Financial Briefs

Continental Cablevision Inc. said revenues increased 7% to $ 287.5 million in the first quarter, ended March 31, compared with the same period in 1992. In addition, earnings before depreciation, amortization and non-cash stock compensation increased 11% to $ 129.5 million. Company said basic subscribers increased 2% to 2,898,000 from 2,840,000. Interest expense decreased 13% to $ 64 ,470,000 due to a reduction in indebtedness of $ 351,061,000 and lower effective interest rates. Capital expenditures for the quarter increased about 23% to $ 39 ,746,000.

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CNN and Telemundo Group Inc. are ending their partnership to generate Spanish-language news broadcasts, the Wall Street Journal reported. Telemundo, based in New York, said it will produce its own twice-daily newscast to replace the special Spanish-language CNN newscasts it has received since 1988. Telemundo said it will use a Reuters TV feed in addition to its own staff. Telemundo plans to produce its newscasts from Miami when its contract with CNN expires May 31.

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Disneyland’s proposed $ 3 billion expansion, approved 7-0 by the Anaheim planning commission, awaits city council hearings on the proposal in June. The Walt Disney Co. wants to build new attractions, hotels and shops on what currently is Disneyland’s parking lot.

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Bell Atlantic Corp. has asked the FCC to dismiss a request by cablers to suspend all applications for video dialtone service until regulations governing local phone companies are overhauled. The petition was filed by the National Cable Television Assn. and the Consumer Federation of America. Bell said the issue isn’t whether additional regulations should be imposed on telcos “to cable’s competitive advantage” but to impose the same rules on both industries.

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AT&T signed a three-year, $ 15 million contract to provide long-distance, data-communications service to CBS Inc. MCI Communications Corp previously held the contract.

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Heritage Media Corp. of Dallas, which owns and operates two radio stations in Rochester, N.Y., has agreed to acquire a third, pending FCC approval. Heritage said the addition of WKLX will increase its market share to over 20%.

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Programmer ACTV Inc. posted a net loss of $ 518,232 (11 cents a share) for the first quarter, vs. a net loss of $ 763,240 (18 cents) last year. Revenues were down 12% to $ 137,817, and company cited formation of ACTV Interactive, a joint venture with Washington Post Co.

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Western Publishing Co. has entered a licensing agreement through 1997 with the Walt Disney Co. The renewal of existing mass market formats continues a seven-decade relationship.

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Burbank-based Matthews Studio Equipment Group’s Hollywood Rental Co. unit has completed a joint venture agreement with Trata Films of Mexico City to provide rental equipment for production companies in Mexico.

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Live Entertainment of Canada Inc. has completed an initial public offering of 3,333,500 common shares at $ C9 a share to raise gross proceeds of about $ C30 million. Net proceeds of about $ C27 million will be used primarily to reduce term debt and to increase working capital.

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