NEW YORK – Time Warner Inc. is to replace $300 million in expensive public bonds, originally issued by Cablevision Industries Corp. before its acquisition by Time Warner earlier this year, with lower-cost debt, the company said Thursday.
The move is part of a longrunning effort by the entertainment giant to reduce the cost of its debt. Time Warner stock closed up 25¢ to $38.
NEW YORK – NBC’s parent General Electric raised its quarterly dividend 13% to 52¢ a share Thursday and also announced an increase in its share buyback program from $9 billion to $13 billion, extended through 1998. GE said it had repurchased $6.3 billion worth of its stock in the past two years.
NEW YORK (Dow Jones) – Garry Geddis, president and chief operating officer, and Brian Woods, the top marketing executive of Viacom Inc.’s (VIA) Blockbuster Entertainment Group unit, have resigned.
Blockbuster said in a memo to employees that the two execs decided not to relocate to Dallas, where Blockbuster is moving its headquarters from Fort Lauderdale, Fla.
Tele-Communications Inc.’s Satellite Entertainment arm has sold one of its Tempo satellites to Telesat Canada, which plans to launch a direct broadcast satellite business in Canada.