Revenue shot up and losses fell at Intl. Cablecasting Technologies Inc., as the music programming service built up its business. For the quarter ended Sept. 30, the company lost $ 4.7 million, or 15 cents a share, compared to a loss of $ 5.7 million, or 19 cents a share, in the like period a year ago.
Revenue was $ 1.7 million, up from $ 493,463. For the year, ICT lost $ 16.4 million, or 52 cents a share, compared to a net loss of $ 26.4 million, or 90 cents, in fiscal 1992. Revenue was $ 4.8 million, up from $ 773,861.
* * *
Sega Channel has signed three cable operators to launch the videogame channel even before it completes a three month test. MetroVision in Atlanta, National Cable Television Cooperative in Lenexa, Kan., and Sammons Communications in Dallas each agreed to put Sega in its line-up next summer. Terms were not disclosed, though a Sega spokeswoman said that the company received a “standard premium rate channel contract.” The Sega Channel — a joint venture with Sega of America Inc., Tele-Communications Inc. and Time Warner Entertainment Co. — will allow subscribers to play video games through an adapter that hooks up to a cable converter box.
* * *
American Telecasting Inc. completed its initial public offering of 3 million common shares at $ 18 each and acquired a group of wireless cable television systems in 11 markets Dec. 10. The offering was managed by Alex, Brown & Sons Inc., Bear, Stearns & Co. Inc. and Montgomery Securities.
* * *
Marvel Entertainment Group Inc. Monday announced that multimedia entertainment entrepreneur Quincy Jones has joined its board of directors. Jones is CEO of Quincy Jones David Salzman Entertainment, a multimedia entertainment firm; chairman of Qwest Records; and president and CEO of Quincy Jones Prods.