With a Sale, Murdoch Will End Direct-Broadcast Bid
Date: 12 June 1997
By Seth Schiesel
Seth Schiesel
Rupert Murdoch strikes $1.1 billion agreement with consortium of big cable television operators that will remove Murdoch's News Corp from active role in America's direct-broadcast satellite market; Murdoch's decision to buy Pat Robertson's Family Channel and his removal from direct-broadcast satellite market marks return to emphasis on television programming for Murdoch after his bid to develop his own North American television distribution system ends in defeat; American Sky Broadcasting, which is 80 percent owned by News Corp and 20 percent owned by MCI Communications Corp, agrees to sell its two satellites and their accompanying orbital slots over North America to Primestar Partners; Primestar, nation's number two direct-broadcasting satellite service with about 1.8 million customers, is partnership headed by Tele-Communications Inc and Time Warner Inc; Primestar says it intends to become a corporation, Primestar Inc (L)
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In Yiddish Or English, A Valued Voice
Date: 11 June 1997
By David Gonzalez
David Gonzalez
David Gonzalez About New York column on The Jewish Daily Forward; notes that newspaper is celebrating its 100th anniversary in 1997; says English version that began publishing in 1990 is aimed at children of immigrants who grew up with old Forward; says Russian-language edition serves thousands of new immigrants (M)
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Murdoch Set To Buy Family Cable Concern
Date: 12 June 1997
By Geraldine Fabrikant
Geraldine Fabrikant
Rupert Mudoch's News Corp agrees to pay $1.9 billion to acquire Family Channel, cable channel controlled by Pat Robertson, religious-right purveyor of The 700 Club Christian talk show, family-oriented movies and reruns of wholesome programming; analysts say whatever Murdoch's plans for spicing up Robertson's Family Channel, he must take care not to totally alienate viewership that has turned the operation into nation's ninth-largest cable network, reaching 67 million homes; Murdoch, whose Fox Kids Worldwide Inc unit of News Corp is acquiring Robertson-controlled holding company, International Family Entertainment Inc, is intent on expanding into cable programming and vying with other family-oriented programmers; table (L)
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JONES INTERCABLE SELLS CABLE AND WIRELESS STAKE
Date: 11 June 1997
By Bloomberg News
Bloomberg News
Jones Intercable Inc sells more than 25 million shares of Cable and Wireless Communications PLC to reduce debt of $329 million; terms undisclosed (S)
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ASCEND SHARES SLIDE ON A DELAY IN PRODUCT SHIPMENTS
Date: 11 June 1997
By Bloomberg News
Bloomberg News
Ascend Communications stock falls $6.25, to $41.375, on concern that software problem in chip in its Max networking products line might cause it to miss second-quarter revenue targets; shares of Cascade Communications Corp, which Ascend is acquiring, fall $4.3125, to $28.5625 (S)
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WACHOVIA TO BUY VIRGINIA BANK FOR $542 MILLION
Date: 11 June 1997
By Bloomberg News
Bloomberg News
Wachovia Corp, making its long-awaited expansion into Virginia, agrees to acquire Jefferson Bankshares Inc for $542 million in stock (S)
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$360 MILLION SWAP TO SEND NUMAR TO HALLIBURTON
Date: 11 June 1997
By Bloomberg News
Bloomberg News
Halliburton Co agrees to buy Numar Corp in stock swap valued at $360 million (S)
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INCO TO SELL UNIT FOR CASH TO DEVELOP NICKEL DEPOSIT
Date: 12 June 1997
By Bloomberg News
Bloomberg News
Inco Ltd agrees to sell its Alloys International unit to Blackstone Group LP for $410 million, raising money to develop its Voisey's Bay nickel deposit on eastern coast of Canada (S)
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INVESTORS SELL 6% STAKE IN MCKESSON FOR $216 MILLION
Date: 12 June 1997
By Bloomberg News
Bloomberg News
McKesson Corp says Kelso Investment Partners IV LLP, affiliate of Kelso & Co, and other investors have sold 6 percent stake of McKesson they acquired as result of company's acquisition of General Medical Inc in February; McKesson is largest US supplier and distributor of drugs and health care supplies (S)
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OIL DRILLER'S STOCK RISES AFTER $997 MILLION DEBUT
Date: 11 June 1997
By Bloomberg News
Bloomberg News
Shares of Santa Fe International Corp rise more than 10 percent above offering price in their first day of trading; company's $997.5 million initial public offering is largest offering so far this year; Dallas-based oil-drilling company is unit of Kuwait's state oil company, Kuwait Petroleum Corp (S)
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