Financial Briefs

Saga Communications Inc. of Michigan said it has signed a letter of intent to purchase radio stations WYNZ AM/FM in Portland, Maine, its second set of AM/FM stations in the city, from Buckley Broadcasting Corp. Saga said it intends to pursue such opportunities amid relaxation of the Federal Communications Commission restrictions on station ownership in the same geographic market.

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Telus Corp. of Canada will invest about $ C126 million ($ 99 million) in a partnership agreement with privately owned CUC Broadcasting Ltd. to develop cable TV and telephone operations in franchise areas near London.

British regs allow “bundling” of cable and telephone services, and these services can be offered by one company, Telus said.

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IDB Communications Group Inc. filed for a proposed offering of 1 million common shares with the Securities & Exchange Commission. The Culver City-based satellite service said the proceeds will be used to repurchase and repay its 13% senior subordinated notes due 1998. At the current price, the offering would raise nearly $ 30 million. The underwriters for the offering are Hambrecht & Quist Inc. and Sutro & Co. Inc.

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