Financial Briefs

Korey, Kay & Partners of New York beat out Interpublic Group’s Lowe & Partners and Grey Advertising’s Grey Entertainment group for the estimated $ 3 million Comedy Central account. The Time Warner and Viacom joint venture cable network’s account had been handled by Schnurr & Jackson of Troy, N.Y.

A $ 1 billion, three-part issue of Continental Cablevision Inc. debt was priced by underwriters led by Morgan Stanley & Co., according to MCM CorporateWatch. First, $ 200 million of non-callable senior notes due Sept. 15, 2001, was priced at par to yield 8.5%; gross spread is $ 17.50. Second, $ 275 million of non-callable senior debentures due Sept. 15, 2005, was priced at par to yield 8.875%; $ 18.125 gross spread. Third, $ 525 million of senior debentures due Aug. 1, 2013, was priced at par to yield 9.5%; debentures callable after 12 years, and gross spread is $ 18.75. All parts are rated Ba2 by Moody’s Investors Service and BB– by Standard & Poor’s.

Walt Disney Co. has filed a registration with the Securities & Exchange Commission for $ 1 billion in new debt. It replaces a shelf registration from 1990. According to the filing, the funds will be used for general corporate purposes.

Fujitsu Ltd. says its new 3-D graphics accelerator will greatly speed up production of high-quality computer animation. The AG-1600 model will be available in late August for $ 125,000, Fujitsu said. The graphics accelerators in its AG series are the fastest in the world and can process up to 8 million shapes a second, allowing for creation of photograph-like images and smoother motion. Most high-quality computer animation must be created frame by frame and captured on videotape. Fujitsu said its accelerators, installed in a workstation computer, can create 3-D images with little time delay.

Home Shopping Network Inc. has created a new subsidiary, HSN Products Inc., and named Jeff Gentry president. The subsid is expected to support the company’s core business, Home Shopping Club Inc., by expanding product development and selection of merchandise. Joseph Isola, who retired in 1991, has returned to HSN and will succeed Gentry as senior VP in charge of purchasing for the Home Shopping Club.

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