Advertisement

Archive for Wednesday, April 7, 1999

BUSINESS BRIEFCASE FOR WEDNESDAY

April 7, 1999

Advertisement

BMG and Universal

to make announcement

BMG and Universal, two of the world's five leading music companies, are set to participate today in what is being heralded as a "major Internet announcement in the media business," sources said.

Both companies declined comment.

A news conference is scheduled in New York City involving chief executives of several unidentified companies, according to a public relations firm that is hosting the event.

Earlier, America Online Inc. said it had no plans to make an announcement, dispelling stock market speculation it was involved in the planned announcement. Earlier, CBS Corp. shares had climbed 4.3 percent to an all-time high on talk it was being acquired by AOL.

News Corp. snaps up

Fox Sports and FX

Adding to a burgeoning U.S. media empire, Rupert Murdoch's News Corp. is paying $1.4 billion to take full control of two cable television channels, Fox Sports Net and the entertainment channel FX.

The Australian magnate's deal with Liberty Media Group, a company controlled by AT&T Corp. and headed by cable magnate John Malone, will also increase News Corp.'s indirect ownership of two New York sports teams, basketball's Knicks and hockey's Rangers.

APAC earnings fall;

Nasdaq to review listing

APAC TeleServices Inc., which reported a widened loss for fiscal year 1998, said Nasdaq would review the company's continued listing.

The telemarketer said Nasdaq made the decision as the company's stock price has been below $5 per share for more than 30 days.

Shares of APAC fell 15 percent to $2.97 after the company reported a fiscal year net loss of $79.3 million, or $1.63 per share, compared with a net loss of $1.2 million, or 3 cents per share, a year ago.

Last spring, Illinois-based APAC purchased ITI Marketing Services Inc., which has had telemarketing operations in Lawrence since 1996.

Gillette shaves Dow

Gillette Corp. provided the latest sobering influence for a giddy stock market, sending prices lower with a warning it will fall short of analysts' expectations for first-quarter earnings. Gillette's announcement deflated the rally that sent the Dow Jones industrial average to a record Monday.

The Dow fell 43.84 points to close at 9,963.49. The Nasdaq eked out another record, climbing to 2,565.17.

Commenting has been disabled for this item.