Financial Briefs

Time Warner Cable monthly rate reductions will range from 24 cents to $ 2.33 for basic cable service in its New York City systems, prompted by FCC regulations and a new federal law effective Sept. 1. Changes affect 948,000 subscribing households.

FCC’s new regs establish benchmark prices that allow operators to cover expenses and an after-tax rate of return of 10% to 14%. The commission estimated the benchmarks will cut rates nationwide by some $ 1 billion.

The Internal Revenue Service has ruled that Cablevision Systems Corp. can spin off Rainbow Programming without creating a taxable event for Cablevision, Rainbow or stockholders. Rainbow manages 14 programming networks, including American Movie Classics and Bravo.

Goldstar Entertainment has signed with Turner Home Entertainment to license the Hanna-Barbera Bible series “The Greatest Adventures From the Bible.” Goldstar, a division of Camelot Corp. of Dallas, will market the series through supermarkets and drug chains in the U.S. and Canada.

Graff Pay-Per-View Inc. signed a letter of intent with Philips Media to explore a pay-per-view venture in Europe. Graff is an independent PPV programmer and network operator.

Image Entertainment of Chatsworth will release Roger Corman’s “Carnosaur” on laserdisc under exclusive licensing deal with New Horizons Home Video.

Video Jukebox Network will begin national satellite distribution of the Jukebox channel under a pending deal with StarNet/CEA II Partners. With stock buy and conversion of a note, StarNet would control about 60% of Video Jukebox’s outstanding shares.

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