The British Broadcasting Corp. World Service Television has been included in previously reported negotiations between Telemundo Group and Reuters Television to create a 24-hour Spanish-language television news org (Daily Variety, May 24 ). Discussions are aimed at establishing a service beamed from Miami to cable and broadcast stations reaching Latin America, Spain and the United States. Telemundo wants to launch the project by year’s end.
AMC Entertainment Inc. has acquired the remaining 50% interest in Exhibition Enterprises Partnership from TPI Entertainment Inc. The Kansas City-based exhibitor purchased the interest for $ 17.5 million in cash and retirement of its bank debt. Deal gives AMC 60 more theaters with screens in Washington, D.C., Florida, Georgia, Kansas, Maryland, Missouri and Virginia.
Warner Communications Inc., a unit of Time Warner Inc., on Aug. 18 will redeem its 6% convertible senior subordinated debentures due Aug. 18, 2001. Chase Manhattan Bank, New York, is paying agent.
TCI and Lenfest Group, an investment group based in Pottstown, Pa., have completed an initial investment of $ 10 million in French cabler Videopole. Companies now jointly own about 30% of Videopole. Majority owner is a unit of Electricite de France.
Liberty Media Corp. now controls 70% of Home Shopping Network. The cable programmer received 23,257,850 shares by its Liberty Program Investments Inc. unit after making a bid to increase its stake in the shopping channel last April at $ 7 a share (Daily Variety, April 20).
First National Film Corp. shares dropped 36% after its movie “Happily Ever After” opened to unflattering reviews. First National was betting heavily on the animated movie to help the company post its first profit since its inception in 1990. The movie grossed about $ 1.8 million at the box office in its opening weekend. Company stock, which set a high of 913/16 April 13, hit a new low of 23 /4 Tuesday.
Eastman Kodak has introduced a portable photo CD player that will allow users to play both photo CD discs and audio CD discs anywhere there is a television. The Kodak Photo CD Portable Player, PCD 970, is a full-featured audio CD player roughly the size and weight of a VHS videocassette. Kodak said the unit will be shipped to retail outlets this fall and carry a suggested $ 449 price.
Tee-Comm Electronics Inc. said its Direct Broadcast Satellite service, the first made in Canada, will offer Canadian viewers up to 150 channels of TV programming using digital video compression. It will begin marketing this new advanced digital system within a year.
Prodigy Services Co. said Friday it plans to form an alliance with the Sierra Network, a California-based online games service. Subscribers of the Prodigy computer service would have access to sophisticated, multiplayer games that are the chief product on Sierra Network. There will be flat-rate and time-based charges for users. In addition, the two companies plan to jointly develop and market new products.