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24th of May 1994 News
Nyheter slik de dukket opp på forsiden av New York Times på 24. mai 1994
New Paper to Vie for Readers on Capitol Hill
Date: 25 May 1994
By William Glaberson
William Glaberson
A company that publishes community newspapers in the New York metropolitan area said yesterday that it would begin a small Capitol Hill newspaper war by starting a weekly to compete with Roll Call, the twice-weekly publication that bills itself as the hometown paper for Congress and Congress watchers. The new paper, tentatively called The Hill, is to be published by News Communications Inc., a New York City company with more than 20 community newspapers in Manhattan, Queens and the New York City suburbs.
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Rule Is Eased For Reporters At World Cup
Date: 24 May 1994
By William Glaberson
William Glaberson
The organizing committee of the World Cup soccer championship yesterday withdrew its demand that reporters who want to cover the matches sign waivers authorizing law-enforcement agencies to provide any information they might have about the reporters. A dispute over the demand had jeopardized coverage of the World Cup, which will begin on June 17. Representatives of some news organizations had said the waivers would violate reporters' right to privacy, and they had indicated that they might not cover the World Cup if the committee insisted on them.
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THE MEDIA BUSINESS: Market Place; TV Stocks Are Punished for Murdoch's Move
Date: 25 May 1994
By Floyd Norris
Floyd Norris
Rupert Murdoch has cast a vote of confidence in the future of network television. But you wouldn't suspect that from the reaction of the stock market. CBS's stock was a big loser again yesterday, in the wake of the stunning move by the Fox Network, which is controlled by Mr. Murdoch's News Corporation, to spend $500 million to get 12 stations to convert to Fox affiliations.
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Citizens Financial Deal
Date: 24 May 1994
By Bloomberg News
Bloomberg News
The Royal Bank of Scotland P.L.C. said today that Citizens Financial Group, the bank's United States unit, had bought seven branches of the Coastal Federal Savings Bank from the Resolution Trust Corporation for $10.7 million in cash.
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TELE-COMMUNICATIONS TO INVEST $165 MILLION IN JAPAN
Date: 25 May 1994
By Bloomberg News
Bloomberg News
Tele-Communications Inc., making a big push into Japan, announced yesterday that it would invest $165 million in two cable-television joint projects with the Sumitomo Corporation's Media Business division. Tele-Communications and Sumitomo plan to invest a total of $500 million in the venture, with Sumitomo taking a 67 percent stake. Telecommunications will take the rest and will be allowed to increase its share to 40 percent when Japanese regulations permit. About eight million homes in Japan are wired for cable.
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SHARES OF FORE SYSTEMS SURGE IN INITIAL OFFERING
Date: 25 May 1994
By Bloomberg News
Bloomberg News
Shares of Fore Systems Inc., which began trading yesterday, jumped 48 percent after they were sold above their expected price range. The stock closed at $23.625, well above its initial public offering price of $16. Volume was more than 3.63 million shares, making Fore Systems the seventh-most-active issue in Nasdaq trading. The company had originally intended to sell its shares in the range of $12 to $14. Fore Systems, based in Warrendale, Pa., makes products that integrate a local area computer network, like a network within a single office, with wide area networks, like ones connecting several offices.
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SYNETIC SEEKING TO REPURCHASE SHARES FROM MERCK
Date: 24 May 1994
By Bloomberg News
Bloomberg News
Synetic Inc. said yesterday that it was negotiating the repurchase of Merck & Company's 58.7 percent stake in the company, possibly in conjunction with Martin J. Wygod, the chairman of Synetic. Merck, based in Whitehouse Station, N.J., acquired the Synetic stake when it purchased Medco Containment Services Inc. for $6 billion last year. Mr. Wygod is the chairman of Medco and is also the head of Merck's North American prescription drug business. Synetic, a maker of plastic products based in Montvale, N.J., said it was discussing the purchase of all 10.3 million shares held by Merck. The stock of Synetic fell 75 cents yesterday, to $13.375, in Nasdaq trading, making the Merck stake worth about $137 million.
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FORTUNE BANCORP HOLDERS APPROVE SALE TO AMSOUTH
Date: 24 May 1994
By Bloomberg News
Bloomberg News
Fortune Bancorp Inc. of Clearwater, Fla., said yesterday that its shareholders had approved its acquisition by AmSouth Bancorp of Birmingham, Ala., for $287.5 million in stock and cash. Fortune Bancorp has $2.7 billion in assets and 46 offices in Florida. AmSouth has $13.2 billion in assets and 283 offices in Florida, Alabama, Tennessee and Georgia. Under the 1993 agreement, each Fortune common share will be exchanged for about $34.25 in cash and AmSouth stock, based on an AmSouth share price of $31.80. AmSouth shares rose 37.5 cents yesterday, to $31.75, on the New York Stock Exchange. Fortune shares fell 12.5 cents, to $33.125, in Nasdaq trading. The companies said they expected to complete the merger on June 23.
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Lotus Buying Developer Of Its Notes Software
Date: 24 May 1994
By Bloomberg News
Bloomberg News
The Lotus Development Corporation said today that it had agreed to acquire Iris Associates, the company that developed Lotus's Notes communications product. The purchase will be made with Lotus stock valued at $84 million. Shares of Lotus had been climbing in recent days, and a spokesman for the company said Lotus knew of no reason other than the acquisition for the activity.
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WACKENHUT PLANS A PUBLIC OFFERING FOR ITS PRISONS UNIT
Date: 25 May 1994
By Bloomberg News
Bloomberg News
The Wackenhut Corporation, the investigative and securities services company based in Coral Gables, Fla., plans to sell 27.6 percent of its prisons unit in an initial public offering. The Wackenhut Corrections Corporation plans to sell 1.68 million shares at a price between $11 and $13 a share, according to a filing with the Securities and Exchange Commission. There will be 7.7 million Wackenhut Corrections shares outstanding after the offering, 72.4 percent of which will be owned by the parent company. Wackenhut's founder, George R. Wackenhut, will still control the unit. Wackenhut Corrections develops and manages prison and jails in the United States, Britain and Australia.
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