Regal Cinemas raised $ 19.5 million in a public offering. The offering was for 1.5 million shares at $ 13 a piece. The proceeds, the company said, will go to retiring debt. The Knoxville-based exhibitor has been on a buying spree, acquiring 86 screens in 1992, to its current level of 315 screens.
Rupert Murdoch’s News Corp. move on Wednesday to purchase a 15% stake in Australia’s Seven Network Ltd. is costing the media mogul about $ 60 million. Seven Network is one of three commercial TV networks operating in the country. Murdoch is acquiring his stake as part of an initial public offering of shares in Seven Network. The purchase is part of a recent push by News Corp. to expand its businesses internationally (Daily Variety, July 1). The 15% that News Corp. would own is the maximum allowed under Australia’s media cross-ownership rules.
Times Mirror Co. has completed its previously announced plans to sell two of its broadcast TV stations, KTVI-TV, an ABC affiliate in St. Louis, and WVTM-TV, an NBC affiliate in Birmingham, Ala., to Argyle Television Holding Inc. As previously reported, the price of the four stations is estimated at about $ 335 million in cash and securities.
Adelphia Communications Corp. posted a $ 176.8 million net loss ($ 11.68) for the fiscal year ended March 31. That compares to a $ 121.6 million net loss ($ 8 .88) for the previous year. Revenues were up 11.4% to $ 305.2 million. The results included a charge of $ 59.5 million from an accounting change, plus a charge of $ 14.4 million from the early extinguishment of debt.
Continental Broadcasting Ltd. issued $ 120 million of senior subordinated notes, due July 1, 2003, at 10.625%. The issue is non-callable for five years. Rated B3 by Moody’s Investors Service Inc. and B- by Standard & Poor’s Corp., the issue will be sold through underwriters led by Merrill Lynch & Co. Delivery is scheduled for July 8.