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2nd of June 1994 News
Nyheter som framträdde på New York Times framsida den 2 juni 1994
Fox Is Under F.C.C. Review
Date: 02 June 1994
By Edmund L. Andrews
Edmund Andrews
The Federal Communications Commission is re-examining the ownership structure of Rupert Murdoch's Fox television stations, based on new information that Mr. Murdoch's News Corporation may be in violation of laws prohibiting foreign companies from owning American broadcast stations. The examination could pose a serious threat to Fox, possibly even forcing it to sell off its television stations, which include WNYW, Channel 5, in New York, as well as stations in Los Angeles, Washington, Chicago, Dallas and Houston.
Full Article
Time Warner Rebuffed on Channel
Date: 02 June 1994
By Edmund L. Andrews
Edmund Andrews
In its first move to enforce a new law aimed at promoting competition in cable television, the Federal Communications Commission decided today that Time Warner Inc. could not have exclusive rights to Court TV in Manhattan. The ruling means that Time Warner, a principal owner of the popular cable network, which broadcasts live court trials, must license the channel to Liberty Cable Television, a competitor in Manhattan.
Full Article
Issues of Foreign Ownership Cloud the Future of Fox TV
Date: 03 June 1994
By Edmund L. Andrews
Edmund Andrews
Just when it seemed that Rupert Murdoch was about to reach the major leagues of broadcast television, he has landed in trouble with Federal regulators who suspect that he intentionally misled them nine years ago concerning the extent of foreign ownership of Fox Television Stations Inc. The questions are serious, because Federal law prohibits a foreign company from owning more than 25 percent of an American radio or television station. Violation of the law, especially if the facts were misrepresented to the Federal Communications Commission, could mean that Mr. Murdoch would have to sell his stations.
Full Article
Snatch It Back, Mr. Mayor
Date: 02 June 1994
There is still time for New York's Mayor, Rudolph Giuliani, to withdraw the sweetheart deal his staff has cooked up for Mortimer Zuckerman, and thereby avoid a lasting blot on his record. Common sense, and the wise counsel of political figures as diverse as former Mayor Edward Koch and the City Council member Ronnie Eldridge say that $100 million is too low a price for half the Coliseum site that was once going to bring $338 million. Deputy Mayor John Dyson's plan to keep Mr. Zuckerman's cost to $80 million by having the city contribute $20 million is simply unconscionable and undermines Mr. Dyson as a trustworthy steward of public money. Mr. Giuliani does not have to tie himself to Mr. Zuckerman and Mr. Dyson. As of last night, Mr. Zuckerman had not formally accepted the offer. Mr. Giuliani is not one to accept advice when he has gotten the bit in his teeth. But he would be smart to snatch the paper back before Mr. Zuckerman can sign it. Otherwise, this deal will go into the history books as a signal error of Mr. Giuliani's first year and one that will permanently damage his reputation for judgment and probity.
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As D-Day's anniversary nears, a cry is heard: The marketers are coming! The marketers are coming!
Date: 02 June 1994
By Stuart Elliott
Stuart Elliott
JUNE 1944: Dwight D. Eisenhower says, "O.K., let's go." June 1994: Madison Avenue says, "O.K., let's sell."
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NEWS OF AID FROM SAUDI PRINCE LIFTS EURO DISNEY SHARES
Date: 03 June 1994
By Bloomberg News
Bloomberg News
The stock of Euro Disneyland jumped 6 percent yesterday on the Paris Bourse after Prince Walid bin Talal of Saudi Arabia agreed to invest as much as 1.9 billion francs -- $338 million -- in the troubled French theme park. Euro Disney shares closed up at 32 francs, or $5.69. Prince Walid, a nephew of King Fahd, said on Wednesday that he would buy 13 to 24 percent of Euro Disney stock and provide $100 million to build a convention center near the park. Analysts said yesterday that the funds for the convention center would come in the form of loans.
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REGIONS FINANCIAL MAKES A $61 MILLION ACQUISITION
Date: 03 June 1994
By Bloomberg News
Bloomberg News
The Regions Financial Corporation said yesterday that it would buy American Bancshares Inc. of Monroe, La., for stock valued at $61 million. Regions Financial said it had agreed to exchange 2.4445 shares of its stock for each share outstanding of American Bancshares. Regions Financial, of Birmingham, Ala., is a holding company for First Alabama Bank. Shares of Regions Financial slipped 18.75 cents yesterday, to $34.25, in Nasdaq trading.
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EASTMAN CHEMICAL TO SELL UNIT FOR $150 MILLION
Date: 03 June 1994
By Bloomberg News
Bloomberg News
The Eastman Chemical Company said yesterday that it would sell its polypropylene business to the Huntsman Chemical Corporation of Salt Lake City in a deal valued at $150 million. Polypropylene operations accounted for about $150 million of Eastman Chemical's total sales of $3.9 billion in 1993. Polypropylene is a durable plastic used in the production of packaging materials, lawn furniture and automobiles. Huntsman, the nation's largest privately held chemical company, completed an $850 million acquisition of Texaco Chemical in April. Eastman Chemical was spun off from the Eastman Kodak Corporation last year.
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ROCKWELL CONSIDERING SALE OF SWITCHING SYSTEMS UNIT
Date: 03 June 1994
By Bloomberg News
Bloomberg News
The Rockwell International Corporation is weighing alternatives for its switching systems division, including a sale, a public stock offering or a strategic alliance. Rockwell has hired the investment banker Dillon, Read & Company to help to determine the division's future. The unit, based in Downers Grove, Ill., makes equipment that integrates telephone systems and computers for processing transactions. Its customers include airlines, banks and government agencies. Stephen F. Panyko, vice president and general manager of the division, declined to discuss the options being considered or to disclose annual sales for the division. Rockwell shares jumped $1 yesterday, to $36.75, on the New York Stock Exchange.
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Donna Karan Sues Former Financial Chief
Date: 02 June 1994
By Bloomberg News
Bloomberg News
The Donna Karan Company filed a lawsuit yesterday against its former chief financial officer, David Golden, accusing him of gross negligence and making lewd statements to female executives at the fashion design company. The company said Mr. Golden was dismissed for misconduct after less than a month on the job. Donna Karan said it filed the lawsuit in New York State Supreme Court in Manhattan because Mr. Golden had disputed the company's explanation for his dismissal and had "threatened to advance entirely baseless allegations designed to affect adversely DKC's intended private offering, unless DKC accedes to Golden's demand that he be paid an exorbitant amount of money."
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