TCI agrees to buy TeleCable
Tele-Communications Inc., the nation's largest cable-television company, said yesterday that it agreed to acquire TeleCable Corp. for about $1.25 billion worth of stock.
Under the deal, TeleCable stockholders will receive 41.7 million Class A TCI common shares and preferred stock that is convertible into another 10 million shares. TCI's A shares closed at $22.75 yesterday in Nasdaq trading, down 31.25 cents.
The deal is the latest in a string of acquisitions under way for Englewood, Colo.-based TCI and its closely held affiliates.
Integrated Health names president
Integrated Health Services Inc. announced yesterday that Chief Operating Officer Lawrence P. Cirka had also been named president of the company.
Mr. Cirka, 43, has been chief operating officer of the Owings Mills-based long-term care company since 1987. He takes over as president from Robert N. Elkins, who remains chairman and chief executive officer.
Stockbrokers earn record pay
Stockbrokers took home their largest paychecks ever last year, as record market activity and higher stock prices boosted commissions, the Securities Industry Association said yesterday.
Retail brokers earned a record $128,553 on average, up 10.3 percent from the previous high of $116,510 in 1992. Institutional brokers earned an all-time high of $304,716 on average. This was 12.2 percent more than the previous record of $271,495 in 1992, the trade group said.
Disney, 3 Baby Bells in venture
Walt Disney Co. said yesterday that it was linking up with three Baby Bell telephone companies in a joint venture to offer interactive video services through telephone wires.
Disney, Ameritech Corp., BellSouth Corp. and Southwestern Bell Corp. announced they will begin work on a business plan to provide video services to consumers' homes.
The services could include existing broadcast and satellite television programs, as well as movies-on-demand, interactive home shopping, educational programs, games and travel assistance, the companies said.
Sale of 26 Fairfield Inns completed
Host Marriott Corp. said yesterday that it completed the previously announced sale of 26 Fairfield Inns for about $115 million to a venture formed by Sage Hospitality Resources Inc. and Carlyle Group LP.
The properties will be operated as Fairfield Inns under a franchise agreement. Washington-based Host Marriott said Marriott International Inc. will continue to operate 54 Fairfield Inns.