Financial Briefs

Iwerks Entertainment has signed an agreement to build simulated-motion theaters for the family entertainment centers being developed by Blockbuster Entertainment. Iwerks will also develop and produce films for exclusive use at the Blockbuster complexes, whose locations and opening dates have not been announced. Iwerks stock rose $ 2.25 per share to $ 24.50 Tuesday.

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Fourth-quarter losses doubled at Interactive Network Inc. though revenue grew as the young company continued to develop its marketing and increase subscribers. For the quarter, Interactive lost $ 11.2 million (83 cents), compared to a loss of $ 5.4 million (69 cents) in the like period a year ago. Revenue was $ 548,000, up from $ 294,000. For the year, the company lost $ 24.8 million ($ 2.32), compared to a loss of $ 16.7 million ($ 2.27) in 1992. Revenue was $ 1.1 million, up from $ 530,000.

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Fourth-quarter losses at Granite Broadcasting Corp. grew as the company absorbed large programming costs from an acquisition and a one-time charge for repaying bank debt prior to its maturity. For the quarter, Granite lost $ 1.7 million (43 cents), compared to a loss of $ 889,000 (20 cents) in the like period a year ago. Revenue was $ 10.4 million, up from $ 9.5 million. For the year, the company lost $ 5 million ($ 1.21), compared to a loss of $ 10.5 million ($ 2.63) in 1992. Revenue was $ 37.5 million, up from $ 36 million.

Though revenues nearly tripled, first-quarter losses grew at Intl. Cablecasting Technologies Inc., which provides digital audio service over cable lines. For the quarter, the company lost $ 4.2 million (13 cents), compared to a loss of $ 3.5 million (11 cents) in the like period a year ago. Revenue was $ 2 million, up from $ 730,359.

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Infinity Broadcasting Corp. completed the acquisition of Los Angeles radio station KRTH-FM for about $ 116 million.

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Multimedia Inc. will spend $ 250 million over five years to upgrade its cable operations to handle interactive multimedia. The Greenville, S.C., cabler said it will spend $ 45 million in each of the next two years replacing coaxial wire with fiber optics. Customers will receive up to 110 channels compared to the current average of 40 channels on its systems. The remaining money will be spent on digital compression technology and interactive set-top boxes. Separately, the company said it swapped customers with Tele-Communications Inc., picking up 50, 000 subscribers in Wichita, Kan., in exchange for 39,000 Multimedia customers in Illinois and Oklahoma as well as an undisclosed amount of cash.

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Laser-Pacific Media Corp. is closing its New York post-production facility, Laser-Edit East, blaming poor performance. The company said it will concentrate on Hollywood-based television program production and digital video compression.

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