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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, February 29, 2000

AOL, Time Warner vow to open lines

WASHINGTON -- America Online Inc. and Time Warner Inc. today pledged to give consumers a choice of Internet providers by opening their cable TV lines after their planned merger.

The two communications giants announced an agreement to offer consumers a choice of several Internet service providers, including AOL, on Time Warner's cable TV systems.

They called it a first step in a policy of open access in their cable systems. (Time Warner unit Oceanic Cable offers the company's Roadrunner Internet service in Hawaii.)

AOL and Time Warner's move may ease the concerns of federal regulators, Internet rivals and consumer groups regarding the $135 billion merger.

Clear Channel to pay $3.3 billion for SFX

SAN ANTONIO, Texas -- Radio and advertising giant Clear Channel Communications Inc. will acquire SFX Entertainment Inc., a leader in the live entertainment industry, in a stock swap worth $3.3 billion, the companies said today.

With the deal, and after other pending acquisitions, Clear Channel will own radio stations, outdoor advertising properties and live entertainment venues in more than half of the top 50 U.S. markets.

In Hawaii, Clear Channel owns seven radio stations.

Philip Morris open to FDA regulation

NEW YORK -- A Philip Morris Cos. executive said the nation's largest cigarette maker is willing to discuss some government regulation of the embattled tobacco industry.

Senior Vice President Steven Parrish said the company still opposes efforts by the Food and Drug Administration to classify and regulate tobacco as a drug, an issue at the core of a pending U.S. Supreme Court case.

However, Parrish said he has gotten together with U.S. lawmakers to discuss the company's "willingness to open up a dialogue and look at the right regulatory approach."

President Clinton said in Washington that he was "heartened" by the reports.