TIME <TL> 1987 EARNINGS MAY BE 4.25 DLRS SHARE Time Inc's chief financial officer, Thayer Bigelow, told security analysts the company is "comfortable" with Wall Street estimates that 1987 earnings will be in a range of 3.75 dlrs to 4.25 dlrs per share. In 1986, Time reported earnings of 5.95 dlrs per share, including a number of special items. Bigelow said in adjusting the 1986 results for the special items and also removing the earnings of American Television and Communications Corp <ATCMA>, Time earned 2.35 dlrs per share in 1986. Turner Broadcasting System Inc said the investment by the cable consortium would be in Turner Broadcasting, not directly in CNN. The consortium would infuse up to 550 mln dlrs in Turner Broadcasting in return for a 35 pct equity interest. Ted Turner, Chairman, would retain a 51 pct interest, a Turner Broadcasting spokesman said. Bigelow said the company is continuing its previously announced 10 mln share repurchase program and has bought back 4.1 mln of its own shares. He said 700,000 shares were purchased in the first quarter of 1987 at an average price of 81 dlrs per share. Bigelow said the company will always have a share buyback program in place whenever it believes it is a better long-term investment than starting or acquring a business. But he did not give any specifics on further repurchases beyond the 10 mln shares already announced. On the subject of acquisitions, Richard Munro, chairman and chief executive said the company is not interested in investing in over-the-air broadcasting, but continues to look at all areas in which it is currently engaged. Munro said book publishing is an area that interested Time. In 1986 the company purchased Scott and Foresman, its biggest acquisition ever. N.J. Nicholas, president and chief operating officer, said the company might be interested in a relatively small book business. He said following the recent agreement for the sale of Harper and Row to the News Corp Ltd <NWS>, "there may be pieces that Murdoch doesn't want," referring to News Corp chairman Rupert Murdoch. Asked if the company's SAMI business is for sale, Munro said it is a "delicate subject", and "we're looking at all the options." SAMI is a marketing information service for the food industry. Published reports have stated it could be worth as much as 500 mln dlrs. Bigelow said that Time's Home Box Office added subscribers last year and the trend is continuing in the first quarter of 1987. However, he said, HBO's results in the quarter will be down slightly, but in the first quarter of 1986 there was a special gain in the HBO unit. Nicholas said that HBO and Cinemax had combined subscriber growth of 800,000 for last year. He also said the tax rate in 1987 will remain at just under 50 pct because of the repeal of investment tax credits and higher state and local taxes. He said he sees a decrease in the tax rate in 1988 of five or six percentage points. Munro said the company does not plan to increase its dividend. Trygve Myhren, chairman and chief executive of American Television and Communications, said the unit is looking at getting involved in the home shopping video area. "It would be foolish not to be a player there," he said. He said the company had talks with Home Shopping Network Inc <HSN> prior to that company's public offering last year, but nothing came of the talks.