BET Holdings Inc. posted a net income of $ 3.7 million (18 cents a share) for the third fiscal quarter that ended April 30, compared with a net profit of $ 3. 5 million (17 cents) in the same period last year. Revenues were up 16.25% to $ 18.6 million. The cable programmer said it achieved its goal of adding two million subscribers for its Black Entertainment Television network three months ahead of schedule.
Standard & Poor’s upgraded its rating on CBS Inc.’s $ 400 million senior debt to A from A- based on balance-sheet improvement from the recent conversion of $ 390 million subordinated debt into equity, coupled with prospects for strengthening earnings and cash flow at the CBS Television Network. S&P said: “The stable ratings outlook reflects revenue and cost restructuring opportunities arising from favorable regulatory decisions regarding network programming production and syndication.”
Walt Disney Co. has granted rights to Salem Sportswear Corp. of Hudson, N.H. , to reproduce licensed material associated with the movies “Snow White and the Seven Dwarfs” and “Nightmare Before Christmas” and the TV series “Dinosaurs.” Salem said this is the first license agreement between the two companies. The rights are non-exclusive.
Time Warner Inc. has teamed with cabler Vision Cable Communications of Charlotte, N.C., to launch a competitive telephone access service. Vision Cable is owned by Newhouse Broadcasting Corp. Time Warner, which owns a cable system in Charlotte, has created a similar venture in Columbus, Ohio, with MetroComm, a builder and operator of competitive telephone access networks.
Pulitzer Publishing Co. seeks government clearance to sell 1.5 million new shares of common stock to partially pay off debt it incurred acquiring TV stations WESH, Daytona, Fla., and KCCI-TV, Des Moines, Iowa, from H&C Communications Inc. When completed, the stock offering will raise the total common stock outstanding to 12.9 million shares. Pulitzer owns seven network-affiliated TV stations and two radio stations in eight states.