Reported by Star-Bulletin staff & wire
Friday, September 27, 1996
Reported by Star-Bulletin staff & wire
Friday, September 27, 1996
At the end of trading today, Providence Journal Co. shares traded at $28.87-1/2, up $8 from yesterday's close. Shares in the buyer, Dallas-based publishing and broadcasting company A.H. Belo Corp., fell $3.37-1/2 to close at $34.12-1/2. Both are traded on the New York Stock Exchange.
After trading ended yesterday, both companies announced that Belo would buy Providence for $1.5 billion in cash and stock. Besides owning KHNL Hawaii News 8, Providence owns eight other stations nationwide and the Providence (R.I.) Journal-Bulletin newspaper.
Belo already owns seven network TV stations and a group of newspapers that includes the Dallas Morning News.
The filing late yesterday revealed the extent of losses at the troubled computer unit. AT&T said NCR has had net losses totaling $3.85 billion since 1993. Previously, AT&T only has revealed operating losses of $2.78 billion in the same period.
AT&T disclosed the financial details as part of its planned spinoff of NCR, which it will complete on Dec. 31. AT&T acquired the computer equipment and services company in 1991.
According to the filing, AT&T plans to pump an additional $419 million of cash into NCR by the end of the year. AT&T also will spend $68 million to retire NCR debt.
The French Polynesian island of Tupai goes on the auction block Oct. 30 with bidding to start at $19 million, a Tahitian paper reports.
Les Nouvelles de Tahiti said two lots totaling 2,470 acres will be offered on Tupai, a wild and uninhabited atoll situated 12 miles from Bora-Bora.
The newspaper didn't say why the current owner, a local official identified only as Monsieur Lejeune, had decided to unload the island.