The Walt Disney Co. said it will invest $ 1 million in a black-owned bank that serves South Central Los Angeles. With the investment, Family Savings Bank’s capital will rise by 13.3% to more than $ 8 million, said Wayne-Kent Bradshaw, bank president and CEO.
Family Savings has branches in Compton and Pasadena. It is owned by Opportunity Funding Corp. Inc., based in Washington, D.C.
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Home Shopping Network Inc. is redeeming all of its outstanding 5.5% convertible subordinated debentures. HSN said the debentures will be redeemed on May 11 at a price equal to 101.83% of the principal balance plus accrued interest. The outstanding principal balance of the debentures is $ 16,915,000.
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Times Mirror Co. said it is discussing possible “transactions” involving its television stations in Dallas, St. Louis, Birmingham, Ala., and Austin, Texas. The company declined to identify the other parties involved and said no agreements have been reached. One source said potential buyers include Bob Marbut, former president and CEO of Harte-Hanks Communications Inc. of San Antonio. The source said the asking price was in the range of $ 300 million to $ 400 million.
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Dion Entertainment Corp. said its shares will be consolidated on a 1-for-10 basis. The company said its shareholders approved the share consolidation on March 4 and the shares will trade on a consolidated basis on the Toronto Stock Exchange.
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Researchers at Sony Corp. said that new technology allows a 2.5-inch hard disk drive for a laptop computer to hold as much as 1.5 billion bytes of data but cost less than a current disk drive holding 80 megabytes. Commercial production of the disks is expected to start in about two years, the company said.