Viacom cable sale expected
Viacom Inc. Chairman Sumner Redstone said yesterday that the company expects to sell its cable systems to InterMedia Partners L.P., a group led by Tele-Communications Inc., and that it won't seek to purchase a television network.
The sale, which Mr. Redstone estimated would bring in more than $2 billion, would help reduce the $9 billion debt Viacom took on in its buyout of Paramount Communications Inc.
Guilford Pharmaceuticals loss
Guilford Pharmaceuticals Inc., reporting its first full quarterly results as a public company, announced yesterday it lost $1.39 million, or 36 cents a share, on interest income of $163,000 in the three months that ended Sept. 30.
The Baltimore-based drug research and development company, which started operations in July 1993, went public June 17. Guilford shares closed at $2.5625 yesterday, up 6.25 cents.
Ex-chief of BCCI sentenced
A federal judge yesterday sentenced the former chief executive of the Bank of Credit and Commerce International to more than eight years in prison and ordered him to pay $255.4 million in restitution in one of history's biggest bank frauds.
Judge Joyce Hens Green gave the sentence to Swaleh Naqvi, who was at the center of the BCCI banking scandal. Naqvi, 61, is described by his attorneys as financially destitute.
AMR posts $205 million profit
AMR Corp., parent company of American Airlines, yesterday posted its biggest quarterly profit in five years, a sign that the industry's malaise during the first half of this decade may be easing.
AMR attributed the strong earnings to improving revenue and its cost-cutting effort.
That boosted net income to $205 million, or $2.47 a share, a 74 percent over a year ago.
Carrollton earnings rise 30%
Baltimore-based Carrollton Bancorp yesterday reported a 30 percent increase in its earnings during the third quarter, which ended Sept. 30. The parent of Carrollton Bank earned $525,000, or 48 cents a share, compared with $404,000, or 37 cents a share, a year ago.
Greene joins Bell Atlantic
Bell Atlantic Corp. said yesterday that it has appointed Stanley Greene, a veteran of the telephone and cable television industries, to lead its efforts to stave off looming competition in Montgomery County, where SBC Communications Corp. is seeking permission to offer local phone service through its cable system.
Mr. Greene, who had a previous 11-year stint at Bell Atlantic, will hold the title of vice president.