TCI sets date for QVC offer
Potentially forcing a showdown with the Federal Trade Commission, Tele-Communications Inc. said yesterday that it would complete its tender offer for QVC Inc. by Feb. 6.
The FTC has been investigating the proposed $1.4 billion buyout of QVC by Tele-Communications and the Comcast Corp. Its staff members have indicated that they oppose the deal on antitrust grounds, and they question whether Tele-Communications should even hold its existing 22 percent stake in QVC.
Tele-Communications and Comcast already own 35 percent of QVC, the home shopping channel based in West Chester, Pa. The companies plan to buy the remaining 65 percent of QVC for $1.42 billion, or $46 a share.
Times Mirror investors OK sale
Times Mirror Co.'s shareholders yesterday approved the media giant's $2.3 billion sale of its cable TV systems to Cox Communications Inc.
More than 84 percent of the stockholders voted at a special meeting to approve the sale, which already has received regulatory approval. Times Mirror, the Los Angeles-based publisher of The Sun and The Evening Sun, expects to complete the sale Feb. 1.
Atlanta-based Cox will become the fourth-largest U.S. cable operator, with 82 cable systems and 3.1 million subscribers.
Fila names new executive
Fila U.S.A. Inc. has named Robert Liewald to the new post of executive vice president/general manager, responsible for all sales, marketing and product development for the company in North and South America.
Fila U.S.A., based in Hunt Valley, is the U.S. subsidiary of the Italian sportswear maker. Mr. Liewald, former senior vice president at Kinney Shoes' Foot Locker division, will divide his time between the company's offices in New York and Hunt Valley.
Rouse seeks debt securities sale
The Rouse Co. filed yesterday with the Securities and Exchange Commission to sell as much as $150 million of debt securities.
The Columbia-based real estate company will use the proceeds from the sale for general corporate purposes, according to its shelf registration.
Vitro receives Navy contract
Vitro Corp., a Rockville subsidiary of Tracor Inc., has received a four-year, $15.8 million contract with the Naval Undersea Warfare Center (NUWC) Detachment in New London, Conn., to provide engineering services.
NB The work will be performed in Vitro's Groton, Conn., location.