NEW YORK – SFX Broadcasting Inc. Tuesday said it expects to report revenues of more than $50 million for the fourth quarter ended Dec. 31, 1996, compared with $21.5 million a year ago.
The company expects to report revenues of about $143 million for the year, compared with $76 million for fiscal 1995.
SFX reported a loss of $593,000, or 9¢ a share, for the 1995 fourth quarter, and a loss of $4,396,000 (68¢) for fiscal 1995. The results reflect acquisition-related expenses of $1.4 million, and a $5 million charge related to the company’s estimated losses on the Texas Rangers broadcast rights from 1995 through 1998.
NEW YORK – The cable television companies that have joined Sprint Corp. in investing $3 billion so far in the Sprint PCS wireless telephone venture could be looking for Sprint to buy them out, analysts say.
Sprint is rumored to be talking to its three partners about a buyout that would give the phone company a majority stake in the high-profile venture that bears its name.
Sprint owns 40% of Sprint PCS, with Tele-Communications Inc. owning 30%, and Cox Communications Inc. and Comcast Corp. each having 15%.
Shaw Communications Inc. said revenue from its cable television operations rose 5.9% in the latest year to C$130 million, compared with a year earlier. The figures have been adjusted to reflect the cable systems that were sold in 1996, Shaw noted.
The company said it had 1,482,083 basic service cable subscribers and 1,315,387 full service cable subscribers at Nov. 30. It noted that there were 153,381 pay television subscribers at Nov. 30.
The company said it had 115,552 paging subscribers at Nov. 30, up from 96,571 a year earlier.
DALLAS – Heritage Media Corp. Tuesday said it agreed to acquire an FM radio station in the Kansas City market from Milwaukee-based Journal Broadcast Group Inc. in exchange for Heritage’s two FM stations serving Knoxville, Tenn.
The stations involved in the exchange are Journal’s KQRC-FM Kansas City and Heritage’s WMYU-FM and WWST-FM Knoxville.