Bertelsmann subsid Arista Records reported record sales of nearly $ 300 million for the fiscal year ended June 30. Arista did not report its year-ago sales.
The company said sales were helped by “The Bodyguard” soundtrack album, which has sold more than 21 million units worldwide.
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News-Press & Gazette Co. of St. Joseph, Mo., said it agreed to sell its eight network-affiliated television stations for $ 110 million to New Vision Communications Inc. The stations are CBS affiliates KOLD in Tucson, Ariz., WJTV in Jackson, Miss., and WHLT in Hattiesburg, Miss.; NBC affiliates WSAV in Savannah, Ga., and WECT in Wilmington, N.C.; and ABC affiliates KSFY in Sioux Falls, S.D., KABY in Aberdeen, S.D., and KPRY in Pierre, S.D.
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Continental Cablevision filed with the SEC for the offering of $ 350 million of notes and debentures to be used to prepay $ 171.44 million of outstanding senior secured debt. The nation’s third-largest cable television operator plans to offer $ 100 million of senior notes due 2005 and $ 250 million of senior debentures due 2013.
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A day after Euro Disney reported third-quarter losses of $ 87 million, UBS Securities lowered its investment rating on Walt Disney Co. to “hold” from “buy” and dropped its 1993 and 1994 earnings estimates to $ 1.75 from $ 1.85 and to $ 2.00 from $ 2.15. But Kidder, Peabody & Co. upgraded the stock to “outperform” from “neutral.” Disney stock was up 1/2 to 39 1/4 Friday.
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Turner Broadcasting System Inc. has called for redemption all $ 270 million of its outstanding convertible subordinated notes due 2004 for $ 415.01 in cash for each $ 1,000 principal amount at maturity. The notes may be converted into class B common stock, par value $ .0625 per share, through Aug. 9, at the rate of 15 shares for each $ 1,000 principal amount at maturity.