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Update
New York, NY 5/17/98--Viacom Inc. (Amex: VIA and VIAB) announced Sunday, May 17 that it has signed a definitive agreement to sell its educational, professional and reference publishing businesses to Pearson, Plc., for $4.6 billion. Viacom will retain its consumer operations including the Simon & Schuster name. Net after-tax cash proceeds from the transaction, which are estimated at about $3.8 billion, will be used to repay debt. In January, Viacom announced its intention to sell its non-consumer publishing operations as part of the Company's strategic program to focus on its core entertainment assets, deliver maximum value to its shareholders and strengthen its capital structure. The transaction is subject to customary reviews and is expected to be completed in he third quarter of 1998. The investment banking firm of Morgan Stanley & Co., Incorporated served as advisor to Viacomon the sale. In a separate transaction, Pearson has agreed to sell the professional and reference publishing business to Hicks, Muse, Tate & Furest Incorporated for $1 billion. Sumner M. Redstone, Chairman of the Board of Viacom Inc, said, The highly successful sale of our educational, professional and reference publishing operations enables us to convert the extraordinary value of theses businesses into a tangible benefit for our shareholders. This is an extremely significant step in our strategic goal to become an entertainment-driven enterprise with a strong balance sheet and significant free cash flow. We are particularly delighted to be selling our industry-leading educational operations to Pearson. Pearson understands the value of these businesses, and we are confident they will continue to grow and develop the assets to their full potential." Margjorie Scardino, Chief Executive of Pearson, Plc, said, " We are very pleased to be taking on these fine educational businesses. Combined with our complementary education company- AWL-- it will be an international education business of unbeatable quality." Viacom's educational, professional and reference publishing businesses, which are part of Viacom's Simon & Schuster unit, comprise the world's largest educational and computer book publishers. Simon & Schuster also is the leading provider of technology-based instructional curriculum, and encompasses major operations in reference and business and professional publishing. The operations have combined annual sales of approximately $2 billion. The businesses include operations in 43 countries and leading elementary, high school and higher education imprints such as Allyn & Bacon, Prentice Hall, Silver Burdett Ginn, Globe Fearon and Modern Curriculum. The group also includes reference, educational and business publisher, Macmillan, and international publishing operations, including Simon & Schuster Asia, Simon & Schuster Latin America, Simon & Schuster Australia, and Simon & Schuster Europe. Viacom's consumer publishing operations publish more tan 2,100 titles annually under 34 well-known trade, mass market, children's and new media imprints. The operation completed a record-setting year in 1997 with a total of 56 New York Times bestsellers, with 11 at number one. Angelas's Ashes, by Frank McCourt, published by the Company's Scribner imprint, won the National Book Critics Circle Award and the Publizer Prize for Biography in 1997. Altogether Viacom's consumer imprints have been honored with eight Pulitzers in the past ten years. Viacom consumer publishing imprints include Simon & Schuster Pocket Book, Scribner, The Free Press, Fireside, Touchstone, MTV Books, Nickelodeon Books, Star Trek, Simon & Schuster Children's Publishing and S&S Audio. Viacom Inc. is one of the world's largest entertainment and publishing companies and is a leading force in nearly every segment of the international media marketplace. The operations of Viacom include Blockbuster, MTV Networks, Paramount Pictures, Paramount Television, Paramount Parks, Showtime Networks, Simon & Schuster, television stations and movie screens in 12 countries. Viacom also owns about 80% of Spelling Entertainment Group, as well as a number of other holdings. Pearson is an international media group. Its major businesses are Addison Wesley Longman, a global educational publisher, selling books, multimedia and learning programs in major academic disciplines throughout the world; the Financial Times group, one of the world's most authoritative sources of general business news and analysis; the Penguin group, a leading global consumer publishing business; Pearson TV, a major independent international television producer, and more. Pearson also owns a 50% interest in The Economist Group, which publishes the Economist newspaper. Pearson employs 18,000 people in more than 50 countries, including 5,000 in the US where it made sales of nearly British pounds 1bn.
New York State
Shady Publishing Ring Thwarted BUFFALO, NY/ 5/13/98--A ring of fraudulent literary agencies, editorial services and publishers this month was ordered by the New York Supreme Court to stop defrauding unsuspecting writers and to pay cash restitution to every person who had their manuscript edited by a company called Edit Ink. The scheme, which spread from New York State to California, had reportedly netted the perpetrators more than $5 million before the New York State Attorney General's Office began investigating last winter. Named in the case are: William S. Appel and Denise Steers, both individually and as president of Edit Ink; Eduardo E.Gahona, individually and formerly doing business as Amherst Press; Kelly Culmer, individually and formerly doing business under the names: Aardvark Literary Agents, The Silver Branch Literary Agency, and Crescent Books; and Charles C. Neighbors, individually and formerly doing business as Aardvark Literary Agents. The decree, handed down May 1 by New York Supreme Court Judge John A. Michael, J.S.C. called their practices "fraudulent, deceptive, and illegal in inducing authors to employ the services of Edit Ink." The group also formed fake publishing houses as part of its front. By about August 1, 1998 Edit Ink must provide a full accounting of all monies collected from writers for editing since January 1, 1995. The list, including agents or publishers who referred each person, will be used by the New York State Attorney General's Office as the basis for pro-rata repayment to defrauded authors. Should Edit Ink fail to provide the accounting and payment, they will be permanently barred from accepting any monies from authors. In addition to restitution payments, Edit Ink is ordered to pay civil penalties of $500 for each author from whom it received payments, and from each author who was referred to Edit Ink from Gahona, Culmer or Sterrs. Restitution must be paid to all authors whose manuscripts were edited by Edit Ink regardless of whether they were published or not, got agents or not or were satisfied or not. The order requires all of the named parties tell writers that Edit Ink pays referral fees to persons who refer authors to Edit Ink for editing. Edit Ink is banned from saying that referral fees are "standard industry practice", or from indicating that publishers or agents will not consider manuscripts that have not been professionally edited. The order further bans the parties from implying that a manuscript edited by Edit Ink may have significant commercial potential. Also Edit Ink may not say that having a work edited by Edit Ink will bring the author "closer to publication," or in any way indicate that the manuscript's prospects of being published are increased as a result of having been edited by Edit Ink. The order bars Edit Ink and others involved in the suit from misrepresenting their experience, credentials and the quality of the editing performed by Edit Ink. New York Assistant Attorney General Dennis Rosen, in charge of the case, told Authorlink! that he is "concerned about whether the parties are complying with the order." He also said that another party not named in the suit but who reportedly works with Edit Ink, "Mark Maine of AAA or Authors Assistance Agency is saying that he has talked to me and that everything is okay with Edit Ink. I want writers to be particularly alerted to this agency." He invited anyone with a complaint about Edit Ink or the other parties to contact him at (716) 853-8417.
UPDATE:
UPDATE NEW YORK, NY 5/14/98--German media conglomerate, Bertelsmann AG has temporarily withdrawn its filing to the Federal Trade Commission on the pending purchase of Random House, Inc. and subsequent merger of Random House with Bantam Doubleday Dell. But it plans to re-file its application within 30 days, and does not expect any problems with FTC approval of the sale. The re-submission was prompted by complaints of monopoly filed with the FTC by the The Association of Authors' Representatives and The Authors Guild. But according to insiders, the refiling simply allows Bertelsmann adjust some of the terms of its application before proceeding to a more complex second stage of the approval process. The Association of Authors' Representatives, and The Authors Guild filed a formal complaint with the Federal Trade Commission in an attempt to thwart the estimated $1.3 billion sale of Random House Inc. to Bertelsmann. Bertelsmann, the world's third largest media group, already owns Bantam Doubleday Dell in the US. The company announced March 24 that they would acquire Random House and merge it with BDD, under the Random House name. The opposing authors' and agents' organizations maintain that Bertelsmann would control more than 36% of the US adult trade book market, when the merger is complete. In an official statement, Bertelsmann said its trade book share is 10.9%, and that it is confident it would win regulatory approval. An estimate by Cowles/Simba in its Book Publishing Report, places Bertelsmann's trade book market share at about 20-25% Random House, a privately-held property of Advance Publications Inc., owned by the Newhouse family, is thought to have had 1997 sales of about $1.1 billion, making it the leading US book publisher ahead of Penguin/Putnam (about $890 million) and Bantam Doubleday Dell ($650 million). The Authors Guild represents 7,200 published authors, and the Association of Authors' Representatives, includes literary and dramatic agents. The groups fear less diversity in US publishing, and an ever- increasing emphasis upon publication of bestsellers and celebrity books. In March, the National Writers Union (NWU), which represents about 5,000 freelance writers and authors, called the Bertelsmann acquisition of Random House a serious blow to cultural diversity. The NWU is affiliated with the Untied Author Workers union and the AFl-CIO. Bertelsmann has more than 25 million book club members worldwide. The book and music clubs accounted for 61 percent of the Bertelsmann Buch AG's total product sales in 1997, according to company press releases. In addition, the conglomerate recently announced plans to create a BooksOnline Website to rival Amazon.com and BarnesandNoble.com, and earlier this year participated with America On Line in taking over the oldest online company, CompuServe. Bertelsmann has acquired CompuServe units in Europe.
CMP Media Inc.
MANHASSET, NY/ 5/5/98-- CMP Media Inc. (NASDAQ: CMPX) has acquired the computer and communications publications of The McGraw-Hill Companies, Inc. (NYSE: MHP). The technology group ranks as the fourth largest technology media group in the US. Based on ad pages-as well as its independent technology testing lab. The $28.6 million acquisition will add Data Communications, LAN Times, tele.com, Byte, and NSTL (formerly the National Software Testing Labs) to CMP's roster of products serving business technology buyers. The agreement also provides for an ongoing relationship between CMP and The McGraw-Hill Companies publications including Business Week with which it will collaborate on a technology conference. CMP will now reach an additional estimated 200,000 unduplicated qualified subscribers, extending its circulation to 844,000 unduplicated qualified readers. This sale is consistent with The McGraw-Hill Companies strategy to build leading positions in global financial services, publishing, and information and media services while the companies exit businesses where they are not among the industry leaders. CMP's agreement with The McGraw-Hill Companies also includes a collaboration on a technology conference that will be produced by CMP and Business Week, The McGraw-Hill Companies leading news weekly for business professionals. CMP and Business Week will jointly promote the Telecom 99 Exhibition and Supercomm 98, for which CMP will produce show dailies; CMP will also contribute to Maven, Business Week Online's technology site for technology buyers, with content derived from NSTL. Founded in 1888, The McGraw-Hill Companies is a leading information services provider, meeting worldwide needs in education, business, finance, the professions and government. Sales in 1997 were $3.5 billion. CMP Media Inc. is the only high-tech media company providing essential information and marketing services to the full technology spectrum-the builders, sellers and users of technology worldwide. With its portfolio of leading newspapers, magazines, custom publishing, Internet products and conferences, CMP Media is uniquely positioned to offer marketers comprehensive, integrated solutions tailored to meet their individual needs. Online editions of the company's print publications, which include EE Times, Computer Reseller News, InformationWeek, InternetWeek, Network Computing and Windows Magazine, along with products and services created exclusively for the Internet, can be found on CMPnet at http://www.CMPnet.com.
Harcourt General
CHESTNUT HILL, MASS/ 5/6/ --Harcourt General, Inc. (NYSE:H) has agreed to acquire Mosby, Inc., the professional health sciences publishing unit of The Times Mirror Company (NYSE:TMC). The transaction is valued at $415 million. Mosby publishes more than 3,000 books and 100 periodicals in nursing, allied health and medicine, and has annual revenues of approximately $225 million. Harcourt General, through its W.B. Saunders and Churchill Livingstone businesses, is a leading worldwide medical publisher of more than 3,300 books and 230 periodicals in print and electronic formats. Richard A. Smith, chairman and chief executive officer of Harcourt General, said, "This is a strategic acquisition which gives us a strong worldwide position in the medical publishing industry, which accounts for about $1.8 billion in annual revenues in the United States alone. Mosby publishes in 31 foreign languages and sells its publications in 41 countries. Completion of the transaction is subject to normal terms and conditions, including clearance under the Hart-Scott-Rodino Act. Harcourt General said the transaction will generate about $12 million in annual goodwill amortization. Mosby will become part of the Worldwide Scientific/Technical/Medical (STM) Group of Harcourt Brace & Company, Harcourt General's $1.8 billion publishing subsidiary. Mosby will increase annual revenues of the Worldwide STM Group to more than $700 million. In addition to the medical publishing businesses, the Harcourt Brace Worldwide STM Group includes Academic Press, the largest U.S.-based publisher of scientific and technical information. Times Mirror expects to report a total gain of approximately $195 million or $2.05 per share from the transaction. Harcourt General is a leading global multiple-media publisher and service provider to established educational, trade and professional markets as well as to emerging for-profit educational, career-training and assessment markets. The Company is also a leading specialty retailer through its 53% controlling interest in The Neiman Marcus Group (NYSE:NMG). Times Mirror, a Los Angeles news and information company, publishes the Los Angeles Times, Newsday, The Baltimore Sun, The Hartford Courant, The Morning Call, The (Stamford) Advocate and Greenwich Time; a wide array of professional information for the legal, health sciences, health promotion, aviation and training markets and consumer magazines. Times Mirror newspapers have won a total of 58 Pulitzer Prizes, among the highest of any news and information in the country.
Banyan Productions
PHILADELPHIA/5/6/98--Reuniting with a long lost family member or classmates at an upcoming reunion? Gathering with friends you haven't seen for 15 years or more? Do you know someone who is? Banyan Productions is introducing a new documentary television series for The Learning Channel called "Reunion." They are looking for stories for this realistic television program. Airing daily this fall, "Reunion" is seeking emotional, in-depth features with an interesting point of view to shoot for upcoming shows. On camera, producers will spend two to three days with individuals just prior to and during their reunion to hear their stories, look at photographs and share insights. On camera, they will capture the reunion -- the moment when two or more people reunite -- and these heartwarming stories will be shared with television audiences. "Reunion" will offer a refreshing approach to unique stories and present reality-based television where everyday people are the "talent." The interest in the story is to observe the emotional experience and share in the curiosity and anticipation of a once-in-a-lifetime event. If you are attending -- or know someone else who is attending -- a reunion between April and October 1998, and if you are serious about sharing a story on "Reunion" with The Learning Channel's television audience, contact Valerie Skinkus or Marianne Vogel at Banyan Productions, 215/928-4034. Banyan Productions, located in Philadelphia, is a television production company with an excellent reputation for high quality, informative and sensitive reality-based programming. Their programs include "Home Matters" hosted by Susan Powell -- the longest running how-to television program on the Discovery Channel, "A Wedding Story," "Travelers" now on The Travel Channel and two new programs to air in September, "Epicurious" and "Gimme Shelter." For more information about Banyan or "Reunion," please call 215/928-1414 or e-mail Banyan at reunion@banyanprod.com.
Broadcasters
TORONTO/ 5/7/98--Alliance Communications (TSE: AAC.A) (ME: AAC.A) (TSE: AAC.B) (ME: AAC.B) (NASDAQ: ALLIF) has received orders from American broadcasters for an additional four television movies to be delivered in fiscal 1999. David R. Ginsburg, Alliance Communications' President of Filmed Entertainment, said the new orders bring to five the number of projects ordered by major US broadcasters under the Citadel label (Beauty for CBS was previously announced). Alliance acquired Citadel Entertainment last fall. This addition of 8 hours of prime time drama to Alliance's TV slate raises the total of new television production to 182 hours, one month into the company's new fiscal year. The TV movies will be shot in a variety of locations in the U.S. and Canada. THIRST (NBC) An environmental thriller starring Adam Arkin (Chicago Hope) as the head of a water processing facility who battles bureaucratic ineptitude and widespread panic when a parasite sweeps through the city's water supply. Thirst also stars Joely Fisher (Ellen) and Giancarlo Esposito (Five Desperate Hours). Thirst is produced by Citadel Entertainment, LLC in association with The Kaufman Company. Paul A. Kaufman is the executive producer. Shot in Los Angeles. Alliance distributes worldwide. EMMA'S WISH (CBS) A fantasy in which a 75 year old woman's wish comes true to become thirty five again, so she can meet and befriend her estranged daughter, starring Joanna Kerns, (See Jane Run). Emma's Wish is produced by Citadel Entertainment, LLC in association with The Kaufman Company. Paul A. Kaufman is the executive producer. Shot in Los Angeles. Alliance distributes worldwide. FORGET ME NEVER (CBS) The true story of a young woman who is struggling with Alzheimer's; starring Marlo Thomas. Forget Me Never is executive produced by Craig Zadan and Neil Meron. Alliance distributes worldwide. CARA CARA (HBO) A woman is set up to take the fall for the planned assassination of Nelson Mandela. Cara Cara is produced by Jeff Morton and David Lancaster. Shot in Ontario. Alliance distributes worldwide. Alliance has a total of 16 projects (34 hours) to be delivered in fiscal 1999. This is in addition to 128 hours of drama series plus 40 half hours of animation previously announced for the current fiscal year. Alliance Communications Corporation is a global producer, distributor and broadcaster of filmed entertainment. Headquartered in Toronto with offices in Montreal, Vancouver, London, Los Angeles, Paris and Shannon, Alliance trades in Toronto and Montreal under the symbol AAC and on NASDAQ under ALLIF. The Alliance web site is http://www.alliance.ca.
New Company
Publishing Deals Included DUBAI, United Arab Emirates/5/7/98—The newly-formed Communications Development Corporation, (CDC) will seek opportunities in the telecommunications, media and entertainment in the Middle East and North Africa. CDC is a joint venture of Communications Equity Associates (CEA), a U.S.-based investment and merchant bank specializing in communications and media, and the BV Group, an international investment company with offices in the United States, Europe and the Middle East. CDC has a dedicated team of investment professionals and industry experts based in Dubai, UAE targeting primarily early-to-mid-stage companies but also seeking consulting agreements where CDC's industry experience and contacts enables it to add significant value to the venture. CDC will, through extensive research, identify business opportunities and assemble teams consisting of both local and foreign technology partners with appropriate industry and management expertise, and capitalize the business by securing outside financing or through financing from CDC's own capital. CDC is currently evaluating several deals in the Gulf region, and its primary interests include: telephony services such as wireless, paging and rural communications; television services such as broadcast, cable TV and programming; entertainment services such as publishing and location-based entertainment and also Internet services. Communications Equity Associates was founded in 1973, and has since its inception has completed over US$ 13 billion in transactions for over 500 clients. CEA is a pioneer in the globalization of the media and entertainment industries and has twelve offices worldwide as well as a dedicated merchant banking division with $430 million in private equity capital under management. The BV Group is an investment company with primary focus on downstream petroleum, real estate investments, food industries and communications. For further information contact: David Green, Communications Development Corporation. Dubai office number is: 971 4 318866 (e-mail: comdevco@emirates.net.ae)
Cahners Sells
NEWTON, Mass./ 5/8/98--Cahners Business Information announced today that it has sold its Chilton Research Services division to Taylor Nelson AGB plc of the United Kingdom. Chilton Research Services, based in Radnor, Pa., will be merged with the operations of SOFRES Intersearch of Horsham, Pa., a subsidiary of Taylor Nelson AGB. Taylor Nelson, based in London, merged with the Sofres Group, which includes Intersearch, in December 1997 and plans to change its name to Taylor Nelson Sofres plc in June 1998. Taylor Nelson Sofres is one of the largest research firms in the world. Cahners acquired Chilton Research Services when it acquired Chilton Business Group in September 1997. Chilton Research Services was founded in 1957 by the Chilton Company to conduct subscription and other research for Chilton's business publications. Over time, Chilton Research Services grew to provide ad hoc research to a number of U.S. corporations. Among its major clients are ESPN, ABC, the U.S. Postal Service, Motorola and the United Parcel Service. Those clients will remain with Chilton Research Services after the sale to Taylor Nelson Sofres. Cahners is a leading provider of business information in the United States. It is a member of the Reed Elsevier plc group (NYSE:RUK)(NYSE:ELN), a world-leading publisher and information provider with principal operations in North America and Europe. Cahners publishes more than 130 business magazines and provides 20 business communities with online services, custom publishing, directories, research and direct mail lists.
SPC Healthcare
NEW YORK, NY/ 5/5/98--SCP Communications, Inc., a leading healthcare communications company has acquired PRR, Inc., the nation's leading professional oncology publishing company. PRR Inc., based in Huntington, Long Island, is the premiere publisher of oncology journals and professional oncology-related information. PRR publishes the peer-reviewed journal, Oncology(R),which is listed in Index Medicus, and is edited by Robert E. Wittes, MD of the National Cancer Institute. "The PRR transaction is part of SCP's long term strategy," says SCP President, Timothy Fallon. "PRR, with its great people, products, and reputation, is the first of several market-leading medical communications companies that can grow our franchise in medical publishing, education, and clinical programs." Manhattan-based SCP publishes eight professional medical journals, including INFECTIONS in MEDICINE(R), DRUG BENEFIT TRENDS(R), and The AIDS Reader(R). SCP is an accredited sponsor of Continuing Medical Education (CME), and develops and manages thousands of medical meetings annually. The company's Clinical Programs group also develops and manages Phase IIIb and Phase IV clinical trials. In addition to Oncology(R), PRR publishes the tabloid news journals, Oncology News International(R), Primary Care & Cancer(R), and the journal Managed Care & Cancer(R). PRR also publishes books, and manages a custom publishing division, meeting services, and outcomes research capabilities. PRR will continue to do business under its existing name as a subsidiary of SCP Communications, with Jack Gentile remaining as President; integration of the two companies is proceeding based on the needs of customers, and the ability to recognize operating efficiencies.
Knight Ridder, Post
CHICAGO, IL 5/7/98--- Knight Ridder, The Times Mirror Company, Tribune Company and The Washington Post Company have joined forces to expand classified services for auto, apartment and real estate classified advertising. Knight Ridder is the newest member of Classified Ventures, the strong industry enterprise developed to deliver the deepest, broadest information about real estate sales and rentals and about automobile purchasing and leasing to consumers across the nation. Knight Ridder New Media - a pioneer in Web publishing - will contribute to Classified Ventures' online services classified advertising listings from Knight Ridder's 31 daily newspapers, proven Internet technology experience, award-winning news and reviews, long-standing advertising relationships and value-added information content, including a series of Web sites for cars and homes. "With the addition of Knight Ridder, Classified Ventures now has truly national coverage in localized online classified advertising," said Tim Landon, Classified Ventures' chief executive officer. "We have an unmatched ability to offer readers and Internet users in eight of the nation's 10 largest markets and beyond the most extensive print and online classified listings and services in their communities." Said Tony Ridder, chairman and chief executive officer of Knight Ridder: "We are moving forward together with a united vision and business philosophy. Classified Ventures represents the best opportunity for American newspapers to maintain and strengthen their position as the leading source of classified advertising and information, in print and online." Knight Ridder New Media, which has won several awards for its cutting-edge Web services, brings to Classified Ventures a host of Internet technologies and products, including HomeHunter.com, one of the most widely used home-for-sale listing and information sites. With the addition of Knight Ridder, Classified Ventures now has a network of 42 daily newspapers, reaching 19.2 million readers daily - 26.8 million on Sundays. In Classified Ventures, Knight Ridder joins The Times Mirror Company, Tribune Company and The Washington Post Company, which have media properties that include radio and TV stations in 11 of the top 30 markets in the United States. The company's strategy is to build on newspapers' existing inventory of classified listings and respected local editorial content as well as their long-standing relationships with auto dealers, home builders, real estate professionals, property managers and providers of related information and services for consumers. Classified Ventures currently operates the national Apartments.com web site and is developing its cars.com automotive site. A prototype of cars.com is available at www.cars.com Knight Ridder is the nation's second largest newspaper publisher, with products in print and online. The company publishes 31 daily newspapers in 28 U.S. markets, reaching 9 million readers daily and 12.6 million on Sunday. Knight Ridder New Media, located in San Jose, is a division of Knight Ridder and maintains 40 web sites and Internet products in the Real Cities network. Classified Ventures, based in Chicago, is a company funded by four leading media companies - Knight Ridder, The Times Mirror Company, Tribune Company and The Washington Post Company. Collectively, these companies own 42 newspapers, 15 magazines, 22 television stations and 4 radio stations across the country. Together, the four affiliates have a daily circulation of 8 million, reaching 19.2 million readers each day.
Nielsen To Tally
WEST PALM BEACH, FL/5/7/98—Paxson Communications Corp. (AMEX:PAX) has signed a long-term agreement with Nielsen Media Research the television ratings service, to provide Paxson with network programming ratings and audience data via the Nielsen Television Index (NTI Service). Paxson's television network, PAX NET, will launch on Aug. 31, 1998 on more than 78 owned and operated stations, as well as additional cable affiliates. "We are very pleased to enter into an agreement with Nielsen Media," noted Lowell "Bud" Paxson, chairman and CEO of Paxson Communications Corp. "Nielsen Media's documentation of the ratings generated by our network is key to our ongoing programming, marketing and sales strategies." Including all pending acquisitions, construction projects, divestitures and other transactions, PAX NET will broadcast via a total of 78 television stations in markets reaching more than 72 million US TV households, including stations in each of the top-20 markets as well as 43 of the nation's top-50 markets, with additional broadcast and cable distribution in markets where there are no current Paxson stations. Paxson Communications owns and operates one of the nation's largest groups of television stations. Supported by these distribution assets, Paxson will launch PAX NET, the national family entertainment network, on Aug. 31, 1998. For additional information about Paxson Communications, visit the Company's web site at pax.net.
Borders.com Invites
ANN ARBOR, Mich./5/11/98--Borders Group, Inc. (NYSE: BGP) has launched Borders.com, a new e-commerce site that gives Borders customers access to nearly three million book, music and video titles from their desktops. The company is inviting customers to begin browsing and shopping at Borders.com by participating in a public preview of the site, located at http://www.borders.com. The site has been live since Thursday, May 7. Borders also announced that its new fulfillment center, dedicated to serving Borders.com customers, is open for business. The center houses 54 miles of inventory offering more than 10 million books, CDs and videos in stock, competitively priced and available for immediate shipping. Borders.com's three core offerings are organized into six departments: Books (hardcover, paperback, bargain and audio); Music (CDs, cassettes and minidiscs); Video (VHS, laserdiscs and DVD); Children's (books, music and video); Computer Books; and the Borders NetCafe (chat, bulletin board discussions and interview transcripts). The six departments include nearly 60 subject sections and 400 subsections, with 3,000 features rotated regularly throughout the site and thousands of targeted recommendation lists integrated into the department, section and subsection levels. Borders Group, Inc. is the world's second largest retailer of books, music and other informational, educational and entertainment products. Borders Group includes Borders, Inc., more than 200 superstores offering a broad range of books and media; Waldenbooks, a leading US retailer, which operates nearly 900 stores serving all 50 states; Borders Online, Inc., the company's e-commerce service operating under the domain name Borders.com; and, Books etc., Ltd., a leading retailer of books in the United Kingdom operating 23 stores. Borders Group operates in the United States, the United Kingdom and Singapore and trades on the New York Stock Exchange under the symbol of BGP.
Borders Chooses
CAMPBELL, CA/ 5/11/98-- Talk City (www.talkcity.com), an Internet Community service, and Borders.com, the new online bookstore owned by Borders Group, Inc. (NYSE: BGP), will work together to create a book, music and video Community on the Web, as a centerpiece for the Borders.com site. Talk City, with four million users of its Community services on the Internet to date, will work with Borders.com on a full spectrum of Community activities, such as moderated chats, live auditorium events featuring special guest authors, actors, directors, artists and other celebrities, discussion groups, online educational entertainment and professional activities, message boards, free home pages and more. Chat room topic areas include Borders NetCafe, Kidz Korner, Reel Talk, Literatzi-Lobby and Sci-Fi. Borders Group, Inc. is the world's second largest retailer of books, music and other informational, educational and entertainment products. Borders Group includes Borders, Inc., more than 200 superstores; Waldenbooks, leading US mall book retailer, which operates over 900 stores in 50 states; Borders Online, Inc., the company's e-commerce service operating under the domain name Borders.com; and Books, etc., Ltd., a leading retailer of books in the United Kingdom operating 23 stores. Borders Group operates in the United States, the United Kingdom and Singapore and trades on the New York Stock Exchange under the symbol of BGP. More information about Borders Books & Music stores is available online at www.bordersstores.com, a resource for customers to locate stores, find national events and pursue job opportunities. Financial information about Borders Group is available at www.bordersgroupinc.com. Talk City (www.talkcity.com), the lead product of LiveWorld Productions, Inc. www.liveworld.com), is a leading Community site founded in 1996. It offers people an integrated collection of free home pages, live events and moderated conversation. Talk City distribution and content partners include NBC, WebTV, AT&T Worldnet, Infoseek, @Home, Concentric and others.
America Online
DULLES, Va. 5/6/98-- America Online Inc. (NYSE: AOL) will acquire NetChannel Inc. a Web-enhanced television company. The transaction will advance the company's "AOL Anywhere" strategy of making the AOL brand available on all emerging interactive platforms. The acquisition will allow America Online to use NetChannel's programming development experience and innovative technology to accelerate development of an AOL-branded service that offers interactive content developed for the television medium. America Online President and Chief Operating Officer Bob Pittman said, "This transaction is another step in our 'AOL Anywhere' strategy to make our brand available on all emerging interactive platforms. "The NetChannel team has done a great deal of development work and has real market experience in applying interactivity to television, and this acquisition will give us a running start in developing our own programming in this area." Pittman added, "The TV experience is very different from the PC experience, but there is no doubt that AOL will add value to the overall television experience by providing TV viewers with interactivity in navigation as well as chat and online shopping features. We are actively exploring this and other new interactive content targeted for this medium. "AOL has the best brand and assets to succeed in this emerging market. While the market is still at an early stage of development, we are confident that we will play a leadership role when the time is right." AOL Interactive Services President Barry Schuler said, "AOL is actively exploring all options to lay the groundwork for what we anticipate will be an important brand extension. We believe our 12 million members, who are already making the interactive experience a part of their daily lives, will be among the most receptive to this new platform. NetChannel Inc. is a Web-based personalized television company that was founded in 1996 with offices in South San Francisco and Atlanta. The NetChannel service, launched in September 1997, was discontinued on May 3, 1998. It had approximately 10,000 subscribers. Its hardware partner was Thomson Consumer Electronics, which supported the NetChannel service on its RCA Network Computers. America Online Inc. (NYSE: AOL), based in Dulles, is the world's leader in branded interactive services and content. America Online operates two worldwide Internet online services: AOL Interactive Services, with more than 12 million members; and CompuServe, with approximately 2 million members. America Online also operates AOL Studios, the world's leading creator of original interactive content. Other branded Internet services operated by America Online include AOL.COM, the world's most accessed Web site from home; AOL Instant Messenger, an instant communication tool available to everyone on both AOL and the Internet; and AOL NetFind, AOL's comprehensive guide to the Internet.
ACTV Expands
NEW YORK, NY/5/11/98—ACTV Net, Inc., a subsidiary of ACTV Inc. (NASDAQ:IATV has signed four new contracts totaling $750,000 to license the Company's proprietary virtual community for education, eSchool Online(TM). Last year at this time, ACTV Net had not yet recorded its first Internet revenue. Today, Internet-based sales have become its dominant revenue stream. ACTV signed its first eSchool Online(TM) contract with the School District of Philadelphia in August of 1997, and shortly thereafter the Company signed an eSchool licensing agreement with two Nebraska School Districts. There are over 100,000 public schools, more than three million teachers and 55 million students in the K-12 market. Industry experts predict that the total Online learning market may reach $3,000,000,000 by the year 2000. ACTV Net's objective is to be a premier provider of virtual communities for education and training. ACTV Net, Inc.'s proprietary eSchool Online(TM) is a Java-based software suite that enables educators to tap into and organize the rich educational materials residing on the World Wide Web, to integrate Web content with other media, to schedule and automate the delivery of curriculum relevant Web pages directly to students' computers, to direct both real-time and on-demand collaborative learning experiences, and to archive student performance data. ACTV Net sees eSchool Online(TM) evolving into school-to-home applications that run on the advanced digital set-top platform known as OpenCable. OpenCable boxes like General Instrument Corporation's DCT 50000 will be Personal Java compatible. General Instrument is an investor in ACTV and last week, ACTV's Entertainment Division announced an agreement with Rainbow Sports' FOX Sports Bay Area that brought the total potential reach of ACTV digital networks to approximately 22.5 million customers. ACTV Net, Inc.'s new eSchool Online(TM) clients are:
ACTV, Inc. (NASDAQ:IATV) is headquarted in New York. Visit ACTV's Web site at - http://www.actv.com
Princeton Review
NEW YORK, NY 5/11/98-- The Princeton Review, the nation's fastest growing educational services company, has acquired Apply Technology, LLC, the leading publisher of college application software. The acquisition solidifies The Princeton Review's position as the premier resource for students in transition from high school to college. Through agreements with more than 650 college admissions offices, Apply produces exact duplicates of each school's application, both on screen and in print. Approximately two million students apply to college electronically each year, and Apply is the only free electronic application process available. Last year, students using Apply software generated more than 300,000 applications. That number is expected to jump to half a million in the upcoming school year. Under the terms of the acquisition, Apply will operate as an independent division of The Princeton Review and will continue to promote vigorously the 650 institutions represented in its software and publishing titles. Apply products will be closely integrated with and marketed in Princeton Review's courses, publishing, software and web site. Founded in 1992, Apply Technology is credited with introducing the first software to produce exact electronic duplicates of colleges' applications. The company is the leading developer and publisher of computer software designed to streamline the college application process for both students and college admissions officers. In the last two years, nearly one million copies of Apply software have been distributed free of charge to high school students, guidance counselors and admissions offices across the country. The applications can also be downloaded from Apply's web site, www.weapply.com The Princeton Review was established in 1981 and is the nation's fastest growing educational services company with 500 locations in more than 60 cities in the U.S. and abroad. It prepares students for SAT, ACT, PSAT, LSAT, GMAT, MCAT, GRE, and a host of other standardized tests. The Princeton Review is the first test prep company to offer preparation through courses, books, and software, and can be found on the World Wide Web at http://www.review.com.
People
NewsCom Names President: NewsCom Services Inc., a division of the Times Mirror Co., has named named Rosemary Metal its new president. Metal becomes the top executive at NewsCom, a communications company that provides text, photos and graphics to hundreds of media outlets worldwide via the Internet and various dial-up services. She succeeds Peter Eisner, who resigned from the company last month to pursue other interests. NewsCom was co-founded by Metal and Eisner in 1991 and purchased by Times Mirror in 1994. Sony’s Chairman Retires: Stanley (Mickey) Steinberg has retired from his position as Chairman of Sony Retail Entertainment, a division of Sony Corporation of America (SCA), it was announced by Howard Stringer, President of SCA. As of June 1, 1998, Mr. Steinberg will relocate from New York to his home in Atlanta, Georgia and assume a new role as consultant to Sony Development. The merger of Sony / Loews Theatres and Cineplex Odeon is close to completion, and Sony / Loews Theatres will be spun off from Sony Retail Entertainment. Shin Takagi assumes the position of Chairman and Chief Executive Officer for Sony Development. Along with Michael N. Swinney and John K. MacLeod, respectively. Internet Broadcasting Names Publisher: Internet Broadcasting System (IBS) has named Dan Naden as publisher of Channel4000 (www.channel4000.com). Channel4000, which is owned and operated by IBS, is the official Web site for WCCO-TV, WCCO Radio and MSC. Naden joins Channel4000 from the Antenna (www.the antenna.com), a monthly online publication devoted to the local broadcast industry and the Internet. Founded by Naden in September, 1996, the antenna has become nationally recognized as the best Internet guide for broadcasters. In January, 1998, Naden moved the operations of the antenna to Minnesota to join Internet Broadcasting System. Channel4000 is a joint partnership between WCCO-TV, Radio, MSC and Internet Broadcasting System. Currently, IBS also owns and operates Channel 2000 (www.cbs2.com) in Los Angeles with CBS2-TV, Channel 6000 (www.koin.com) in Portland with KOIN-TV, NewsNet5 (www.newsnet5.com) with WEWS-TV in Cleveland and Channel 3000 (www.wisctv.com) with WISC-TV in Madison. Strauss Heads Lions Gate: Peter Strauss has been named president of Lions Gate Entertainment Inc., a newly formed U.S. subsidiary that will serve as the parent company to all of Lions Gate Entertainment Corp.'s (ToSE:LGE) U.S. corporations. As president, Strauss will be the senior Lions Gate executive in the United States. Strauss will have corporate oversight responsibility for Lions Gate's U.S.-based motion-picture activities, which include Mandalay Pictures, Lions Gate's motion-picture co-venture with Peter Guber, Paul Schaeffer and Adam Platnick. Prior to joining Lions Gate, Strauss served as chairman, CEO and president at the International Movie Group, where he executive produced more than 30 films. Lions Gate Entertainment Corp. is a fully integrated entertainment company. Currently five key groups fall under the Lions Gate banner: the Mandalay Pictures co-venture, Mandalay Television, Lions Gate Films, Lions Gate Media and Lions Gate Studios (Canada's largest studio facility). The company has a growing influence in both the American and global feature-film and television marketplaces, with a mandate to continue to strategically strengthen and expand the company through major acquisitions. Globe Adds Directors: Arthur O. Sulzberger Jr., Chairman of The New York Times Company, and William O. Taylor, chairman and CEO of Globe Newspaper Company, have jointly announced the addition of several new directors to the board of directors of Globe Newspaper Company, an indirect wholly-owned subsidiary of The New York Times Company. The new directors will be Stephen Golden, vice president, Forest Products, Health, Safety and Environmental Affairs, The New York Times Company; John M. O'Brien, chief financial officer, The New York Times Company; Benjamin B. Taylor, Publisher of The Boston Globe, Doris K. Goodwin, author and historian; Reverend Dr. Raymond Hammond, pastor, Bethel A.M.E. Church and president of Boston's Ten Point Coalition; and James Stone, chairman, Plymouth Rock Assurance Corporation. The company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment. The company, which had 1997 revenues of $2.9 billion, publishes The New York Times, The Boston Globe and 21 regional newspapers; publishes three magazines, including Golf Digest; and operates eight network-affiliated television stations and two New York City radio stations. The company is listed on the New York Stock Exchange under the ticker symbol "NYT." Execs Join Disney Interactive Disney Interactive has appointed Tim Zuckert, vice president, sales and marketing, and Pam Weisberg, vice president, business and legal affairs. The announcement was made by Jan Smith, senior vice president, Disney Interactive worldwide. In his new role, Zuckert oversees all marketing operations for Disney Interactive, including product management, advertising, publicity, promotions, strategic product planning and research. As head of Disney Interactive's legal department, Weisberg is responsible for all aspects of business and legal affairs relating to product development, talent and rights acquisitions and new business development. Before joining Disney, Zuckert was vice president of marketing at The Palace, Inc., a leader in live communication for web-based businesses. Disney Interactive develops, publishes and markets a wide variety of interactive family-oriented entertainment and educational materials, including CD-ROMs and video games. The company website is located at www.disneyinteractive.com. Gaylord Re-elects Board: Shareholders of Gaylord Entertainment Company (NYSE: GET) re-elected Edward L. Gaylord, 78, and Joe M. Rodgers, 64, to the Board of Directors for a term of three years. Gaylord, who has served as Chairman of the Board of the Company since the company went public in 199l, has been a director since 1946. He is currently the chairman and a director of OPUBCO, a newspaper publishing company based in Oklahoma City, OK. Rodgers, who has served as a director of the Company since 1991, is chairman of The JMR Group, a private investment company specializing in merchant and investment banking. He is a former United States Ambassador to France, and a director of other major corporations. Gaylord Entertainment Company is a diversified entertainment company operating in three business segments: hospitality and attractions, broadcasting and music, and cable networks. Universal VP Resigns: Stuart Zakim, Gotham-based vice president of publicity for Universal, has resigned after last month's departure of his longtime bosses, marketing co-chiefs Buffy Shutt and Kathy Jones. Zakim, who has served in the publicity department for eight years, said it was an amicable parting and that he has not yet decided his professional future. Block Becomes Trimark Acquisitions VP: Trimark Pictures has promoted Peter Block to senior vice president, acquisitions and business affairs. The announcement was made by Cami Winikoff, chief administrative officer and executive vice president of Trimark Pictures. In his new role at Trimark, Block will report directly to the CAO and CEO of Trimark. He will continue to work with the acquisitions department overseeing the successful completion of production and acquisition deals as well as worldwide legal and business affairs for the company. Block has been at Trimark since 1993. Currently, he heads the business affairs and legal departments and, in 1997, was elevated to co-head acquisitions with Bobby Rock. Trimark Holdings is a broad-based entertainment company which acquires, produces and distributes motion pictures domestically and internationally under the Trimark Pictures banner; licenses to the broadcast industry under the Trimark Television moniker; and distributes to the domestic home video market under the Trimark Home Video label. Sony Pictures Promotes Three Execs: Sony Corporation President Nobuyuki Idei has promoted three key executives within Sony Pictures Entertainment's (SPE) top management team. Howard Stringer has been named chairman of SPE, John Calley has been promoted to president and chief executive officer of SPE and Bob Wynne has been promoted to co-president and chief operating officer of SPE, effective immediately. Messrs. Stringer and Calley will continue to report directly to Mr. Idei, and Mr. Wynne will continue to report to Mr. Calley. In addition, Mr. Stringer will maintain his responsibilities as president and chief operating officer of Sony Corporation of America (SCA), chairman of Sony Electronics Inc. (SEL) and chairman and chief executive officer of Sony Canada. The new titles reflect the significant contributions of all three executives to the successful growth of Sony's worldwide entertainment business during the past year and a half. Sony Pictures' global operations encompass motion picture production and distribution, television programming and syndication, home video acquisition and distribution, operation of studio facilities, development of new entertainment products, services and technologies and distribution of filmed entertainment in 67 countries. United Artists Adds Pade To Board: United Artists Theatre Group has appointed Michael Pade, Executive Vice President of Film Operations, to its Board of Directors. Mr. Pade has been Executive Vice President of Film Operations of the Company since February 1997. He joined United Artists in October 1994 as a Senior Vice President of Film Operations. Mr. Pade has worked in various capacities, both in distribution at Buena Vista and Lorimar Pictures, and exhibition with Plitt Theatres, Edwards Theatres and, prior to joining the Company, as Senior Vice President in charge of domestic film booking at Mann Theatres. United Artists Theatre Circuit, Inc. (UATC) is a leading operator of motion picture theatres with 2,209 screens in 347 locations. UATC, which has issued publicly traded debt securities, is the principal operating subsidiary of OSCAR I, a privately held company. Immediate Entertainment Adds Three To Board: The Board of Immediate Entertainment Group, Inc. has appointed three new directors to its board, effective immediately. Martin Gloor is a former partner of Price Waterhouse in Switzerland where he was responsible for audit and business advisory services and corporate finance until 1994. He is Chairman of Polivideo, a Swiss television production company and continues to run his own management consultancy advising Banks and financial institutions. Craig Vickers is an international consultant in multimedia ventures. As principal of New York based Convergence Capital, he advises on corporate finance and banking matters relating to the media and entertainment sectors. He is an expert on strategies for expanding companies with particular emphasis on merger and acquisition issues, strategic alliances and capital raising. He will also have specific responsibility for the Venture Fund Division. Hans Jorg Meyer has been appointed following IEG's acquisition of a 50% stake in leading German New Age music distributor CM Distribution (formerly known as MeisterSinger Tontragervertriebs GmbH). Mr Meyer has extensive experience in the music industry, particularly in the distribution area, having been managing director of CSF GmbH, a German import/export record distribution company, since 1991. David Howar, who was appointed in January 1998, has resigned from the Board of Directors. Mr Howar originally joined the Board with specific responsibility for setting up the Venture Division. This task has now been completed and therefore the Division will now be overseen by Craig Vickers.
Special Phone Rates
WASHINGTON, DC/ 5/11/98--Schools and libraries hoping for summer discounts on telecommunications rates (E-rates) must wait until this fall. During a national cable TV convention in Atlanta May 5, FCC Chairman William Kennard said Universal Service provisions of the Telecommunications Act of 1996 were snagged by political problems, including Congressional resistance over the way the FCC set up the Schools and Libraries Corporation (SLC), as well as how the E-rate program is being administered. Spurred by Kennard’s comments about the political problems, the US House of Representatives and the Senate approved an emergency spending bill requiring the FCC to devise and report upon a revised structure for the SLC by May 8. The plan, not yet released, could involve one of three options:
News Corporation
NEW YORK, NY/ 5/6/98--The News Corporation Limited reported after tax profits before abnormal items for the quarter ended March 31, 1998 of US$319 million, an increase of 10% compared to US$291 million reported for the same period a year ago. Among the company’s holdings are HarperCollins, Fox Filmed Entertainment (makers of “Titanic”) and Twentieth Century Fox Television. Earnings per ADR were US$0.32 versus last year's third quarter result of US$0.33. Earnings per ADR were down slightly as a result of shares issued in connection with the Heritage Media and New World Communications acquisitions. Total revenue for the quarter was up 11% to US$3.2 billion, leading to a 23% increase in operating income to US$469 million. These results were driven by the success of Titanic, the biggest grossing film in motion picture history, the U.S. Television Stations, the Fox Network, and Free Standing Inserts which all reported gains versus a year ago. Income from Associated Entities declined US$39 million reflecting the absence of contributions from Australian Newsprint Mills and PMP Communications, both of which were sold at the start of the fiscal year, as well as the inclusion of losses at developing businesses including Foxtel and Sky Latin America. For the nine month period ended March 31, 1998 after tax profits before abnormal items were up 10% to US$954 million (US$0.99 per ADR) versus US$867 million (US$1.04 per ADR) in the prior year. Fiscal year-to-date revenues increased 13% to US$9.6 billion and operating income of US$1,354 million was up 25%. These results reflect the continued strength of the majority of core operating segments, especially Filmed Entertainment and U.S. Television. UNITED STATES Fox Filmed Entertainment posted a 127% gain in third quarter operating profit due to the worldwide box office sensation of Titanic. This gain is particularly impressive given that the comparable period last year included strong results from Independence Day video sales and the theatrical re-release of the Star Wars trilogy. Since the release of Titanic in mid December, the film has generated over $565 million at the domestic box office and $1.1 billion internationally. Titanic also received eleven Academy Awards, tying the record for the most Oscars received by any film in history. Also during the quarter, Twentieth Century Fox entered into a far reaching agreement with Lucasfilm Ltd. to distribute the next three Star Wars films. The new films will be "prequels" to the previously released pictures, with the first new release planned for May 1999. U.S. Television operating profits for the quarter were even with last year. Improved results at the Fox Broadcasting Company (FBC) and the Fox Television Station Group were offset by the inclusion of losses at the Fox News Channel. FBC's profits increased despite competition from the Winter Olympics and the absence of a contribution from the Super Bowl which was in the prior year result. Fox maintained its ratings momentum throughout the quarter, and was the sole network competing opposite the Olympics to improve upon its season-to-date average across all demographics. Fox ranked #1 in the February sweeps among Adults 18-34 and finished second among Adults 18-49, led by Ally McBeal, the most successful new prime time show in the 1997/1998 broadcasting season. The programming produced by Twentieth Century Fox Television continues to bolster FBC in the ratings race with the Sunday night line-up of The Simpsons, King of the Hill and The X-Files propelling Fox to win that night's sweeps among Adults 18-49. This strength, in addition to popular Fox produced shows seen on other networks, including Dharma & Greg, Buffy The Vampire Slayer, The Practice and the most recent Two Guys, A Girl And A Pizza Place, bodes well for future syndication sales. At the Fox Television Station Group (FTS), third quarter earnings were up 8% despite Olympic competition and the absence of the Super Bowl. Operating improvements at the stations acquired as part of the New World acquisition in January 1997 continued to enhance overall FTS margins. The Fox News Channel strengthened its distribution base with current subscribers now exceeding 31 million. Several new MSO's were added during the third quarter, including Jones Intercable and TCA Cable, bringing the total number of committed future subscribers above 41 million. Magazines & Inserts operating profit for the quarter was up 15% reflecting revenue driven gains at Free Standing Inserts and the contributions from ACTMEDIA, acquired last August as part of the Heritage acquisition. Lower circulation and increased operating and promotional costs reduced TV Guide results as compared to a year ago. HarperCollins continues to show improving trends from last year's restructuring. The group has a strong list of new releases led by hardcover and paperback editions of James Cameron's Titanic with sales exceeding 625,000 copies to-date. UNITED KINGDOM The Company's broadsheet titles, The Times and The Sunday Times, continued to show gains in both circulation and advertising. However, an overall market decline in the popular market has reduced The Sun's circulation to 3.77 million copies per day from 4.0 million last year. Despite this decline The Sun remains the dominant paper in this category with 35% market share. In addition to the overall market decline, higher editorial and printing costs slightly reduced operating profit contributions below year ago levels. AUSTRALASIA Operating profit at the Company's Australian Newspaper division was slightly ahead for the quarter. Increases in both circulation and classified advertising sales were offset by a slow down in display advertising and initiatives taken to gain greater penetration in key markets. These initiatives included a new Sunday magazine in Sydney and Melbourne together with other targeted editorial enhancements. STAR TV continues to strengthen and expand its position in most targeted markets, while reducing operating losses versus last year. Total advertising and subscription revenues were up 37% in the quarter, despite the economic slowdown in several Asian territories. STAR TV's Phoenix, a 24 hour Mandarin language entertainment channel, became China's first foreign program provider to be officially allowed to broadcast. This 45% owned channel is distributed in Southern China's Guangdong province by the area's cable TV operators. On February 2nd, services in India were expanded with the launch of STAR News, already reaching seven million households. The new channel covered the recent general elections in India, achieving a 20% market share at times. STAR TV now broadcasts 22 channels of general entertainment, movies, sports, music and news, in eight languages across the region.
Golden Books
NEW YORK, NY/5/5/98--Golden Books Family Entertainment, Inc. (NASDAQ:GBFE) reported results for the first quarter of 1998. For the three months ended March 28, 1998, the Company reported revenues of $46.5 million compared with revenues of $65.8 million in the three months ended March 29, 1997. The revenues for the first quarter of 1997 included $9.5 million of revenues from commercial operations that have been sold. The net loss for the first quarter of 1998 was $20.8 million ($14.7 million excluding one-time transition costs associated with the strategic redirection of the Company) compared to a net loss of $8.9 million ($6.1 million excluding one-time transition costs) for the three months ended March 29, 1997. "Although the financial results do not yet reflect the great strides we've made in restructuring and transforming the company, our confidence in the future remains high," said Richard E. Snyder, Chairman and Chief Executive of Golden Books Entertainment. Operating Results The Consumer Products Segment revenues for the first quarter of 1998 decreased $3.7 million to $36.2 million, a 9.4% decline from $39.9 million for the three months ended March 29, 1997. The decrease was primarily due to increased promotional activity in the first quarter of 1997 which did not occur in 1998. The Entertainment Segment revenues for the first quarter of 1998 decreased $3.1 million to $7.0 million, from $10.1 million for the three months ended March 28, 1998. The decrease was primarily due to the timing of the revenue for a major annual Christmas video promotion with the U.S. Postal Service. The Commercial Products Segment revenues for the first quarter of 1998, excluding operations that have been sold, decreased $3.0 million to $3.3 million, from $6.3 million for the three months ended March 28, 1998. The decline in revenues was primarily due to a lack of printing capacity resulting from the move to the new manufacturing facility. The Company's gross profit before operations that have been sold and one-time charges for the first quarter of 1998 decreased $7.5 million to $11.5 million from $19.0 million for the three months ended March 29, 1997. The gross profit margin, before operations that have been sold and transition costs associated with the strategic redirection of the Company, decreased to 24.7% for the first quarter of 1998 compared to 33.7% for the three months ended March 29, 1997. The Consumer Products Segment's gross profit for the first quarter of 1998 decreased $6.2 million to $7.5 million from $13.7 million for the three months ended March 29, 1997. The gross profit margin decreased to 20.7% for the first quarter of 1998 from 34.3% for the three months ended March 29, 1997. The decrease in gross margin is primarily due to the lower level of sales, a product mix change to lower margin products, and higher manufacturing costs. The Entertainment Segment's gross profit for the first quarter of 1998 decreased $1.3 million to $4.0 million, from $5.3 million for the three months ended March 29, 1997. The gross profit margin increased to 57.2% for the first quarter of 1998 from 52.4% for the three months ended March 29, 1997. Selling, general and administrative expenses before transition costs for the first quarter of 1998 decreased $1.8 million to $21.5 million from $23.3 million for the three months ended March 29, 1997. This decrease is primarily due to a reduction in corporate expenses partially offset by increased selling and marketing expenses. Golden Books Family Entertainment, Inc. is the leading publisher of children's books in North America and owns one of the largest libraries of family entertainment copyrights. The Company creates, publishes and markets entertainment products for children and families through all media.
Mecklermedia
WESTPORT, CONN/5/7/98—Mecklermedia Corporation, The Internet Media Company (Nasdaq: MECK), reported results for the second quarter ended March 31, 1998. Revenues for the second quarter of fiscal 1998 increased to $20.7 million compared to $20.5 million for the same period last year as a result of higher trade show and Web site revenues, offset by lower print publishing revenues. In December 1997, the Company announced a strategic magazine initiative whereby Internet World became the new name of Web Week, effective with the February 2, 1998 issue. The paid circulation magazine previously known as Internet World ceased publishing effective with the February 1998 issue and Internet Shopper magazine ceased publishing effective with the January 1998 issue. These changes were effected to enable the Company to concentrate its print publishing efforts into a single business-to-business publication, leveraging the Internet World brand name and further aligning the publishing focus with its Internet World trade shows. Revenues from print publishing for the three months ended March 31, 1998 decreased due to these changes.) Operating income for the second quarter of fiscal 1998 increased 79% to $6.1 million from $3.4 million for the comparable 1997 period. Net income for the second quarter was $5.1 million, or $0.61 per share, compared to $3.5 million, or $0.41 per share, in the same period of the prior year. Net income for the second quarter reflects a $2.0 million gain related to the sale of the active subscriber list of the paid monthly print publication formerly known as Internet World. Net income for the second quarter of fiscal 1998 reflects a provision for income taxes of $3.3 million, while net income for the same period of fiscal 1997 only reflects a provision of $158,000 due to the utilization of available net operating loss carryforwards. For the six months ended March 31, 1998, revenues increased 16% to $44.0 million from $38.0 million for the comparable period in fiscal 1997. Operating income for the six months ended March 31, 1998 increased 103% to $10.8 million from $5.3 million for the same period in the prior fiscal year. Net income for the six months ended March 31, 1998 was $8.1 million, or $0.97 per share, compared to net income of $5.6 million, or $0.66 per share, in the same period of the prior year. For the second quarter, trade show revenues increased from $14.9 million to $16.8 million, reflecting the growth of Spring Internet World 1998. Web site revenues also contributed to the increase rising to $830,000 for the three months ended March 31, 1998 from $344,000 for the comparable period in fiscal 1997, due to increased advertising revenue for Internet.com, the Company's network of Web sites for Internet news and information. Revenues from print publishing for the three months ended March 31, 1998 decreased as a result of the Company concentrating its print publishing efforts into a single business-to-business publication as described above. Advertising, promotion and selling expenses decreased from $3.7 million for the second quarter of fiscal 1997 to $2.0 million for the second quarter of fiscal 1998 as a result of the Company concentrating its print publishing efforts into a single business-to-business publication. General and administrative expenses also decreased due to the changes in the Company's print publishing. "We are pleased with our performance during the second quarter with the achievement of record operating income and net income," said Alan M. Meckler, Chairman and CEO of Mecklermedia. "During this period we continued our domestic trade show growth while expanding our trade show operations internationally with an Internet World show being produced for the first time in the United Arab Emirates. During our second quarter, we also announced the launch of future Internet World shows in India, China, and Italy. We also continued the expansion of our network of Web sites, with the acquisition of Web Developer's Virtual Library (wdvl.com) and PCWebopaedia.com during the second quarter. Our Internet.com network of Web sites now receives nearly 15 million page views on a monthly basis--making Internet.com one of the leading business-to-business content sites on the Web. Continued expansion of our trade shows, print publishing and Web sites will enable us to maintain our leadership position in the Internet media business," stated Meckler. Certain of the Company's operations are cyclical in nature. The number and size of trade shows in a particular quarter has and will continue to significantly impact the Company's quarterly results. Accordingly, presentation of quarterly results of operations is not necessarily indicative of annual results or trends. Mecklermedia Corporation, The Internet Media Company, based in Westport, Connecticut, is a leading provider of Internet information through its Internet World trade shows and conferences, its Internet World weekly print publication, and its Internet.com network of Web sites at http://www.internet.com, which provides daily news and information resources for the Internet community. Mecklermedia also publishes the ISDEX, the only 100% Internet stock index featuring 50 leading companies at http://www.isdex.com. Mecklermedia's global presence includes Internet World trade shows and licensed publications throughout Canada, Mexico, South America, Europe, the Middle East, Africa, Asia, and Australia.
American Media Inc.
LANTANA, FL/ 5/8/09--American Media Inc. (NYSE:ENQ) Friday announced its operating results for the fourth fiscal quarter and fiscal year ended March 30, 1998. Revenues for the fiscal quarter were $71,879,000 compared to $80,492,000 for the same prior year period. Operating cash flow (operating income before depreciation and amortization) for the quarter was $21,107,000 versus $31,026,000 in the prior year. Income before income taxes for these same periods were $195,000 and $9,825,000, respectively. For the three months ended March 30, 1998, the company reported a net loss of $1,281,000 ($.03 per share) compared to a net income of $4,789,000 ($.11 per share) in the prior year quarter. Revenues for the fiscal year ended March 30, 1998 were $307,684,000 compared to $315,988,000 for the prior year, while operating cash flow was $100,287,000 versus $115,810,000. Fiscal 1998 included 52 weeks as compared to 53 weeks in the prior year. Income before income taxes for these same periods were $17,684,000 and $28,451,000, respectively. For the year ended March 30, 1998, the company reported net income of $5,532,000 ($.13 per share) compared to $12,011,000 ($.29 per share). Peter J. Callahan, American Media's chief executive officer, said: "Fiscal 1998 March quarter operating results were disappointing. Circulation levels for National Enquirer and Star, as noted earlier, have increased slowly from the lows seen following the Princess Diana tragedy but have yet to recover fully. We have engaged an outside research firm to study the impact of recent events on our readership and subject to the findings, we are prepared to engage, if necessary, in significant promotional campaigns to restore circulation. Also hurting the quarter results was Soap Opera News, which did not meet expectations due largely to the continuing intense competition within the soap opera publishing field. Our cost structure remains under good control and we continue to be optimistic as to American Media Inc.'s outlook for Fiscal 1999." American Media Inc. publishes National Enquirer, Star, Soap Opera Magazine, Weekly World News, Country Weekly and Soap Opera News. Distribution Services Inc., a wholly owned subsidiary, provides marketing, merchandising, and information gathering services to publishing and consumer products companies and to retailers.
SFX Entertainment
NEW YORK,NY 5/6/98--SFX Entertainment, Inc. (NASDAQ:SFXE) today announced record revenue and operating cash flow for the first quarter ended March 31, 1998. Revenue for the first quarter increased to $61.0 million from $7.8 million in the first quarter of 1997. Operating cash flow (defined as revenue less cash operating expenses) grew $1.5 million from a loss of $(0.8) million in the comparable quarter of last year. On a pro forma basis, assuming all announced and pending acquisitions were completed as of January 1, 1997, revenue for the first quarter of 1998 would have been $187.3 million and operating cash flow would have been $13.3 million. On the same basis, revenue for the latest twelve months ended March 31, 1998 would have been $827.9 million and operating cash flow would have been $92.9 million. Commenting on the first quarter's results, Robert F. X. Sillerman, Executive Chairman of SFX Entertainment, Inc., said, "We are happy to report our first quarter of results as an independent public company. While most of our reported revenues and cash flow occur during the second and third quarters, our pro forma $13.3 million in positive operating cash flow this quarter is indicative of our successful efforts thus far in integrating our recent acquisitions. We anticipate a very active summer concert season and look forward to implementing the exciting strategy for this business which we have outlined to you in our recent public filings." SFX Entertainment is a leading promoter, producer and venue operator for live entertainment events. It owns and/or operates the largest network of venues in the country used principally for music concerts and other live entertainment events. Upon completion of all pending acquisitions, it will have 46 venues either directly owned or operated under lease or exclusive booking arrangements in 22 of the top 50 markets, including 12 amphitheaters in 7 of the top 10 markets. Through its large number of venues, its strong market presence and the long operating histories of the businesses it has acquired, SFX operates an integrated franchise that promotes and produces a broad variety of live entertainment events locally, regionally and nationally. Pro forma for all completed and pending acquisitions, during 1997, approximately 27 million people attended 9,600 events promoted and/or produced by SFX, including 4,200 music concerts, 4,900 theatrical shows and over 200 specialized motor sports events.
British Sky Broadcasting
LONDON/ 5/4/98--British Sky Broadcasting Group plc (NYSE: BSY), the UK-based pay-television broadcasting group, announced its results for the nine months ended March 31, 1998. HIGHLIGHTS
In the three months to March 31, 1998 total paying subscribers increased by 107,000 to 6.8 million. Net DTH growth of 2,500 was affected by an increase in the cost of analog equipment as a result of fewer marketing promotions and the impending launch of Sky Digital. Churn rose in the quarter to 16% following the seasonal pattern seen in prior years and a reduction in marketing to subscribers who constantly churn after accepting offers. We expect the churn rate to fall back by year end. The Company has fomred Sky Ventures, a separately managed operating subsidiary which will be responsible for the development and growth of the Company's joint venture channel interests. By managing the channels on a portfolio basis the Company will be able to build on the success to date of such channels as Nickelodeon, History, QVC, National Geographic, GSB and Paramount Comedy. James Ackerman, currently Director of Multi-Channel Co-Ventures at BSkyB, will be Managing Director of Sky Ventures. During the period, the Company increased its holding in GSB to 49.5%, from 40%, and acquired a 49% holding in Music Choice Europe, a 24 hour music service. In other Sky news, Gerry Robinson stepped down as both Chairman and Director of the Company. Jerome Seydoux, Chairman and Chief Executive Officer of Path , will replace Gerry as non-executive Chairman of the Board. Graham Parrott, Commercial Director of Granada Group plc has been appointed as Granada's non-executive representative on the Board of Directors. Henry Staunton, an alternate to Gerry Robinson, also ceased to be a director this month. British Sky Broadcasting Group plc is the leading provider of pay-television broadcasting services in the UK and Ireland, with over 6 million paying subscribers. Its operations include the operation and distribution of twelve wholly-owned television channels, as well as direct-to-home marketing of channels owned by third parties. BSkyB ADRs (each equal to six ordinary shares) trade on the New York Stock Exchange under the symbol BSY. BSkyB ordinary shares are listed on the London Stock Exchange, and can be accessed on Reuters under the symbol BSY.L, and on Quotron and Bloomberg under the symbol BSY. Additional information is available on BSkyB's home page: http://www.sky.co.
Cinemark USA
DALLAS, TX/ 5/6/98--Cinemark USA, Inc. reported its revenues for the first quarter ended March 31, 1998 increased 20.6% to $124.2 million from $103.0 million in the same period last year. Net income for the quarter increased 39.7% to $7.1 million compared to $5.1 million a year earlier. Operating income for the first quarter was $18.9 million compared to $16.6 million in the same period last year, a 13.9% increase. Operating income before non-cash expenditures (EBITDA), a key measure of the Company's cash flow, increased 20.9% to $27.2 million for the first quarter of 1998 versus $22.5 million for the first quarter of 1997. Cinemark USA, Inc., headquartered in Dallas, Texas, is the sixth largest motion picture exhibitor in the United States in terms of the number of screens operated. As of May 6, 1998, the Company operated 1,928 screens in the United States, Mexico, Canada, Argentina, Brazil, Chile, Ecuador, Peru, Costa Rica and El Salvador. During 1998, the Company has added 145 screens, and currently has 436 screens under construction.
Henson TV
Jim Henson Television has commissioned the writing-producing team of Dan Angel and Billy Brown to develop a series of kids’ TV programs, on a two-year, first-look basis. The deal is valued in the low six-figures. Angel and Brown’s credits include the Fox Kids Network's ``Goosebumps,'' ``Animorphs'' and ``The Mighty Morphin Power Rangers: The Movie.''
HIT Entertainment
LOS ANGELES, CA 5/11/98--May 11, 1998—HIT Entertainment, one of the world's leading distributors of wildlife programming, has joined forces with legendary marine artist Wyland to bring his compelling vision of the world's oceans to television and home video audiences worldwide through a multiseries and specials deal. The first venture will be a 13-episode half-hour series, "Wyland's Ocean Worlds," which Wyland himself will host. Animal Planet, the new channel from Discovery Networks U.S., will carry the series in the United States. "Wyland's Ocean Worlds"' debut this fall on Animal Planet will be supported by Wyland's most ambitious and far-reaching project to date -- The Year of the Ocean Challenge -- featuring a 60-day tour covering all 50 states, targeting 120,000 schools and 67 million students as participants. Wyland also will provide cross-promotional support in each of his 35 key-locale Wyland Galleries and at launches for new Whaling Walls in top ADI markets. "We are very pleased we will be able to offer our viewers 'Wyland's Ocean Worlds' coming this fall," said Clark Bunting, senior vice president and general manager, Animal Planet. "We feel the combination of HIT's track record for outstanding wildlife programming and Wyland's unique talents and background will make 'Wyland's Ocean Worlds' an excellent choice for Animal Planet viewers." "Wyland's Ocean Worlds" explores the fascinating underwater universe covering two-thirds of our planet using the principal inhabitant of each environment as a guide. Each episode will cover a different aspect of the ocean, from the perspective of the habitat's guide. So a grey reef shark will show off the world of sharks and rays, while an angelfish will serve as guide to the complexity of coral reefs. Wyland will open and close each half-hour by painting the subject of that particular episode. HIT Wildlife began principal photography on the Wyland segments last month in Hawaii. Marine segments are currently being filmed around the world. Wyland, the world's premier ocean artist, has been a pioneer in the marine art movement since 1971. The painter, sculptor, muralist and writer is one of the most prolific and celebrated artists of our day. To date, he has completed more than 68 landmark murals, the Whaling Walls, throughout the United States, Canada, Japan, Australia, Mexico and France. Wyland's paintings and sculptures are collected the world over and can be found on public walls, corporate collections, marine institutes, galleries and many prominent collectors' homes. Since its launch in 1989, with just 23 hours of programming, HIT's catalogue has grown to include more than 1,200 hours of high-quality entertainment. In 1994, the company received the Queen's Award for Export, and 1995 saw the opening of HIT's U.S. affiliate offices, HIT Entertainment USA Inc. in Los Angeles. In August 1996, HIT successfully floated on the Alternative Investment Market of the London Stock Exchange, and in July 1997, the company moved to the main market, less than a year after flotation. The company's recent growth includes a U.K. videocassette company, which was established in March 1997, and a HIT-owned U.K. licensing and merchandising arm, to be launched in June 1998. HIT's reputation for bringing literary classics to the screen includes "Tales of Peter Rabbit and Friends," "The Wind in the Willows" and "The Willows in Winter," "Shakespeare -- the Animated Tales," "Brambly Hedge," "Percy the Park Keeper," "Kipper," and currently in production, "Archibald the Koala." | |
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