Westwood One, which has been paring its operations to pay down debt, posted narrower losses in the second fiscal quarter ended May 31. The radio broadcaster and programmer recorded a net loss of $ 730,000 (5 cents) for the period, vs. a net loss of $ 4.8 million (32 cents) in the same quarter last year.
Revenues were up 3.7% to $ 25.1 million, from $ 24.3 million. The company said the reduction of its loss was related to better operating results, partially offset by the elimination of the 1992 tax benefit of $ 2,272,000.
Sony Corp.’s Sony Music and Epic Records units said they expanded the Sony Wonder unit as their overall children’s and family entertainment operation. In a press release, the companies said Sony Wonder plans to release more than 60 new videos and audio titles a year, to be distributed through Sony Music by Epic Records.
Independent Entertainment Group Inc.’s shareholders have approved the proposed name change to Independent Telemedia Group Inc. The Sherman Oaks company said it is “optimistic” about improving credit screening and increasing collections on alternative billing programs. In addition, the company said it has “secured agreements with the regional Bell operating companies and major telco independents to provide for system access to callers’ billing information.”
Paramount Communications Inc. said it will make a $ 300 million two-part public offering of senior debt. The offering consists of $ 150 million of 5.875% seven-year notes due July 15, 2000, priced to yield 5.956% and $ 150 million of 7.5% debentures due July 15, 2023, priced to yield 7.531%. In a press release, the company said it will use proceeds from the sale to refund $ 100 million of 8 .5% senior notes due 1996 and to fund the previously reported acquisitions.