AUTHORLINK NEWS ARCHIVES

NEW YORK,NY/ FEB 97 -- Westinghouse Electric Corporation (NYSE: WX) will acquire, through merger, Gaylord Entertainment's (NYSE: GET) two major cable networks: TNN: The Nashville Network and CMT: Country Music Television.

The acquisition includes domestic and international operations of TNN, the US and Canadian operations of CMT and approximately $50 million of working capital.

Gaylord Entertainment shareholders will receive $1.55 billion in Westinghouse common stock, tax-free.

Since 1982, Westinghouse's Group W Satellite Communications (GWSC) and Gaylord Entertainment have had a long standing relationship in cable programming. Gaylord Entertainment provides programming content for TNN and CMT, while GWSC provides affiliate relations, advertising sales and marketing for the networks.

"This acquisition is an important strategic move that expands the reach and scope of our media businesses into the high-growth multichannel segment and is immediately accretive to shareholders," said Michael H. Jordan, Chairman and Chief Executive Officer of Westinghouse.

"Having built a preeminent radio group with the Infinity acquisition and now establishing a strong position in cable, we complete the major actions on the investment priorities we established at the time of the CBS acquisition," Mr. Jordan added.

"Westinghouse/CBS is taking ownership of two of the most valuable cable networks in the industry," said Edward L. Gaylord, Chairman of Gaylord Entertainment. "For some time we have seen consolidation in the cable broadcasting industry. Our judgment is that further growth of TNN and CMT can best be served as part of a larger media company that can use its leverage to help take these country music and country lifestyle networks to an even higher level of visibility."

At the close of the transaction, David Hall, currently President of Gaylord Communications Group, will join CBS Cable as President, TNN and CMT, reporting to Donald Mitzner, President, CBS Cable, which was formerly GWSC. Peter Lund, President and Chief Executive Officer, CBS Television and Cable Group, will be responsible for applying all CBS resources to enhance the two cable networks' competitive position.

LOS ANGELES, CA./ MAR 97 -- Times Mirror has signed a letter of intent to sell its artbook publisher Harry N. Abrams, Inc. to Groupe Latingy, a major French art and illustrated book publisher. As part of the transaction, Times Mirror will retain a minority equity interest in Groupe Latingy.

The sale is part of the Times Mirror strategy to re-focus on its core newspapers, professional information and magazine businesses. With the exception of Abrams, Times Mirror discontinued its trade book publishing activities in the 1980s.

"We are pleased to have found a high quality buyer for Harry N. Abrams," said Mark H. Willes, chairman, president and chief executive officer of Times Mirror. "Like Abrams, Groupe Latingy enjoys a long-standing reputation for producing high quality products, and by combining the brand names, skills and backlists of the two companies under Latingy's leadership, we believe Abrams can grow and prosper."

"Groupe Latingy is deeply delighted by this agreement with Times Mirror to take over Abrams, whose reputation has crossed the Atlantic," said Herve de La Martiniere, chief executive officer of Groupe Latingy.

Paul Gottlieb, chief executive officer, publisher and editor in chief of Abrams, added: "We are delighted to become part of Groupe Latingy, which has the same values and interests in publishing notable illustrated books that we have. We also look forward to collaborating with them on joint publishing projects and in sales and marketing internationally."

Groupe Latingy, headquartered in Paris, is a leading French publisher of illustrated books for the adult and youth markets on a variety of subjects, including photography, art, civilization, leisure, travel, health, sports and cuisine. Founded by Herve de La Martiniere in 1993, the company publishes under several imprints including Editions de La Martiniere, Liber, Manise, and de La Martinere Jeunesse.

Harry N. Abrams was founded in 1949 and acquired by Times Mirror in 1966. Abrams was the first US company to specialize in the creation and distribution of art books. Headquartered in New York City, Abrams has 150 employees and is the nation's largest publisher of art and high quality illustrated books. It also publishes textbooks, children's books and calendars. Today, Abrams publishes and distributes more than 170 titles a year and has over 1,200 in print.

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 and other newspapers; a wide array of professional information for the legal, health sciences, aviation and training markets and national and trade magazines.

More than $1 billion worth of business-to-business publications went on the selling block last month at the Walt Disney Co., touching off what may be an international bidding war among publishers.

The package includes newspapers, shoppers, business and special interest titles that Disney inherited as part of its $19 billion acquisition of CapitalCities/ABC in February, 1996.

The group of properties had estimated revenue of $1.3 billion and operating profit of more than $200 million in the fiscal year ended September 30, 1996. Among properties Disney is considering selling are Chilton Publications, Institutional Investor., the Farm Progress Cos, and numerous others. Detailed financial information will be released to potential buyers in March.

NEW YORK, NY/ MAR 97--Ballantine and The Parenting Group, publisher of magazines for parents, have joined to publish a series of Parenting Magazine child care books.

The new series will provide parents with developmental/behavioral information from prenatal to preschool. First in the series will be: "The Parenting Guide to Pregnancy and Childbirth" by Paula Spencer, scheduled for release in January 1998.

Senior editor Elisa Wares acquired the series.

Ballantine is a Random House division that produces trade paperbacks and hardcovers in addition to mass-market paperbacks.

LOS ANGELES, CA/ MAR 97-- An estimated 100,000 book lovers are expected to attend the Los Angeles Times' second annual Festival of Books, April 19-20 on UCLA's Dickson Plaza.

Admission to the Festival is free to the public, and parking on campus is $5. Hours are from 10 a.m. to 6 p.m. on Saturday and from 10 a.m. to 5 p.m. on Sunday.

This year's Festival again features nearly 200 top authors, including such names as: Joseph Wambaugh, Jackie Collins, Michael Crichton and Carmen Vasquez are among the nearly 200 authors who will participate. Other popular authors attending will be John Berendt, Scott Turow, John Gregory Dunne, Mary Higgins Clark, Dean Koontz and Marianne Williamson.

NEW YORK, NY/MAR 97-- Viacom Inc. (AMEX: VIA and VIAB), one of the world's largest publishing and entertainment companies, posted a 22% gain in revenues to $3.4 billion for the fourth quarter and year ended December 31, 1996.

Results from continuing operations for the fourth quarter of 1996 were led by sharply higher revenues in every business segment and double- digit increases in earnings before interest, taxes, depreciation and amortization (EBITDA) and operating income in all but the Video and Music/Theme Parks segment.

For the quarter, Viacom reported revenues of $3.4 billion, an increase of 22% from $2.8 billion in the fourth quarter of 1995; EBITDA of $478 million, up 10% from $435 million in the same quarter last year; and operating income of $250 million, unchanged from the same year-earlier period.

For the full year ended December 31, 1996, Viacom reported revenues of $12.1 billion, EBITDA of $2.1 billion, and operating income of $1.3 billion, compared with revenues of $10.9 billion, EBITDA of $2.1 billion, and operating income of $1.4 billion for 1995.

The publishing (Consumer, Educational and International/Reference) division posted a 12% increase in revenues to $641 million driven by strong sales from Higher Education, Educational Technology, International, and Macmillan Publishing USA. The Higher Education Division's performance was primarily attributable to a strong front list and the successful integration of Internet and CD-ROM technology into textbooks.

For the year, Publishing revenues increased 7% to a record $2.3 billion and EBITDA increased 7% to $365 million primarily reflecting higher sales from the Higher Education, Macmillan Publishing USA, and International divisions, stemming principally from strong domestic title sales and an enhanced focus in the Latin American and Asian markets. The Consumer Group's EBITDA rose slightly reflecting strong sales for Undaunted Courage by Stephen Ambrose, Angela's Ashes by Frank McCourt, Moonlight Becomes You by Mary Higgins Clark and It Takes A Village by Hillary Rodham Clinton.

Viacom Inc. is one of the world's largest entertainment and publishing companies and a leading force in nearly every segment of the international media marketplace. The operations of Viacom include Blockbuster video and music, MTV Networks, Paramount Parks, Paramount Pictures, Paramount Television, Showtime Networks, Simon & Schuster and television stations and movie screens in 12 countries. Viacom also has a majority interest in Spelling Entertainment Group, as well as a half interest in Comedy Central and USA Networks, including the Sci-Fi Channel. National Amusements, Inc., a closely held corporation which owns and operates approximately 1,100 screens in the US and the UK, is the parent company of Viacom.

The Association of American Publishers estimated that 1996 book sales rose 4.0% to $20.75 billion.

Trade book sales increased only 1.2% to $5.63 billion last year, showing the lowest growth rate of any AAP-tracked category. Juvenile paperback sales climbed 16.3% to $570.1 million to carry the category, which otherwise posted modest results. Adult hardcover sales fell 4.4% to $2.53 billion, comprising only 45% of the overall trade market, instead of the 1995 market share of 47.6%.

Book club sales increased 11.9% to more than $1 billion, and showed the highest percentage growth of any category.

Sales growth of educational books also significantly boosted overall results, with el-hi text sales climbing 5.7% to $2.61 billion and college text sales increasing 6.9% to $2.49 billion.

NEW YORK, NY/ MAR 97-- Barnes & Noble, Inc. (NYSE: BKS), world's largest bookseller, reported record net earnings of $51.2 million for the fiscal year ended February 1, 1997. The figure represents a 49 percent increase compared with $34.3 million in the previous year. Net earnings per common share were $1.48 in 1996 (based on 34.6 million shares), up 41 percent from $1.05 in the prior year (based on 32.8 million shares).

Fourth quarter 1996 net earnings rose by 35 percent to $62.0 million from $45.7 million in the fourth quarter of 1995. Net earnings per common share for the quarter rose 35 percent to $1.80 from $1.33 in the prior year period.

Revenues for the 53 weeks ended February 1, 1997 were $2.448 billion, up 24 percent from the comparative period in 1996.

Supplemental publisher Steck-Vaughn reported a 47% sales increase for the year ended Dec. 31, 1996 to $85.5 million from $58.2 million. Net income was $3.2 million, down from $6.8 million in 1995.

The company attributed the net income loss to a one-time write-off of $4.1 million at S-V's Edunetics software unit for in-process research and development, and to $861,000 in expenses related to naming a new CEO in the third quarter.

Steck-Vaughn's elementary business saw a 14% sales gain in the year. driven by renewed interest in basic skills in spelling, math and reading, and greater stress on testing and assessment. K-12 sales reached $39.8 million, up from $35.0 million in 1995.

NEW YORK, NY/ MAR 97-- Scholastic Corporation (NASDAQ: SCHL) reported revenues of $210.7 million and a net loss of $12.5 million ( $0.78 per share) for the third quarter ended February 28, 1997.

Results included a previously announced special charge, primarily due to an increase in the reserve for anticipated book returns, that reduced revenues by $11.8 million, operating income by $13.0 million, and net income by $8.0 million, or $0.50 per share.

In the same period a year ago, the Company reported revenues of $216.1 million and net income of $8.9 million, or $0.55 per share. For the nine months ended February 28, 1997, revenues were $711.5 million and net income was $11.9 million ($0.72 per share), compares to revenues of $645.9 million and net income of $30.2 million, ($1.86 per share), in the previous year.

DALLAS/FEB 28, 97--The Book Publishers of Texas will establish a presence on the World Wide Web early this summer, with a special BPT segment on Authorlink! Authorlink! --a leading on-line news and information service for editors, agents, authors and booksellers--reaches more than 3,000 targeted publishing industry readers monthly, and readership should double by year's end.

Book Publishers of Texas will feature a comprehensive news and information area of its own within the popular Authorlink! The area will feature conference news, a membership directory and other information, and the BPT web address will be promoted in literature.

Authorlink! aggressively markets ready-to-publish manuscripts to publishers and literary agencies, worldwide, in addition to its news services. Regular Authorlink! visitors include: Berkley, Simon & Schuster, Random House, Harlequin, Carol Publishing and more.

The BPT board of directors selected Authorlink! as its home site because of the service's outstanding quality and presence in the marketplace. Praise includes comments like these:

Berkley Senior Editor Thomas J. Colgan, has called Authorlink! " a worthy service with a great future."

Literary Agent Elisabet McHugh, who has signed several Authorlink! writers as clients says Authorlink! "is the most useful and best maintained of all writing-related web sites. "

The site is located at: http://www.authorlink.com

LIMA, OH/ FEB, 1997--Linda D. Swink, DTM this month became the first author to sell her book to a major publisher, as a direct result of Authorlink! Linda has signed a contract with Carol Publishing Group to release "Speak With Power and Grace: A Woman's Guide to Public Speaking," a work that Linda had initially self- published. The sale was a double victory for Authorlink! which first matched Linda to Agent Elisabet McHugh of TechServices, Inc., who in turn negotiated the sale.

"It took Authorlink! only five months to accomplished what I had tried for two years," said Linda Swink.

After an unsuccessful stint with an agent in 1994, Linda self- published the work in November, 1995. She signed on with Authorlink! in July, 1996, hoping only to "sell a few books." Agent McHugh discovered the work on Authorlink! in October and after only 13 days offered to represent her. Less than two months later, Prentice Hall showed interest, but said it might have difficulty fitting the book into its schedule. Meanwhile, Carol Publishing Group spotted the work on Authorlink! and also made an offer, which Ms. Swink and Ms. McHugh accepted in February.

A professional speaker for seven years, Swink has trained executives, managers, secretaries, dietitians, records clerks, bank executives, doctors, and educators. She has been a featured speaker at conferences across the country.

As owner of Deloma Productions, Swink conducts seminars and workshops that focus on communication and presentation skills for women. Five of her most popular workshops are: "Talk Your Way to Success," "Effective Listening Skills", "Conducting Productive Meetings", "Professional Telephone Skills", and "Developing the Leader Within."

Swink has been a member of Toastmasters International for ten years where she has participated in more than twenty Toastmaster speech contests, winning in eleven. Swink holds the title of Distinguished Toastmaster, DTM, the highest level of accomplishment in Toastmasters International.

Authorlink!, the on-line information service for editors, agents and writers, has been on the Internet for only 11 months. Already, the service showcases descriptions of more than 150 available manuscripts, from throughout the world--including writers from Iceland, Israel, Switzerland, Singapore, Liechtenstein and Canada, and throughout the US. Of these works, 117 have been requested by editors and agents, and 23 writers have signed with agents as a direct result of the service. In addition to the Swink sale, at least three other deals are pending--all as a direct result of Authorlink!

DALLAS/ MAR 1, 97--Authorlink!, a leading on-line information service for the publishing industry, celebrated its first year on line March 1, 1997, with an impressive record of success.

The service, which carries major industry news and matches both aspiring and published writers with editors and literary agents, says the numbers "speak for themselves." Here are results during the past seven months, since monitoring of the site began :

• 175 manuscript listings evaluated and showcased on line
• 126 manuscripts requested by editors and agents
• 26 writers signed with agents
• one book sold (see Authorlink! Helps Ohio Writer Cinch First Sale, above)
• several sales pending
• more than 3,500 editors, agents and writers visiting the site every month

The award-winning site is located at http://www.authorlink.com.