Chronicle Publishing Co. has decided to put its cable television division up for sale, two San Francisco newspapers reported. The board of the privately held company plans to sell the division, Western Communications, for about $ 750 million, the San Francisco Chronicle said.
The paper, which is part of Chronicle Publishing Co., cited unidentified sources. Western Communications, based in San Francisco, is the nation’s 33 rd-largest cable operator.
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Nearly 14,000 Pacific Bell management employees will have their salaries frozen while the company tries to become leaner and more competitive. PacBell spokesman Dana Pascoe said there could be a fresh round of job cuts in addition to a staff reduction of 1,500 that has been in the works for several years. The move comes amid PacBell’s involvement in ambitious new projects, including a $ 16 billion plan to build a fiber-optic network spanning the state.