Moody’s Investors Service Inc. assigned a Ba2 rating to senior notes due 2012 issued by Time Warner Entertainment Co. Moody’s also assigned a not-prime short-term rating to TWE for its recently established $ 500 million U.S. commercial paper program. Moody’s said the ratings were based on the highly leveraged consolidated capital structure and heavy fixed charge burden of Time Warner Inc., and the lack of real insulation of TWE from its major shareholder and general partner, TWI.
IDB Communications Group Inc., the satellite transmission service, noted that one of its largest shareholders, Teleglobe Inc., recently sold its remaining shares in the company. Teleglobe invested in IDB as a temporary measure to assist IDB in launching a 50/50 joint venture by the two companies. The joint venture, IDBA, has since been launched and “is doing well,” a Teleglobe spokeswoman said, so Teleglobe decided to sell its remaining stake in IDB.
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While interactive TV’s two top players turned in negative results for the third quarter, both are showing dramatic sales gains. The fledgling industry’s leaders, NTN Communications Inc. and Interactive Network Inc., both posted net losses as they continue to spend money on new programming and building their sales networks. NTN, which is based in Carlsbad, reported a net loss of $ 658, 536 (6 cents a share) for the period, compared to a $ 74,818 (1 cents) net loss for the comparable quarter last year. Revenues were up 80% to $ 866,735 for the quarter.
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Todd-AO Corp. posted net income of $ 2.3 million (28 cents a share) for fiscal 1992, ended August 31, a 20% drop from last year. Revenues for the year were $ 28.2 million, down 1.1% from the prior year. For the third quarter, Todd posted a net gain of $ 212,000 (3 cents), a 34% drop from the comparable quarter. Revenues were up 12% to $ 6.4 million.