Fitch Investors Service Inc. has assigned a rating of BBB- to Time Warner Entertainment Co. LP’s $ 2 billion senior shelf. “The rating considers the company’s strong cash flow generating ability and the diversity of its media assets.The rating also acknowledges modest interest coverage and high leverage,” Fitch said.
* * *Direct-to-home satellite TV pay-per-view service TVN Entertainment has partnered with Warner Bros. to offer cable operators additional weeks of the studio’s top-grossing movies. Starting in April, cable operators will be able to pick up the signal, which will be programmed in a “continuous-hit” format and sell the channel on a pay-per-view basis to subscribers. Each movie will run for four weeks starting with “Demolition Man.”
* * *Home Shopping Network Inc., Tele-Communications Inc. and Sumitomo Corp. signed a letter of intent to establish a television shopping business in Japan.