Comcast third-quarter profit rises 38 percent
PHILADELPHIA : Comcast Corp., the nation's largest cable operator, reported yesterday a 38 percent increase in third-quarter earnings as a sharp drop in capital spending and higher cable TV rates buoyed its bottom line. Bucking the trend among cash-strapped companies, Comcast also said it expects to exceed its free cash-flow growth forecast of at least 20 percent in fiscal 2008. Brian Roberts, chief executive, said the company has adequate financial reserves to weather the current economic crisis.
Justice Dept. OKs Delta-Northwest deal
MINNEAPOLIS : Delta and Northwest cleared away their last obstacles to joining into the world's largest airline on yesterday, winning antitrust approval from the Justice Department and settling a lawsuit aimed at blocking the transaction. The carriers have said they hope to close the deal by the end of this year. The combined carrier will take the Delta name and be based in Atlanta. Travelers will still see the Northwest name through the next year - Delta hopes to obtain a Federal Aviation Administration operating certificate in 15 to 18 months.
Landmark media firm suspends assets sales
NORFOLK, Va. : Media company Landmark Communications said yesterday it is suspending the planned sale of most of its properties, which include the The Capital of Annapolis and the Carroll County Times, because buyers are having trouble getting loans amid the credit crisis. The privately held company said it will operate the businesses for several years before restarting the sales process, though it will consider offers.