Infinity Broadcasting reported net income of $ 5.7 million (31 cents a share) for the second quarter, up more than fourfold from $ 1.2 million (7 cents) in the same period last year. Revenues were up 32.5% to $ 53 million.
The company’s shares jumped three points, or 6.5%, to close at $ 49.
Despite a downgrading from “buy” to “hold” by Wall Street analyst S.G. Warburg & Co., King World Prods. saw an increase in its stock price. Warburg, which expects King World’s operating earnings to be flat over the next two years , based its rating change on the stock’s price relative to its growth rate. In fiscal 1992 ended Aug. 31, the company posted earnings of $ 2.43 a share, or $ 20.7 million. Warburg also notes that King World shares have risen 12% over the last two weeks. King World closed up 3/4, or 2%, at $ 37.50 on a volume of 227, 700 shares, compared with average daily volume of 64,400.
BroadBand Technologies Inc. of North Carolina has pacted with a Philips NV unit and Compression Labs Inc. to develop technology to turn TV into interactive video services for telcos. They will develop encoding and decoding technologies and network interface capabilities to hook up televisions to fiber-optic lines. Companies expect to deliver the wares by the second half of 1994.