News Corp. announced completion of its new $ 3 billion revolving credit facility through a group of 27 banks in Australia, Europe and the U.S., said to be final step in company’s plan to strengthen its financial condition. Since 1991, bank debt has been reduced from more than $ 9 billion, or 90% of total debt, to less than $ 2.2 billion, or under 35%. Average life of its debt maturity has been extended from under three years to over eight. The new facility has a final maturity of June 30, 1999. Proceeds will go to repaying all borrowings under the company’s two principal bank facilities.
* * *U S West Inc. has named Tom Pardun president and chief executive of its Multimedia Communications Group, formed to coincide with Monday’s alliance with Time Warner Inc.’s entertainment unit. Chairman Richard McCormick said the new unit “will involve U S West in numerous partnerships and alliances in cable/telephone, entertainment and information services.” Pardun had been in charge of large business and government services for U S West’s telephone unit. He previously worked for Sprint Corp. and IBM Corp.
* * *Paramount Communications Inc. has purchased the remaining 80% stake in Canada’s Wonderland Inc. theme park, outside Toronto. Paramount bought 20% last August in $ 400 million deal with Kings Entertainment that included four other parks.
* * *Independent Entertainment Group Inc. of Sherman Oaks said it expects restructuring to result in profitable earnings in the third quarter and reduce annual operational expenses by $ 1 million.
* * *Euro Disney SCA said consolidated revenues in the first half of fiscal 1993 were down 41.6% to 1.794 billion francs from the same period a year ago. Euro Disney’s fiscal year ends Sept. 30. The company made the announcement in a required standard legal filing.
* * *Interactive Network Inc. posted a net loss of $ 4.1 million (48 cents a share) for the first quarter. That compares to a net loss of $ 3 million (43 cents) in the same period last year. Revenues were up to $ 229,000 from $ 37,000 . INI of Mountain View is one of two programmers for interactive TV. Tele-Communications Inc. and NBC are among its investors.