Walt Disney Co. stock jumped 2 1/8 points to $ 39.25 Friday following a Prudential Securities upgrade to “buy” from “hold.” Prudential has a 12-month price target of 47 on the shares.
* * *Newscorp Overseas Ltd. will sell 10 million 8 5/8% guaranteed cumulative series-A preference shares, par value $ 25 apiece. Total price to the public will be $ 250 million. Parent News Corp. said the shares were underwritten by Merrill Lynch & Co. (lead manager), Allen & Co., Oppenheimer & Co., PaineWebber Inc., Prudential Securities Inc. and Shearson Lehman Brothers. The shares will be rated BBB- by Standard & Poor’s and B-1 by Moody’s.
* * *Heritage Media Corp., Dallas-based TV and radio station owner and operator, has converted class-B common stock, which had supervoting rights, into class-A common stock, which carries one vote per share. Company’s non-voting class-C shares can be converted into class-A shares one for one.
* * *Pennsylvania-based Adelphia Communications Corp., the country’s 13th largest cable operator, said an exchange offer of $ 130 million in principal of registered 9 7/8% series B senior debentures due 2005 expired July 16, in accordance with its terms. Adelphia has accepted the tender of $ 130 million in aggregate principal amount of old debentures. New debentures will bear annual interest at 9 7/8% from July 22. On Sept. 1, holders of old debentures will receive cash for accrued interest on the old debentures through July 21.
* * *E.W. Scripps Co. is almost completely out of the radio business after agreeing tosell Baltimore radio station WVRT-FM to privately held Capitol Broadcasting Co. of Raleigh, N.C., for about $ 9.8 million. E.W. Scripps is in talks to sell its last radio station, KUPL-AM/FM, and expects to reach a final agreement on the Portland, Ore., station “in the near future.”
* * *American firm AEI Music Network Inc. has bought Rediffusion Music of the U.K. and Germany’s Reditune for T18 million ($ 27.2 million) from U.K.-based conglomerate BET PLC.
* * *Gaylord Entertainment Co. posted net income of $ 13.4 million (32 cents a share) for the second quarter, ended June 30, up 13.5% from the period last year. Revenues were up 9.4% to $ 195.4 million.
* * *QVC Network has renewed its contract for the Joan Rivers Classics Collection of jewelry with Regal Communications and its unit, Joan Rivers Products Inc. QVC gets exclusive TV rights to market the collection in the U.K., Mexico, Canada and the U.S. The one-year pact is renewable for up to three years. The $ 25-$ 125 jewelry line has written up more than $ 45 million in orders since its fall 1990 debut.
* * *People’s Choice TV Corp. has completed its initial public offering of 2.5 million common shares at $ 10.50 apiece. The Bridgeport, Conn.-based company said it expects the $ 24 million in proceeds to be used to launch a system in Houston, repay debt and provide working capital.
* * *The New York Times posted a net income of $ 22.4 million (28 cents a share) for the second quarter, ended June 30, vs. $ 14 million in the comparable quarter. Revenues were up nearly 9% to $ 483.5 million. Last year’s profits included an $ 11 million (8 cents) pre-tax charge.
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