Turner buys out cartoon partner
Turner Broadcasting System Inc. agreed to buy the Apollo Investment Fund's 50 percent stake in Hanna-Barbera Inc., the cartoon movie company, in a transaction valued at $255 million.
Under the agreement, Turner will pay Apollo about $68 million in cash and take over a $33 million senior note and other debt, according to a filing yesterday with the Securities and Exchange Commission. In December 1991, Turner, along with Apollo, a fund led by Leon Black, bought Hanna-Barbera and the Hanna Barbera film library for $262.5 million.
Texas approves utility merger
The Texas Public Utility Commission yesterday approved Entergy Corp.'s proposed $2.3 billion acquisition of Gulf States Utilities. Entergy officials said the decision yesterday was the last regulatory hurdle to clear to allow the two companies to merge operations within the next two days.
Eisner: Euro Disney 'dreadful'
Walt Disney Co.'s chairman and chief executive, Michael Eisner, said he can't argue with critics of the financially strapped Euro Disney theme park, acknowledging that the park's performance has been "dreadful."
Mr. Eisner, in the company's annual report, said Disney will continue to work with "all interested parties" to restructure the French park's finances. Disney holds a 49 percent stake in the park, which hasn't met revenue projections and is operating at a huge loss.
Benchmark buys radio station
Benchmark Communications, a privately held media company based in Baltimore, said yesterday that it has agreed to buy WFQX-FM in Front Royal, Va., from SRO/Nova Inc. for an undisclosed amount.
Benchmark, which owns 14 FM and six AM radio stations, said it would begin managing the station Jan. 1 while awaiting regulatory approval to transfer ownership of the station, which is expected in March.
Canadian railways talk merger
Canada's two national freight railways are negotiating a merger of their money-losing eastern operations and aim to seek government permission next month, the chief executive of Canadian National said.
Nikkei index closes up slightly
The Nikkei Stock Average closed at 17,417.24, up 145.21, or 0.84 percent, in abbreviated holiday trading in Tokyo today, the year's last trading day.