says that Mr. Eurnekian's reputation as an autocrat doesn't bother him in the least. "It's true that Eduardo has a strong personality," he says. "But he's a tremendously successful businessman and one who is quick to make decisions. We don't need him to win any popularity contests."