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Random House
NEW YORK, NY/ 7/8/98--Random House, in the immediate wake of its sale to Bertelsmann, has formed a new sales force, known as the Random House, Inc. Sales Group. RH President Erik Engstrom announced the new group in a letter to booksellers earlier this month. Don Weisberg, formerly president of the Bantam Doubleday Dell sales and merchandising division, will serve as head of the new group. He will report to Engstrom. The new sales division will include representation of three adult lines, Random House Children's Publishing and Random House Value Publishing. New divisional leaders include Bruce Harris, president trade sales and marketing, Random House; Steve Black, senior v-p, director of sales, the Ballantine Publishing Group; and David Lappin, senior v-p, executive director of sales, BDD. All will report to Weisberg. The children's sales force will be guided by Kristina Peterson, executive v-p of the group. Lynn Bond will head the Random value publishing group. Both will report to Harold Clarke, president, Random House Children's Publishing. Each of the sales divisions will retain their current separate identities, internal structure and sales responsibilities, according to Engstrom. A new sales steering committee, headed by Weisberg and including the five divisional heads, will set long-term sales policies and practices for Random House, and will report directly to Engstrom.
Investment Group
NEW YORK, NY/ 7/8/98--Golden Books Family Entertainment, Inc. (NASDAQ: GBFE) has been offered a $25 million infusion of capital from Golden Press Holdings, L.L.C., an investor group including Warburg, Pincus Ventures, L.P., Barry Diller and Golden Books' Chief Executive Officer, Richard E. Snyder. Funds will be available to Golden on an as-needed basis for the entire fiscal year. Golden executives said they have no immediate plans to draw on the account. In exchange for any funds drawn down, Golden Press Holdings will receive convertible preferred stock with a coupon of 5%, and a conversion price of $4.87, a 20% premium over the average price of Golden Books common stock. 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.
Former NY Magazine
NEW YORK, NY/7/8/98—Miramax Films has formed a new venture with former New York magazine editor,Tina Brown, and former Vogue editor, Ron Galotti. The venture will publish a new magazine, produce film/TV features and publish books. Tina Brown, with the New Yorker since 1992, unexpectedly resigned her post in early July to become chairman of the new Miramax venture. Galotti will serve as president. Miramax, the film unit of Walt Disney Co., is expected to heavily invest in the new company. The New Yorker has not yet named a replacement for Brown. Both the New Yorker and Vogue are owned by closely held Advance Publications Inc. Advance Chairman S.I. (Si) Newhouse Jr. reportedly had offered Brown a new contract to replace the one that expired on July 1, but she declined. The New Yorker, under Brown, reportedly had a $35 million editorial budget but has not been profitable. A new publisher was named in May. Advance Publications is closely held by the Newhouse family, which owns newspapers, cable television operations and 16 magazines under the Conde Nast banner, including Conde Nast Traveler and Vanity Fair. Until recently, the family also owned Random House Inc., the largest book publisher in the United States. Earlier this month, Advance completted the sale of Random House to German media conglomerate, Bertelsmann AG, for an estimated $1.3 billion. Brown’s husband, Harry Evans, left his post as president and publisher of Random House last November to work for real estate and publishing executive Mort Zuckerman.
Crown Books
7/8/98--Crown Books, which failed to find a buyer for its ailing bookstore chain, is expected to file for Chapter 11 bankruptcy within the next few days. Trading in Crown stock has been halted after shares rose more than $2 to $4 13/16. First Lincoln Holdings reportedly was interested in buying Crown, but apparently no deal consummated.
Audio Book Club's
BOCA RATON, FL/7/1/98--AUDIO BOOK CLUB, INC. (AMEX: KLB), is currently adding more than 4,500 new members per month via the Internet, up from just 300 in January. As a result, its total membership base has increased to over 340,000 members. The company noted that since it began its aggressive Internet strategy, hits to its web site have increased from one million in January to over 11 million. Norton Herrick, Chairman and CEO of Audio Book Club, Inc., said, "The substantial growth in membership, especially via the Internet, is extremely encouraging. And, once again, the growth in members continues to validate the company's strategic business plan which focuses on growth through the Internet." In continuing to concentrate on its Internet activities, the company also announced it has signed three new advertising agreements with various Internet sites. The agreements will continue to enhance the company's presence on the Internet and are designed to further expand its membership base. Audio Book Club signed advertising agreements with net@ddress.com, a unit of USA.Net, Inc., a provider of free HTML-enabled e-mail with over 1 million subscribers; hitthebeach.com, which focuses on summer travel, beach music, summer listening and reading and the pleasures of the season; and freeride.com, a site dedicated to providing visitors with free stuff for visiting and buying from its sponsors. Audio Book Club, Inc. is a direct marketer of audiobooks through Audio Book Club and BooksAloud.com, membership clubs which market and sell audiobooks by mail order and the Internet. Since commencing operations in January 1994, the Company has engaged in an aggressive membership recruitment program to establish a core Audio Book Club member base of more than 340,000 members and to continually expand its member base.
EC Commission
Bertelsmann Involved BRUSSELS/ 7/9/98—The European Commission is reviewing a proposal by America Online, Bertelsmann (owners of US publishers, Bantam Doubleday Dell and Random House), Vivendi’s Cegetel, and Canal Plus to take joint control of AOL/CIS France, which provides interactive services through its wholly-owned subsidiaries AOL Bertelsmann Online France and CompuServe Interactive Services France. The Commission has a month from the July 1 proposal filing to order or waive a four-month investigation to identify any competitive issues. The government entity may also extend the probe by an additional two weeks if it deems necessary.
Medialink Expands
Feeds AP News Wires LONDON, ENG/7/8/98--Medialink Worldwide Incorporated (Nasdaq: MDLK) has expanded its international operations by acquiring The London Bureau, a pre-eminent producer of corporate video for use by British broadcasters, and Eye Catchers Press, the largest public relations still photography agency in the United Kingdom. The London Bureau generated revenues in excess of (pound)1.1 million or $1.85 million for the fiscal year ended March 31, 1998. Eye Catchers had revenues in excess of (pound)500,000 or $900,000 for the year ended November 30, 1997. If certain performance benchmarks are met, the total purchase price for the two companies will exceed (pound)5 million or $8.2 million, to be paid in a combination of cash and Medialink common stock over a three-year period. Medialink plans to beocme a `one-stop' provider of communications services to the global public relations industry, according to Laurence Moskowitz, Chairman, President and Chief Executive Officer of Medialink. "The London Bureau both strengthens our position in the U.K. and European video services market and further leverages our recently announced video distribution agreement with The Associated Press. Through this exclusive agreement, Medialink-produced video is digitally transmitted via satellite directly to news broadcasters in more than 50 nations via APTV, the international video news agency of The Associated Press, providing efficient, effective access to broadcasters in more than 50 nations around the globe." "Eye Catchers establishes an entirely new complementary service to provide to our client base -- still photography," Moskowitz said. "Founded by Stewart Goldstein, Eye Catchers has an unrivaled reputation among picture editors of Britain's national and regional press for producing creative and newsworthy photographs for corporate and public relations agency clients. Virtually all of our video projects lend themselves to still pictures; photography, when distributed to newspapers or to end consumers via the Internet, is a simple and natural means of broadening the reach of our clients' news." The purchase of The London Bureau and Eye Catchers are the second and third international acquisitions by Medialink within the past 12 months. In August 1997 it acquired On Line Broadcasting Ltd., which was renamed Medialink Live!, a specialist division producing and coordinating live radio and television interviews as well as remote location broadcasts. Medialink is a world leader in providing video and audio production and satellite distribution services to thousands of television and radio stations for corporations and other organizations seeking to communicate their news to the public. Medialink, founded in 1986, is based in New York and maintains offices in Los Angeles, Washington, DC, Chicago, Dallas, Atlanta, San Francisco and Norwalk, CT; international headquarters in London with a regional office in Birmingham, England; and a network of affiliates in more than 18 countries in Europe, Asia, the Pacific Rim and Latin America.
McMurry Publishing
NEW YORK, NY 7/2/98-- Phoenix-based McMurry Publishing, Inc. (MPI) has purchased the assets of SmartHealth, a division of New York-based Meigher Communications, L.P., for an undisclosed amount. SmartHealth custom-publishes consumer health newsletters for 44 hospitals and health maintenance organizations. MPI, which publishes eight custom health magazines for more than 300 healthcare organizations, projects its 1999 revenues at $24 million with the acquisition. This represents a five-year 374% increase since 1994, making McMurry the leading syndicated custom publisher. "The acquisition of SmartHealth strengthens our position as the leading custom publisher for healthcare organizations," says Preston V. McMurry, Jr., MPI's president and chairman. "Adding Smart Health gives us the ability to offer customers a product line with a full range of prices; everything from a Mercedes to a Chevrolet. As far as we know, that's an industry first.” “There are few custom publishers specializing in syndication," explained Chris McMurry, MPI's chief operating officer. "In our opinion, syndication is the most stable form of custom publishing. We are looking to acquire additional syndicated properties." "McMurry's model of syndicated custom publishing, which leverages the content and brand name of one title over many customized editions, enhances the stability of its revenue streams. Having multiple contracts for each title greatly reduces the financial risk seen in traditional custom publishing businesses," said Scott Peters, managing director of The Jordan, Edmiston Group, the media investment bankers representing McMurry in its acquisition of SmartHealth. MPI publishes eight health titles including Vim&Vigor(R), eHealth(R), About Health(tm), HealthDirect, Miracles(R), Salad Y Vigor(R), Vitalidad Ahora(tm), and Where Healthy Living Begins. In addition MPI publishes BusinessEdge(R), Clout(tm) and Avances(R), all three of which are published for banks. MPI also publishes FUTURE and Insights, which are alumni magazines for the University of Phoenix and College for Financial Planning respectively, and Solutions, a government privatization magazine for Rural/Metro Corp. The Jordan, Edmiston Group is the leading investment bank specializing exclusively in the publishing, information and new media industries. Founded in 1987, the firm has completed more than 25 transactions in the past 12 months with an aggregate value exceeding $500 million, including The New York Times Company's divestiture of its Custom Publishing Division to Forbes, Inc.
Gannett Sells
ARLINGTON, VA/ 7/6/98--Gannett Co. Inc. has sold five daily newspapers to Community Newspaper Holdings Inc. The newspapers are the Commercial-News in Danville, Ill.; the Chillicothe (Ohio) Gazette; the Gallipolis (Ohio) Daily Tribune; The Daily Sentinel in Pomeroy, Ohio and the Point Pleasant (W.Va.) Register. Gannett is a nationwide news and information company that publishes 82 daily newspapers, including USA TODAY, and USA WEEKEND, a newspaper magazine. Gannett also operates 21 television stations and cable television systems in five states. Community Newspapers, headquartered in Birmingham, Ala., publishes daily and weekly newspapers in 118 communities located in 20 states throughout the country.
Disney Channel
BURBANK, CA/7/1/98--Disney Channel has green-lit an extensive slate of original programming as part of its commitment to deliver quality new programming for its kids and family audience. Ranging from narrative series and game shows to original movies, the entire production lineup will debut on Disney Channel this year. Making a strong foray into original narrative series, Disney Channel has ordered 13 episodes of two new series -- "Jett Jackson" (tentative title), for kids, and "So Weird," for kids and families. "Jett Jackson," produced by Alliance Communications in association with JP Kids, is a coming-of-age character-driven adventure series about Jett Jackson, a 13-year-old television star, who longs to have a normal life. "So Weird," produced by Henry Winkler's Fair Dinkum Productions, chronicles the adventures of a traveling family, including Fi (short for Fiona) Phillips, a 13-year-old girl fascinated by the mysteries of the paranormal. Disney Channel is committed to original kid-driven family programming and is currently in production with two new movies for this audience -- "Halloweentown" and "Zenon -- Girl of the 21st Century." These movies join the recently announced "Brink!," executive-produced by David Hoberman and produced by Bernie Caulfield. Greg Beeman ("Under Wraps," "License to Drive") directs. The movie recently wrapped production in Los Angeles and debuts on Disney Channel on Aug. 29. Disney Channel goes game-show wild this summer with the debut of two original game shows -- a first for the channel. In the 65-episode game show "Off the Wall," in-studio kid contestants compete against a video wall of challengers of all ages in a variety of exciting physical and mental stunts. The series is produced by Vin Di Bona Productions and hosted by fresh newcomer Larry Zeno. Disney Channel, combining original series, movies and specials with timeless classics, is the only full-time general-entertainment television network designed for kids and families. Disney Channel is a subsidiary of The Walt Disney Co.
PRIMEDIA's
NEW YORK, NY/ 7/7/98--Richard J. LeBrasseur, president of the PRIMEDIA Supplemental Education Group (NYSE: PRM) announced that its Weekly Reader newspaper for kids has joined with Radio Disney, a new 24-hour a day radio network for kids, to run daily radio features called "Izatafact!". Each Weekly Reader Izatafact! is a fun, one-minute dialogue between adults and kids about fascinating and important facts drawn from recent issues of Weekly Reader. There are different Izatafact! topics each day of the week, including: the environment, geography, science and technology, and health and safety. In addition, there is a feature called "What Weekly Reader Kids Are Saying," which is drawn from the results of polls conducted in Weekly Reader periodicals and on the award-winning Weekly Reader Web site, The Weekly Reader Galaxy, (www.weeklyreader.com). Radio Disney can be heard in more than 20 cities, including: Atlanta, Boston, Los Angeles, Minneapolis, Salt Lake City, San Diego and Seattle. PRIMEDIA Supplemental Education is the authoritative source for innovative educational material for the classroom and is one of the largest providers of supplementary educational materials in the United States. Properties including Weekly Reader, World Almanac, Lifetime Learning Systems, Films for the Humanities & Sciences, Facts On File News Services and World Almanac Books take advantage of the continuing record school enrollments that are expected to continue to grow to record levels. PRIMEDIA Inc., with 1997 sales from continuing businesses of $1.2 billion, is the authoritative source of specialized information in targeted media (specialty magazines, trade magazines, consumer and business information) and education (classroom and workplace learning). Some key brands include Seventeen, New York, Chicago, Soap Opera Digest, Soap Opera Weekly, Channel One, Horticulture, Modern Bride and American Baby.
EchoStar
NEW YORK, NY/ 7/1/98--EchoStar Communications Corporation has agreed to launch Noggin,the first 24-hour educational network for kids, on EchoStar's The DISH Network, when the channel launches in January, 1999. The announcement, representing Noggin's first DBS distribution agreement since its inception only two months ago, was made by Nicole Browning, Executive Vice President of Affiliate Sales & Marketing, MTV Networks. Noggin is a joint venture between the Children's Television Workshop and Nickelodeon. Echostar's The DISH Network is available to 1.3 million homes nationally and currently offers Nickelodeon (East and West Coast feeds), TV Land, MTV, M2, MTV Espanol and VH1. The Noggin program schedule will include signature educational series from CTW and Nickelodeon such as Sesame Street and Blue's Clues, plus award-winning programs Electric Company, 3-2-1 Contact and Ghostwriter from CTW and Gullah Gullah Island and Nick News from Nickelodeon. Noggin will also be the first network to feature a fully integrated on-line curriculum to complement its on-air programs. The reputation of Nickelodeon and CTW speak for themselves, and we are confident that Noggin will be a very popular channel with our subscribers." Noggin is the nation's first 24-hour fully integrated educational television network and on-line service that will be dedicated to educating and entertaining kids between the ages of 2-14. Noggin will include new programming designed for both preschoolers (ages 2-5) and older children (6-14), and will also draw from the extensive libraries of both CTW and Nickelodeon. Noggin is the flagship network of a package of channels from Nickelodeon including Nick Games & Sports and Nick Too, that will be married to the Suite from MTV and VH1 on a single MTV Networks transponder. DISH Network, EchoStar's state-of-the-art DBS system that offers customers over 200 channels of digital video and CD-quality audio programming, fully MPEG-2/DVB compliant hardware, installation, financing and leasing. MTV Networks, a unit of Viacom International, Inc. owns and operates five cable television programming services -- MTV: Music Television, M2: Music Television, VH1, Nickelodeon/Nick at Nite and Nick at Nite's TV Land, all of which are trademarks of MTV Networks. MTV Networks also has licensing agreements, joint ventures, and syndication deals whereby all of its programming services can be seen world wide.
Washington Post
WASHINGTON, DC/7/1/98—The Washington Post Company has completed acquisition of an Anniston, Ala. cable system from the Time Warner Entertainment-Advance/Newhouse Partnership. The system will become part of the Post’s Cable One, Inc. subsidiary. The Anniston system serves approximately 36,000 subscribers, and will further the Post’s strategy to operate in mid-sized, non-urban markets, according to Alan G. Spoon, president, The Washington Post Company. The Washington Post Company is a diversified media organization whose principal operations include newspaper and magazine publishing, broadcasting, and cable television systems. The company also produces electronic information services, provides test preparation, education and career services, and offers online information covering federal and state legislative and regulatory activities. Cable One now serves approximately 686,000 subscribers in 18 states.
Chancellor Media
IRVING, TX and PROVIDENCE, RI/ 7/7/98-- Chancellor Media Corporation (Nasdaq: AMFM) has entered an agreement to purchase the stock of LIN Television Corporation from affiliates of Hicks, Muse, Tate & Furst Incorporated in a transaction which values LIN's operating assets at $1.495 billion plus a reimbursement for working capital and the value of LIN's financial assets. The purchase price for the operating assets represents approximately 12.7 times LIN's projected 1999 broadcast cash flow (defined as operating income excluding depreciation, amortization, and corporate, general and administrative expenses) and is expected to be approximately $0.06 per share accretive to Chancellor's 1999 after-tax cash flow. LIN's financial assets consist of minority ownership interests in NBC affiliate stations in Dallas and San Diego and, by the close of the transaction, are expected to also include an equity interest in a major league sports enterprise in Dallas, Texas. The aggregate financial assets of LIN are valued at $125 million. Formed in 1966, LIN Television Corporation, with twelve network affiliated stations, has grown to become the 22nd largest television broadcaster in the United States. Upon consummation of pending transactions, LIN will own and operate eight network-affiliated television stations, and has four Local Marketing Agreements (LMAs) creating overlaps in four of the company's eight markets. LIN has distinguished itself in the industry by achieving revenue growth rates and operating margins that are among the best in the industry and by pioneering the establishment of LMAs in markets already served by the Company. It has established relationships with all of the six major networks including ABC, NBC, CBS, FOX, WB and UPN. LIN's President and Chief Executive Officer, Gary R. Chapman, has been named President of Chancellor Media's television operations and will join Chancellor's Board of Directors, increasing the size of the Board to twelve members. After giving effect to the transaction Chancellor Media Corporation will have approximately 191.3 million fully diluted common shares outstanding with Hicks, Muse, Tate & Furst Incorporated's (Chancellor's largest shareholder) ownership increasing from approximately 9% to approximately 18% of Chancellor's fully diluted outstanding shares. LIN's strong management is committed to playing an industry- leading role in digital technology while maintaining a consistent and well recognized emphasis on the local markets that it serves. LIN has consistently focused on the quality of its local news operations and currently broadcasts 122 hours of local news programming each week. Completion of the transaction is subject to regulatory approval, including Federal Communications Commission approval of the transfer of LIN Television's broadcast licenses, expiration of the applicable Hart-Scott-Rodino waiting period and other customary closing conditions. The transaction is expected to be consummated in the fourth quarter of 1998. Upon consummation of pending transactions, LIN's twelve stations include eight owned network affiliates and four LMAs.
Kings Road
HOLLYWOOD, CA/7/1/98--The board of directors of Kings Road Entertainment Inc. (Nasdaq:KREN) is again actively seeking acquisition and merger proposals for the company. The announcement follows the recent termination of an agreement between the company and the Morgan Kent Group Inc. for Morgan Kent to purchase a majority stake in the company. Kings Road Entertainment was founded in 1984 as an independent production and distribution company. Based in Los Angeles, the company produces theatrical, direct-to-video and cable motion pictures. Its credits include "All of Me," "The Big Easy," "Kickboxer," and most recently, "The Redemption." Kings Road is located at 1901 Avenue of the Stars, Suite 1545, Los Angeles, Calif., 90067.
VNU Sells Interest
HAARLEM, The Netherlands/7/1/98--VNU, a leading international publishing and information group, has agreed to sell its 38% interest in RTL 4 Holding S.A. to the company's majority shareholder, Luxembourg-based CLT-UFA S.A. RTL 4 Holding has a 65% interest in the broadcasting company Holland Media Groep S.A. (HMG). Proceeds of the sale will be applied toward further strengthening of VNU's core activities in business information, telephone directories and information services, and consumer magazines. VNU is a Netherlands-based international publishing and information company, whose operations include consumer and professional magazines, newspapers, telephone directories and information services, educational textbooks, marketing information services and entertainment. VNU shares trade on the Amsterdam, Brussels and Luxembourg Stock Exchanges and prices may be accessed on Bloomberg under the symbol VNUN NA, on the Reuter Equities 2000 Service under VNUS.AS and on Quotron under VNUN.EU. Its sponsored ADRs, each equal to one-half of an ordinary share, trade on the NASD OTC Bulletin Board under the symbol VNUNY. Effective July 1, 1998, the name of N.V. Verenigd Bezit VNU is changed to VNU N.V.
Libraries Adopt
CARLSBAD, CA/7/6/98--Electronic Online Systems (EOS) International has added 15 libraries to its list of customers who have installed the Q Series, EOS International's new client/server-based library information management system during this past spring. All of the libraries will be implementing the Q Series Cataloging, Circulation and OPAC modules during the next several months. Most will also be installing the Serials control and Acquisitions modules when they are available. The new customer libraries join more than 25 other libraries who already have installed or are in the process of installing the Q Series system bringing the total number of Q Series users to forty. The Q Series offers libraries advanced searching capabilities with automatic synonym searching and pattern searching, which overcomes spelling variations, word endings and misspellings. EOS International is a global library information management software and service company. It is a member of the Dawson Holdings PLC group of information services companies. Dawson Holdings PLC is a $1 billion publicly traded information services company founded in 1809. EOS International's corporate headquarters is located in Carlsbad, Calif. It has a European headquarters in London and an Asia-Pacific headquarters in Singapore, as well as a regional office in Paris. EOS International serves more than 6,500 clients in 85 countries, in all types of libraries.
America Online
DULLES, VA/7/1/98--America Online, Inc., the world's leading Internet online service, Tuesday announced a two-year pact with three leading online brokerages for a combined total of $75 million - one of cyberspace's biggest-ever marketing agreements. The brokerages are DLJdirect Inc.(TM), E*TRADE(TM) and Waterhouse Securities Inc. The agreement will make DLJdirect(TM), E*TRADE and Waterhouse Securities the premier brokerages in AOL's new Brokerage and Mutual Fund Centers in the AOL Personal Finance Channel -- the most frequently visited channel on AOL and cyberspace's most popular personal finance destination. AOL's Personal Finance Channel will prominently feature these brokerages on the Channel's Main Screen, in the Quotes, Portfolios, Investment Research, Investment Snapshot and Market News areas, giving AOL members convenient, easy one- click access to these leading online brokers. In the Mutual Fund Center, members can also quickly access and investigate the mutual fund areas of these primary brokers to get information and trading options specific to mutual funds. The agreement calls for each brokerage to pay AOL $12.5 million annually over the pact's two-year term for a total of $75 million. AOL's new Brokerage and Mutual Fund Centers will bring an even greater level of convenience to AOL members by enabling them to directly access their online trading accounts for DLJdirect, E*TRADE and Waterhouse Securities from anywhere in the Personal Finance Channel. They will also be able to more conveniently access these brokerages' mutual fund information and trading tools. In addition, the new design will allow the brokers to better feature and promote their mutual fund services. Direct access to the three brokerages will also be closely integrated into AOL's newly launched Investment Research area. Easy access to the brokerages will add to the convenience of the Investment Research area, which offers tools from a variety of partners, enabling members to search for stocks and mutual funds as well as other key personal finance information. "AOL is one of the engines that has fueled the growth of the Internet making customers more comfortable with accessing the worldwide web. This has had a powerful affect on online investing," said K. Blake Darcy, Chief Executive Officer of DLJdirect. "Since 1995, DLJdirect has been providing AOL members with a top-rated online brokerage service. This new alliance will enable DLJdirect to showcase its award-winning DLJ research, online access to IPOs and other powerful investing tools to the ever-increasing AOL community." A wholly owned subsidiary of Donaldson, Lufkin & Jenrette, DLJdirect is one of America's leading online brokers and is a recognized pioneer in the online trading industry. Serving the serious online investor, DLJdirect has grown to over 450,000 customer accounts since its inception in 1988, holds over $6 billion investor assets and has conducted $35 billion in online trade executions. Among the many accolades received, DLJdirect has been recognized as the No. 1 Internet Broker by Gomez Advisors, Inc. for four consecutive quarters (thru Q2 1998). E*TRADE has offered savvy independent investors access to online investing services via America Online since 1992. Named by FUTURE BANKER as one of its "10 Masters of Electronic Delivery," E*TRADE has also been honored with the "Torchbearer Award" by FINANCIAL SERVICES ONLINE and "Most Valuable Product of the Year" in the financial services category by PC COMPUTING. With a 95 percent customer retention rate, E*TRADE holds more than $10 billion in customer assets and has saved its customers more than $800 million in commissions in the past six years. The increasing popularity of online trading is illustrated by the following: -- Trading through AOL's Brokerage Center increased 321% over last year. In 1997, the number of consumers trading online grew over 150%, CyberDialogue Research reports. AOL's Personal Finance Channel offers the most comprehensive suite of financial tools and information available in cyberspace. With more than five million regular users, more than three times as many users as the top three Web-based financial sites combined, AOL's Personal Finance Channel enables members to research and trade stocks and mutual funds, conduct their online banking, get the most up-to-date business and market news, access detailed financial data, and chat with other members about market trends and financial information. The Channel maintains over eight million active investment portfolios, with 11,000 new portfolios added every trading day, and provides AOL members with more than 80 million stock quotes per trading day -- more than six times the typical daily total just two years ago. As the world's largest consumer quote service, AOL recently set a new record, distributing 100 million quotes in a single trading day, and more than ten million quotes in one hour. The Channel also generates over 12 million financial graphs per month for AOL users. An average of 650,000 users access the Quotes & Portfolios area each trading day - with that number growing by an average of 7,000 new users of the area each day. The Personal Finance Channel also offers access to financial information from popular sources such as Business Week, Intuit, Realtor.com, Bloomberg, Standard & Poor's, Hoover's, MarketGuide, Zacks, Disclosure, Morningstar, Reuters, Investor's Business Daily, TheStreet.com, The Motley Fool and Sage. And the Personal Finance Channel enables members to do their taxes, research and trade stocks and mutual funds, conduct their online banking, handle real estate and insurance matters, get the most up-to-date business and market news, access detailed financial data and chat with other members about market trends and financial information. America Online, Inc., based in Dulles, Virginia, is the world's leader in branded interactive services and content. America Online, Inc. operates two worldwide Internet online services: America Online, with more than 12 million members; and CompuServe Interactive Services, with approximately 2 million members. Donaldson, Lufkin & Jenrette is a leading integrated investment and merchant bank serving institutional, corporate, government and individual clients. Founded in 1959 and headquartered in New York City, DLJ employs approximately 7,400 people worldwide and maintains offices in 14 cities in the United States and 10 cities in Europe, Latin America, and Asia. A leading branded provider of online investing services, E*TRADE has established a popular destination Web site for self-directed investors. The company offers independent investors the convenience and control of automated stock, options, and mutual funds order placement at low commission rates, along with a suite of value-added products and services that can be personalized, including portfolio tracking, Java-based charting and quote applications, real-time market commentary and analysis, news, and other information services. E*TRADE Securities and its parent company, E*TRADE Group, Inc., are headquartered in Palo Alto, California. Waterhouse Securities Inc., is a subsidiary of Waterhouse Investor Services, Inc. Waterhouse Securities, Inc., was established in 1979 and is a member of both the New York Stock Exchange and Securities Investor Protection Corp. Waterhouse Securities can be found on the Internet at www.waterhouse.com.
MacWEEK
NEW YORK,NY/7/8/98--Mac Publishing, L.L.C. has launched a revolutionary financial news channel on its popular MacWEEK.com web site. Mac/Business is the first and only online financial channel dedicated to covering and reporting on business news in the evolving Macintosh marketplace. Mac/Business will offer stock tips and picks, analysts' forecasts, features on established and emerging companies within the Mac industry, and the latest news and information on strategic industry partnerships. In addition, Mac/Business will include a stock composite index, an important leading indicator of Mac market viability. Content for the Mac/Business channel will be culled from the extensive MacWEEK editorial network, with expert commentary provided by savvy MacWEEK editors in addition to well-known financial analysts and columnists. Online visitors will be able to track companies' stock performance, read about rumored personnel shifts, and navigate the most popular financial sites on the Web. MacWEEK.com was launched in 1995 as the electronic edition of MacWEEK magazine and re-launched in July 1998 when MacWEEK becomes the first print publication to move its sole publishing platform online. The evolution of a successful print publishing platform that has served the Mac industry for more than 10 years, in August it becomes the largest online-only news publication dedicated exclusively to Mac managers and creative professionals. MacWEEK.com, together with Macworld Online, currently attracts nearly 100,000 unique visitors each day. Macworld and MacWEEK magazines and their online editions are published by Mac Publishing, L.L.C., a joint venture formed in August 1997 by Ziff-Davis Publishing, New York, and International Data Group, Framingham, Mass. Mac Publishing, L.L.C. is based in San Francisco.
Modern Age Books,
BOSTON, MASS/7/1/98--Electronic publisher Modern Age Books has announced that the Hewlett-Packard Company's HP Pavilion PC line of home computers will feature an electronic edition of The ABCs of Windows 98. The book, published digitally using V-Book technology from Modern Age Books, is one of a series of books from Sybex which provides a step-by-step introduction to software and hardware. The ABCs of Windows 98 was written by Sharon Crawford and Neil J. Falkind. The new Win98 V-Book joins a wide range of HP user documentation already delivered using Modern Age Books V-Book technology. Modern Age Books has worked with HP since 1995, providing electronic documentation solutions for HP. V-Book technology from Modern Age Books is based on the concept of combining the benefits of a printed book with the advanced capabilities of computers. Using a book-like interface, the system provides functions that allow users to highlight and annotate the text right on the screen as well to set bookmarks throughout the book. Outstanding search capabilities, including Boolean, proximity, and wildcard searching, help users find information quickly across sections, chapters, and even across books. The newest generation of V-Book technology also enables V-Books to be updated over the Internet. The electronic edition of The ABCs of Windows 98 will be delivered pre-installed on all computers in the HP Pavilion PC line.The V-Books are set to begin shipping when HP begins shipping the new operating system and will be delivered in three languages: English, Spanish, and French. Other clients using V-Book technology from Modern Age Books include 3Com/Megahertz, Compaq, Hitachi, Macmillan Computer Publishing, Osborne/McGraw Hill, and many others. Modern Age Books was founded in 1994. The company serves original equipment manufacturers, software companies, value-added resellers, computer book publishers, and their customers by publishing V-Books: electronic versions of guides, manuals, and books. V-Books from Modern Age Books are included as part of the pre-installed software on many new computers and include titles from over 100 of the best selling computer books. More than 45 million copies of computer manuals and books are in circulation. Modern Age Books can be reached on the World Wide Web at ttp://www.ModernAgeBooks.com.
People
Giangola, Goldstein Leave Simon & Schuster Andrew Giangola, vice president of corporate communciations at Simon & Schuster, has left the company. Also, Gary Goldstein, a senior editor there for the last several years, has also departed. Editor Faust Leaves Berkley Jessica Faust has left Berkley Publishing Group to join MacMillan as a nonfiction editor. Berkley has recently been folded into Penguin Putnam, Inc., and moved its operations in early July to the Penguin Putnam building at 375 Hudson in New York. Williamson Resigns as Nelson/Word President NASHVILLE, TN/7/10/98--Byron Williamson has resigned his position as President of Nelson/Word Publishing. As a transitional step, he will continue to advise Thomas Nelson (NYSE:TNM) on specific projects as an independent consultant. Williamson served as Executive Vice President of Word Publishing from 1988 to 1992. He became President of Word in 1992, the same year that Thomas Nelson acquired Word. Williamson then assumed leadership of the publishing arms of both Thomas Nelson and Word, which became known as Nelson/Word Publishing. Sam Moore, Thomas Nelson's CEO, announced Mr. Williamson's departure: "Byron has been a great asset to Thomas Nelson, and we will miss his leadership. I wish him the best in all future endeavors." "I will always love the people at Nelson/Word, just as I deeply respect their mission. I wish Sam Moore and the company `Godspeed' in all that they do," said Mr. Williamson. There are no immediate plans to name a successor to Mr. Williamson's position. "We are blessed with a strong team of publishers and vice presidents who will step up to ensure that our publishing program will continue to excel," said Mr. Moore. Thomas Nelson, Inc. is a leading publisher, producer and distributor of books emphasizing Christian, inspirational and family value themes, and believes it is the largest publisher of Bibles and inspirational books in the English language. The Company also designs, manufactures and markets a broad line of gift and stationery products. Thomas Nelson's stock is listed on the New York Stock Exchange (TNM-NYSE). Times Mirror Appoints Six VP’sLOS ANGELES, CA/7/2/98--In recognition of their outstanding contributions to Times Mirror, six newspaper executives have been named corporate vice presidents, it was announced by Mark H. Willes, chairman, president and chief executive officer, Times Mirror and publisher, Los Angeles Times. The following were appointed corporate vice presidents, in addition to their current responsibilities: John S. Carroll, editor and senior vice president, The Baltimore Sun; Janet Clayton, editor of the editorial pages and vice president, Los Angeles Times; Robert G. Magnuson, senior vice president, regional editions, Los Angeles Times; Anthony Marro, editor and executive vice president, Newsday; William J. Rowe, publisher and chief executive officer, The Advocate and Greenwich Time; and Gary K. Shorts, publisher and chief executive officer, The Morning Call. Carroll, 56, has been editor and senior vice president of The Baltimore Sun since 1991. Clayton, 43, has been editor of the editorial pages of the Los Angeles Times since 1995 and Times vice president since 1997. Magnuson, 46, has been senior vice president, regional editions of the Los Angeles Times since 1997. Marro, 56, became editor of Newsday in 1987. Prior to this appointment, he was a reporter for the Rutland (Vt.) Herald, Newsday, Newsweek and The New York Times before returning to Newsday in 1979 as Washington bureau chief. Rowe, 62, became publisher and chief executive officer of The Advocate in Stamford and Greenwich Time in 1986. Prior to joining the newspapers, he was president and chief executive officer of Times Mirror National Marketing. Shorts, 47, became publisher and chief executive officer of The Morning Call in 1987. Prior to that he was group president and publisher of Southern California Newspapers in San Diego. Times Mirror (TMC—New York and Pacific stock exchanges), a Los Angeles-based 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 improvement, 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 company in the country. McGraw-Hill Appoints Evanson Executive VP NEW YORK, NY/7/1/98--The McGraw-Hill Companies (NYSE:MHP) named Robert E. Evanson executive vice president of its Educational and Professional Publishing Group (EPPG), which includes the Corporation’s Educational Publishing, Higher Education and Consumer, and Professional Publishing businesses. He will report to Jack E. Witmer, president of EPPG, and will work closely with him in managing the segment’s operating units and support functions. Mr. Evanson most recently served as president of the Corporation’s Higher Education and Consumer business. He joined The McGraw-Hill Companies in 1992 as executive vice president and chief financial officer of Macmillan/McGraw-Hill School Publishing. He also held various posts at Harcourt Brace Jovanovich, Inc., which he joined in 1985, including chief operating officer, chief financial officer and chief executive officer of the company’s SeaWorld Theme Park Group. The McGraw-Hill Companies is a global publishing, financial, information and media services company with 16,000 employees located in more than 400 offices in 30 countries. Founded in 1888, the Corporation is a leading information services provider meeting worldwide needs in education, business, finance, the professions and government. Sales in 1997 were $3.5 billion. PRIMEDIA Names Cohen New media VP NEW YORK, NY/7/6/98--James A. Warner, president of the PRIMEDIA Magazine Group (NYSE: PRM), has announced that David Cohen, 52, has been named vice president of New Media for the PRIMEDIA Magazine Group. He replaces Larry Phillips, who was promoted in April 1998 to managing director of PRIMEDIA Ventures, a fund which invests in early-stage Internet companies and other technology opportunities. Cohen is the former director of new media for Better Homes and Gardens magazine, Ladies’ Home Journal magazine and Family Money magazine - which are Meredith Corporation publications. Prior to joining the Meredith Corporation, Cohen held numerous positions in the media field. PRIMEDIA Inc., with 1997 sales from continuing businesses of $1.2 billion, is the authoritative source of specialized information in targeted media (specialty magazines, trade magazines, consumer and business information) and education (classroom and workplace learning). Some key brands include Seventeen, New York, Chicago, Soap Opera Digest, Soap Opera Weekly, Channel One, Weekly Reader, Horticulture, World Almanac, Modern Bride and American Baby. DeMattos Named LA Entertainment Entrepreneur of the Year BURBANK, CA/7/6/98--Matthews Studio Equipment Group (Nasdaq/NM:MATT), a Burbank-based single-source supplier of grip, lighting, film, video and audio equipment and related supplies to the live entertainment, motion picture production, and theatrical industries, Monday received notification that Carlos D. DeMattos, chairman and chief executive officer of the company, has been named 1998 Entrepreneur of the Year for the Greater Los Angeles area in the Entertainment category. The Entrepreneur of the Year program was founded and produced by Ernst & Young LLP. Now in its 12th year, the Entrepreneur of the Year program takes place in more than 80 locations around the world, including 47 areas across the United States. In each location, regional award winners are selected from nominations from the local business community. In Los Angeles, there were 100 nominations for the Entrepreneur of the Year, with 28 candidates named as finalists. Nine finalists received awards in their respective categories. Under DeMattos’ leadership, the past year featured exceptional growth, including four major acquisitions for Matthews Studio Group. Total revenues for the fiscal year ended Sept. 30, 1997, were $46.4 million, a 53.5 percent increase over the previous year. Net income of $1.51 million was a 50.7 percent improvement over year-earlier totals. Paxson Communications Appoints Pate Senior VP WEST PALM BEACH, FL/ 7/8/98--Paxson Communications Corporation (AMEX:PAX) has named that, Ms. Tobie Pate Senior Vice President, Creative Services for PAX NET, the national family entertainment network set to launch on August 31, 1998. Ms. Pate will oversee PAX NET’s in-house network and station promotion departments. Ms. Pate, a two-time National Emmy Award and Peabody Award winner, joins Paxson Communications after serving most recently as Consultant to Market Leader, Smith & Company and Citigate. Paxson Communications owns and operates the nation’s largest group of television stations. Supported by these distribution assets, Paxson will launch PAX NET, the national family entertainment network, on August 31, 1998. The foundation of the network’s prime-time schedule includes the off-network hit series Touched By An Angel, Promised Land, Dr. Quinn, Medicine Woman, Diagnosis Murder and Life Goes On and newly announced original programming including Flipper and Louisa May Alcott’s Little Men series. Additionally, the line-up includes I’ll Fly Away, Dave’s World, Christy, The Father Dowling Mystery Series, Highway To Heaven, Love Boat, Eight Is Enough and Neon Rider, as well as theatrical and made-for-television movies. For additional information about Paxson Communications and biographical information about our management team, visit the Company’s web site at pax.net. America Online Names Corvino Vice President DULLES, VA/ 7/8/98--America Online, Inc. has named Paul Corvino Vice President and General Manager, Interactive Sales, reporting to Myer Berlow, Senior Vice President, Interactive Marketing. AOL’s Interactive Sales team is one of the largest advertising sales forces in the interactive world. Corvino joins the Interactive Marketing department from Cablevision Systems, where he served as Corporate Director of Sales. He was previously a Managing Director of Advertising Sales at the New York Times. merica Online, Inc., based in Dulles, is the world’s leader in branded interactive services and content. America Online, Inc. operates two worldwide Internet online services: America Online, with more than 12 million members; and CompuServe, with approximately 2 million members, among other holdings. Columbu Named President of Westar Entertainment NEW YORK,NY/ 7/1/98--Westar Entertainment has appointed Dr. Franco Columbu (Mr. Olympia and Mr. Universe bodybuilding champion) to the position of President. Dr. Columbu has been active in the film industry for more than 20 years. He co-starred in the classic film “Pumping Iron,” with his best friend Arnold Schwarzenegger and continued as an actor in “Conan the Barbarian,” “Terminator,” “Running Man,” and “Big Top Pee-Wee.” He has also produced several films. Current President and CEO, Art Birzneck, will be appointed Chairman and CEO and will continue to oversee all activities of Westar and parent company Eclipse Entertainment Group, Inc. Eclipse, through its subsidiary Westar, is currently developing its next two features. These include a family adventure, written by “X-Files” writer, Jim Guttridge, and an action/adventure film. These films are budgeted at $3-5 million each, and will feature well-known actors with whom Westar is currently negotiating. Eclipse has offices in Los Angeles, California, Bellvue, Washington and a production office in Vancouver, B.C. Canada. Eclipse Entertainment is an independent production and distribution company that specializes in action/adventure and family films. Reader's Digest Taps ACNielsen's Rich For Top Post PLEASANTVILLE, NY/ 7/6/98--The Reader’s Digest Association, Inc. has named Gary S. Rich senior vice president of Human Resources, responsible for leading the company’s strategic personnel-related initiatives worldwide. He will report to Reader’s Digest chairman and chief executive officer Thomas O. Ryder, and will be based at the company’s global headquarters in Pleasantville. Rich, 37, will oversee development and implementation of a human resources strategy that will further RDA’s long- and short-term goals, including leveraging people resources and applying best-practice organizational initiatives to support business objectives. Rich replaces acting HR director Suzanne Pilnick, who assumes new responsibilities as vice president of International Human Resources. Rich most recently was senior vice president, Global Human Resources, for ACNielsen Corporation, the world’s largest market research firm, with 20,000 employees in more than 90 countries. The Reader’s Digest Association, Inc. (NYSE: RDA, RDB, RDT) is a global publisher and direct marketer of products that inform, enrich, entertain and inspire people of all ages and cultures the world over. Worldwide revenues were $2.8 billion for the fiscal year ended June 30, 1997. Penwarden Joins MacWorld As EditorSAN FRANCISCO, CA/7/8/98--Michael Penwarden, a well-known and respected technology journalist with more than eight years of experience in high-tech publishing, has joined Macworld magazine as editor. In addition, Allyson Bates, formerly with ComputerLife and PC World, rejoins the magazine as senior associate editor/reviews; Laura Lindhe, formerly with PC/Computing and PC Magazine, has come on board as associate editor/features; and Kristina DeNike, most recently with PC Magazine, joins as associate lab director. The appointments were announced by Macworld Editor-in-Chief Andrew Gore during the Macworld Expo in New York. Penwarden will be responsible for Macworld’s editorial operations, overseeing the editorial team and directing the magazine’s features, reviews, and news coverage. Bates is responsible for planning, assigning and editing Macworld’s respected product reviews, while Lindhe is charged with writing and editing the magazine’s popular feature articles. DeNike’s position includes managing daily lab operations and providing testing and writing support. Prior to joining Macworld, Penwarden, 32, was executive editor overseeing the launch of Equip, a new Ziff-Davis publication dedicated to consumer digital technologies. Macworld magazine and its online edition, Macworld Online, are geared to users of the Macintosh computer with an emphasis on techniques and problem solving. Macworld magazine is distributed monthly to more than 510,000 subscribers, while Macworld.com (together with MacWEEK.com) logs more than 100,000 unique online visitors per day, one of the top three highest generators of traffic through ZDNET. Macworld and MacWEEK magazines and their online editions are published by Mac Publishing, L.L.C., a joint venture formed in August 1997 by Ziff-Davis Publishing, New York, and International Data Group, Framingham, Massachusetts. Mac Publishing, L.L.C. is based in San Francisco. Brownstein to Return to Los Angeles Times LOS ANGELES, CA/7/9/98--Prize-winning national reporter and columnist Ronald Brownstein will return to the Los Angeles Times next month, editor Michael Parks announced. “I’m returning to the Los Angeles Times because I believe, without qualification, it is the place where I can do my best work,” Brownstein said. “I’ve enjoyed my opportunity to try weekly journalism at U.S. News & World Report, but I’ve learned that I belong in daily newspapers. Brownstein, 40, worked for The Times in Los Angeles and Washington from 1987 through January 1998, when he left to join U.S. News & World Report. Parks and Brownstein said they had discussed his return to the newspaper for several weeks. Brownstein will resume writing his weekly “Washington Outlook” column for The Times as well as significant stories on both national and international issues. He will play a major role in the newspaper’s coverage of the presidential campaign in the year 2000. Brownstein was a Pulitzer Prize finalist for his campaign coverage in 1996 and has won other national reporting awards. He is the author of “The Power and the Glitter: the Hollywood-Washington Connection” (Pantheon, 1991) and co-author of “Storming the Gates: Protest Politics and the Republican Revival” (Little, Brown, 1996). Brownstein serves as a political analyst for the CNN news program “Inside Politics.” He also has appeared frequently on other television programs, including “Washington Week in Review” (PBS), “The NewsHour with Jim Lehrer” (PBS), “Meet the Press” (NBC) and “Face the Nation” (CBS). RKO Pictures CEO Laments Death of Screenwriter Gary DeVore LOS ANGELES, CA/7/9/98--Screenwriter Gary DeVore, founded dead July 8, was under contract with RKO Pictures at the time of his disappearance in June of 1997. "I would like to express my sincere condolences to Gary's family at this time," said RKO Pictures CEO and Chairman Ted Hartley. He continued, "We at RKO Pictures believed in the ability of his work and were looking forward to Gary's directorial debut with us." DeVore was under contract with RKO Pictures for nearly a year at the time of his disappearance, and was slated to write and direct "THE SETUP." He'd just completed the second draft of the screenplay prior to his mysterious disappearance.
Times Mirror
LOS ANGELES, CA/ 7/9/98--The Board of Directors of the Times Mirror Company has declared a third quarter dividend of 18 cents per share on both Series A Common Stock and Series C Common Stock. The Board also declared a quarterly cash dividend of $10.082192 per share on all outstanding shares of Cumulative Convertible Preferred Stock, Series A. In addition, the Board declared a quarterly cash dividend of $7.25 per share on all outstanding shares of Series C-1 and Series C-2 Preferred Stock. The dividend on the common and all series of preferred stock is payable on September 10, 1998 to shareholders of record on August 28, 1998. Times Mirror (TMC--New York and Pacific stock exchanges), a Los Angeles-based 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 improvement, aviation and training markets, and consumer magazines.
Reader's Digest
PLEASANTVILLE, NY/7/10/98--The board of directors of The Reader's Digest Association, Inc. (NYSE: RDA, RDB) declared a regular quarterly dividend of 22.5 cents on each share of Class A nonvoting and Class B voting common stock. The dividend is payable August 4,1998, to stockholders of record at the close of business July 23, 1998. This is the 34th consecutive quarterly dividend paid by Reader's Digest since the company's initial public offering in 1990. The Reader's Digest Association, Inc. is a global publisher and direct marketer of products that inform, enrich, entertain and inspire people of all ages and cultures around the world. Worldwide revenues were $2.8 billion for the fiscal year ended June 30, 1997. Global headquarters is in Pleasantville, New York.
Barnes & Noble
NEW YORK, NY/7/10/98--Barnes & Noble, Inc. (NYSE: BKS), the world's largest bookseller, today announced that its Board of Directors has adopted a Shareholder Rights Plan. The adoption of the plan is not being done in response to any known effort to acquire the company but is intended to protect the long-term value of the company for its shareholders in the event of any unsolicited attempt to acquire the company. Under the plan, a dividend of one right to purchase a fraction of a share of a newly-created class of preferred stock was declared for each share of common stock outstanding at the close of business on July 21, 1998. The rights, which expire on July 20, 2008, may be exercised only if certain conditions are met, such as the acquisition (or the announcement of a tender offer the consummation of which would result in the acquisition) of 15 percent or more of Barnes & Noble's common stock by a person or affiliated group. The distribution of the preferred share purchase rights is not taxable to the company's shareholders, nor does the issuance of the rights affect earnings per share or change the way in which the company's shares may be traded. Under the Shareholder Rights Plan, except under certain circumstances, a shareholder who owns 15% or more of the company's common stock as of 5:00 p.m. New York time, July 10, 1998 will not be deemed to be an "acquiring person" unless such shareholder acquires an additional five percent or more of the common stock. Once exercisable, and in some cases if certain additional conditions are met, the rights plan allows Barnes & Noble shareholders (other than the acquirer) to purchase common stock in Barnes & Noble or in the acquirer at a substantial discount. The Board also has the right to redeem outstanding rights at any time prior to the date the rights become exercisable, at a price of $0.01 per right. The terms of the rights, including the period to redeem the rights, may be amended by the Board in certain circumstances. A complete description will be filed with the Securities and Exchange Commission. Barnes & Noble, Inc. operates 487 Barnes & Noble bookstores and 511 B. Dalton bookstores. Barnes & Noble stores stock an authoritative selection of more than 175,000 titles and offer books from more than 27,000 publishers with an emphasis on small, independent publishers and university presses. Barnes & Noble is the world's largest bookseller on the World Wide Web (http://www.barnesandnoble.com), and the exclusive bookseller on America Online (Keyword: BarnesandNoble). The company also publishes books under the Barnes & Noble imprint for exclusive sale through its retail stores, mail-order catalogs, and Web site. General financial information on Barnes & Noble, Inc. can be obtained via the Internet by visiting the company's investor relations Web site: http://www.shareholder.com/bks/.
Children's Broadcasting
MINNEAPOLIS, MN/7/2/98--Christopher T. Dahl, President, CEO and Chairman of Children's Broadcasting Corporation (CBC) (NNM: AAHS) announced the sale of $2,000,000 of Series B Convertible Preferred Stock in a private placement transaction. With the proceeds of the transaction, CBC exercised its option to purchase an aggregate amount of 750,000 shares of common stock of Harmony Holdings, Inc. (HHI) and CBC purchased an aggregate amount of 250,000 shares of common stock of HHI, increasing its beneficial ownership from approximately 40.6% to approximately 44.1% HHI's primary business is the production of television commercials and it operates through three main subsidiaries: Harmony Pictures, Inc., Curious Pictures Corporation, and The End, Inc. HHI reported approximately $64.8 million dollars in revenue for fiscal 1997. "The sale of our stock and the increased investment in HHI marks another step in CBC's on-going transition into the commercial television business," Dahl said. Previously CBC announced the pending sale of its radio stations. The sale is expected to result in a total purchase price of $61.7 million for all thirteen stations. Upon consummation of the sale, the company is expected to have approximately $33 million of assets on its balance sheet after payback of all debt, taxes, closing costs and working capital requirements up to the final closing. CBC plans to use its proceeds from the sale to continue its investment in the commercial television production industry.
NEI WebWorld
DALLAS, TX/7/1/98--NEI WebWorld (Boston Stock Exchange:NEI)(Nasdaq SmallCap:NEIP) announced its results >of operations for the year ending March 31, 1998. Net sales increased from $17.2 million in fiscal 1997 to $19.7 million in fiscal 1998. The Company incurred a net loss of $3.0 million ($0.85 per share) in fiscal 1998 compared to a net loss of $.5 million ($.18 per share) in fiscal 1997. Commenting on the year's results, Barry B. Conrad, Chairman, said, "The results of fiscal year ending March 31, 1998 represents a major disappointment to shareholders and management of NEI. It is evident that the Company cannot continue as a going concern unless operations return to levels producing positive cash flow from operating and financing activities. When it became apparent in the fiscal third quarter that the Company was significantly under performing its expectations, a series of changes were undertaken. Several senior managers have been replaced or reassigned and new systems and procedures are being instituted. We believe these moves are positive. The most significant personnel move occurred in February when Andy Swan joined the Company as Chief Operating Officer. Under his direction the Company has undertaken a program to implement and standardize process and procedures in pre-press, production and finishing areas of the business. The early returns on his effort are encouraging. The problems of fiscal 1998 were caused by (i) certain moving costs and related expenses being over budget, (ii) the very high scrap and waste factors produced when the relocated equipment was brought back on line, (iii) the amount of reruns and sales credits issued for work done during the relocation process, and (iv) the amount of unabsorbed direct labor caused by these issues. "It now appears there is improvement in each of these areas. However, there is a tremendous task ahead. Gross profits must be returned to industry averages. Sales and marketing efforts must be implemented which target customers and prospects which fully utilize the Company's strengths and capabilities. These are short-term objectives which are necessary to stabilize operations. When completed, the Company should again focus on its long-term growth strategy or seek other options to produce shareholder value." The Company owns and operates a commercial printing facility and offers pre-press, printing and post-press services to mid- and large-sized customers in the southwest United States. The Company's common stock trades on the Boston Stock Exchange under the symbol "NEI" and on the Nasdaq SmallCap Market under the symbol "NEIP." Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release that are not historical facts, including statements about plans and expectations regarding demand and acceptance of new and existing products and future financial results may be forward looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.
Canada's Leading
WINNIPEG, MANITOBA/ 7/8/98--CanWest Global(TSE:CGS.A.) (TSE:CGS.S.) (NYSE:CWG) CanWest Global Communications Corp., Canada's leading international television broadcaster, reported financial results for its third quarter and first nine months of fiscal 1998, which ended May 31, 1998.
Commenting on the results, Peter Viner, CanWest's President and Chief Executive Officer said: "We are pleased with the results for the first nine months of fiscal 1998. The results demonstrate the underlying strength of each of our operations in Canada, Australia and New Zealand. Despite weakness in the Australian and New Zealand currencies, CanWest continued to post results ahead of last year." Net earnings for the nine months to May 31, 1998 totaled $181.9 million, including the $60.8 million gain on sale of a 19 percent economic interest in Network TEN recorded in the third quarter and a $6.0 million foreign currency loss attributed to the impact of the decline in the Australian currency on distributions from Network TEN which was recorded in the first quarter. Excluding the impact of these items, earnings in the first nine months of fiscal 1998 totaled $127.2 million, $14.0 million or 12 percent ahead of the prior year. Net earnings in the third quarter totaled $100.5 million, a $64.1 million or 176 percent increase over last year. Net earnings per share were $0.67 compared to $0.25 per share last year. During the third quarter of fiscal 1998 (and subsequent to the end of the quarter), CanWest completed the following initiatives, all of which are expected to positively impact the Company's future results:
"The outlook for the last three months of fiscal 1998 continues to be positive", said John Maguire, CanWest's Vice-President, Finance and Chief Financial Officer. "The Canadian advertising market, although not as robust as earlier this year, continues to be buoyant and we expect continued strong performance from the Global Television Network in Canada. We have concern over the impact of foreign currency fluctuations upon our reported results from the South Pacific. However, each of our Australian and New Zealand operations continue to perform well in their markets and in local currency terms we expect year over year growth to continue. CanWest Global Communications Corp. (NYSE - CWG and TSE - CGS.S and CGS.A) is an international media company. In Canada, CanWest owns and operates the Global Television Network and Global Prime Cable Network as well as Fireworks Entertainment Inc., a production and distribution company. Internationally, CanWest owns and operates New Zealand's TV3 and TV4 Television Networks and the More FM Radio Network. The Company also has significant investments in Australia's TEN Television Network, the Republic of Ireland's new TV3 Television Network, and Northern Ireland's Ulster Television.
Gray's Audio Book
NEW YORK, NY/ 7/10/98--The John Gray publishing phenomenon continues on its stellar course! HarperAudio has announced that Men Are From Mars, Women Are From Venus, read by author John Gray, has just gone supernova, hitting the one million mark. More than one million audiobooks! Indeed, John Gray, cultural phenomenon and bestselling author of the decade, has now become a force of nature. This summer, the John Gray bonanza continues. He appeared on Oprah Winfrey 7/9 and will make a second appearance on August 5th. His new hardcover and audiobook Mars and Venus Starting Over were published last week, and the unabridged edition of Men Are From Mars, Women Are From Venus, read by John himself was published last month. HarperAudio has eleven titles of John's on audio, including two in Spanish, Los Hombres son de Martes Las Mujeres son de Venus and Martes y Venus en el Dormitorio.
Producer Moritz
CULVER CITY, CA/7/8/98--Neal H. Moritz and his Original Film banner have signed a three-year first-look production deal with Columbia Pictures, studio President Amy Pascal. The re-signing expands on the company’s current two-year deal with the studio. “Neal is a fantastic producer, and I am thrilled that we have him at Sony,” said Pascal. “I know we are going to make a lot of movies together.” Under the agreement, Moritz will produce two or three pictures per year for the studio. These will include both youth-oriented films in the vein of Original’s current slate in production for Columbia—the teen horror films “I Still Know What You Did Last Summer” and “Urban Legend,” both scheduled for fall release, and “Cruel Intentions,” a younger, ‘90s version of “Dangerous Liaisons” due out next year—and pictures in other genres that are “films for the youth in all of us,” said Moritz. “For Columbia, Moritz is currently developing the science-fiction thriller “After The Visitation,” the romantic comedy “Serial Dater” and “Mr. Tambourine Man,” a drama based on a short story by noted physician Oliver Sacks. He will soon begin principal photography on the Jamie Foxx comedy “Inconvenienced” for Trimark, followed by “I Am Legend” for Warner Bros., “Freelancer” for Fox 2000 and “Witchunt” for MGM. His previous producing credits include the 1997 box office smash “I Know What You Did Last Summer,” “Volcano,” the critically-acclaimed drama “Juice,” and “The Stoned Age.” He has produced three films for HBO: the upcoming “The Rat Pack,” “Blind Justice” and “Framed.” Senior Vice Presidents Stokley Chaffin and Brad Luff and Vice President Heather Zeegan will continue heading Original Film’s operations and will serve in producing capacities on the company’s upcoming films. Additions to the company’s executive ranks are expected. Columbia Pictures is a Sony Pictures Entertainment company. 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. Sony Pictures Entertainment can be found on the World Wide Web at http://www.spe.sony.com.
Warner Bros.
BURBANK, CA/7/10/98--Warner Bros. has signed a two-year, first-look production agreement with Zide-Perry Films, headed by producers Warren Zide and Craig Perry. The announcement was made Friday by Lorenzo di Bonaventura, president of Warner Bros. Worldwide Theatrical Production. "We are very pleased to welcome Warren and Craig to Warner Bros.," said di Bonaventura. "They have eclectic taste in movies and wide-ranging relationships that have brought them many interesting projects. Their ability to move material through the development process effectively and their cost-conscious approach to filmmaking will make them valuable assets." Zide-Perry Films' productions at other studios include the recent "The Big Hit," which starred Mark Wahlberg and Lou Diamond Phillips, as well as the upcoming teen ensemble comedy "East Great Falls High." In addition, they have such projects in development as "Gigantic," a spoof of "Titanic," written by Mike and Chris Bender; "Flight 180," a psychological horror film written by "X-Files" producers Glen Morgan and James Wong, with Wong attached to direct; "Providence," a teen romance written by Josh Schwartz; and HBO Pictures' "Code Blue: The Columbia Malignancy," with a screenplay by Carolyn Shelby and Christopher Ames, based on the book by Marc Gardner. J.C. Spink, who helped set up "Danger Girl" at New Line, has been promoted to director of Development at Zide-Perry and will play an active role in finding future projects for Warner Bros. Zide and Perry said jointly: "Warner Bros. is looking to us to provide cost-effective pictures in all genres, something we find creatively exciting and challenging. We're thrilled to have the opportunity to work with Lorenzo and the rest of the talented people at Warner Bros." Zide and Perry first worked together in the mail room at New Line Cinema. Zide went on to a position at ICM, where he brought in several clients, including director Robert Rodriguez and writer Gregory Howard, before leaving to become a top literary manager and found his own firm, Zide Management, which now services more than 40 clients and specializes in discovering young literary talent. Perry became director of Development for producer Joel Silver and then vice president of Development for producer Scott Rudin, serving for the latter as associate producer on the box-office hit "The First Wives Club."
New Hubbard Novel
LOS ANGELES/CA 7/3/98--The first new L. Ron Hubbard fiction work since his runaway 1980’s bestseller, "Battlefield Earth" and "Mission Earth," set an all-time record in Los Angeles July 3 when more than 5,000 people participated in the biggest single-author book signing in US publishing history. Hubbard’s newest work is "Ai! Pedrito! - When Intelligence Goes Wrong," a tautly paced, vividly funny adventure about exact look-alike spies based on an original Hubbard story, novelized by best-selling author Kevin J. Anderson ("X-Files," "Star Wars") Prompted by the landmark book signing by Anderson, the "Guinness Book of World Records" officially opened an entirely new record category for book signings. Released in hardcover by Bridge Publications in late June-- inspired by a series of actual incidents in Hubbard's life -- "Ai! Pedrito!" has already swept onto national bestseller lists. Highlighting a 26-city author tour by Anderson, the book signing event transformed L. Ron Hubbard Way—Los Angeles’ newest street -- into a spectacular South American rain forest and the site of the first Colodorian Consulate in the United States (Colodor—located somewhere between Colombia and Ecuador—is the major setting for the novel). In “Ai! Pedrito!,” Hubbard and Anderson turn the old adage that somewhere in the world everyone has an exact double, into an edge-of-your-seat adventure of espionage and intrigue—hilariously orchestrated by two rival intelligence agencies—when U.S. Navy Lt. Tom Smith discovers his personal dead-ringer is a notorious South American revolutionary and spy, Pedrito Miraflores. In a writing career that spanned more than 50 years, Hubbard wrote and published more than 260 works of fiction in such genres as science fiction, fantasy, western, mystery, detective and adventure -- including his precedent-setting international bestsellers “Battlefield Earth” and the 10-volume “Mission Earth” series. More than 120 million copies of Hubbard’s works have been sold throughout the world. His record of 35 U.S. national bestsellers achieved in less than a decade, remains unparalleled in publishing history. Anderson has a number of national bestsellers to his credit, including X-Files and Star Wars novels. His research for “Ai! Pedrito!” included a trip to the Amazon River and Andes Mountains areas of Ecuador to ensure that the authentic details of Hubbard’s scenic and cultural descriptions in the original story were accurately duplicated in the novel.
Twentieth Century
LOS ANGELES/CA/7/8/98--The Kushner-Locke Co. (Nasdaq/NM:KLOC) and Twentieth Century Fox Television will co-produce “Killer App,” a one-hour mid-season drama series for the Fox network, it was announced by Peter Locke, co-chairman of Kushner-Locke and Sandy Grushow, president of Twentieth Century Fox Television. “Killer App” was written by “Doonesbury” creator Garry Trudeau and will be directed and executive produced by four time Oscar-nominated filmmaker Robert Altman and K-L’s co-chairmen, Peter Locke and Donald Kushner. “Killer App” depicts the dynamics at a young start-up software company in the world of Silicon Valley. Casting is currently under way and production will begin in mid-September. Commented Grushow, “Whether the subject is politics, business, family, religion or pop culture, Robert Twentieth Century Fox Television is a leading provider of primetime network programming, with 15 series and 11 ½ hours of comedy and drama programming airing this fall. The Kushner-Locke Co. is a leading independent producer and distributor of feature films, direct to video films, television series, made for television movies, mini-series, and animated programming for theaters, network, and cable television. Visit the company’s Web site at www.kushner-locke.com. | |
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