Reluare marți, 30 iulie 1996

Real Estate;The News Corporation finds a home for its Fox cable news channel coming in the fall.

Date: 31 July 1996

By Mervyn Rothstein

Mervyn Rothstein

THE News Corporation, the media behemoth controlled by Rupert Murdoch, has leased an additional 120,000 square feet at 1211 Avenue of the Americas to house the new 24-hour Fox cable news channel it plans to introduce in the fall. The company already occupies about 385,000 square feet in the 44-story, 1.7- million-square-foot building between 47th and 48th Streets.

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Russia's Purveyor of 'Truth', Pravda, Dies After 84 Years

Date: 31 July 1996

By Michael Specter

Michael Specter

When its devoted readers reached into their mailboxes this morning for Russia's oldest and most famous Communist newspaper, they came up with a big surprise: nothing. Pravda, the ponderous organ of Communist thought founded by Lenin and his Bolshevik comrades in 1912, one of the enduring icons of the Soviet era and probably history's most inaccurately named publication (Pravda means truth in Russian), has ceased publication.

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THE MEDIA BUSINESS: ADVERTISING -- ADDENDA;I.B.M. Pulls Print Ads After Woes at Olympics

Date: 30 July 1996

By Stuart Elliott

Stuart Elliott

The International Business Machines Corporation has at least temporarily withdrawn print advertisements that were part of a large campaign promoting its role at the 1996 Summer Olympics. Scott Brooks, a spokesman for I.B.M. on site in Atlanta, said yesterday that the company had "reconsidered some ads" that were to have run yesterday in USA Today and The Wall Street Journal "in light of how our system performance has been perceived." His reference was to well-publicized difficulties with a system supplying results of Olympic events to 15 news services.

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COMPANY NEWS;RAYTHEON AND MCDONNELL RISE ON NEWS

Date: 31 July 1996

AP

The stock prices of the Raytheon Company and the McDonnell Douglas Corporation rose yesterday after reports that the companies were talking about combining some of their operations. Neither company would comment on the reports, which appeared in The Wall Street Journal and The Boston Herald. Raytheon stock rose $1.875, to $47.125, and McDonnell Douglas gained 37.5 cents, to $44.75, on the New York Stock Exchange. McDonnell Douglas, based in St. Louis, is the largest maker of military aircraft in the country. Raytheon, based in Lexington, Mass., produces military electronics.

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News Summary

Date: 31 July 1996

International A3-8

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NEWS SUMMARY

Date: 30 July 1996

International A3-6

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COMPANY NEWS;DISCREET LOGIC TO DOWNSIZE BY 28%

Date: 31 July 1996

Dow Jones

Dow Jones

Discreet Logic Inc. said yesterday that it would cut its work force by 28 percent as part of a reorganization. Discreet Logic, a maker of special-effects software, said it planned to consolidate its research and development functions into its headquarters in Montreal. The company said it had closed or would close its Cambridge, Mass., sales and research and development office; its New York and Boca Raton, Fla. sales offices; its Irish manufacturing and integration center, and several research and development offices. Discreet said the cuts of 105 workers would bring its staff to about 275.

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COMPANY NEWS;CHIEF FINANCIAL OFFICER OF CHANTAL RESIGNS

Date: 30 July 1996

Bloomberg Business News

Bloomberg News

The Chantal Pharmaceutical Corporation said yesterday that its chief financial officer had resigned and that the company would move to Florida from Los Angeles. The chief financial officer, Gary Burnison, who joined Chantal three weeks ago, left for "personal reasons," the company said in a statement. Chantal said that it had "identified" a new chief financial officer, but did not reveal that person's name. The company also did not say where in Florida it was moving. For the nine months ending March 31, the company lost $6.9 million, During that period, Chantal Pharmaceutical spent more to market its Ethocyn anti-wrinkle cream than it took in from sales. Chantal announced the resignation and its relocation plans after the market closed. Earlier, its shares fell 75 cents, to $3.25, on the Nasdaq small capitalization market.

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COMPANY NEWS;TORCHMARK TO REPUCHASE SOME OF ITS SHARES

Date: 31 July 1996

Bloomberg Business News

Bloomberg News

The Torchmark Corporation said yesterday that it would repurchase some of its shares and take other steps to try to help its underperforming stock, though it abandoned a reorganization plan to split apart. Torchmark, an insurance and financial services concern based in Birmingham, Ala., said seven months ago that it would consider a plan to reorganize. After a review with the investment bank Morgan Stanley Group Inc., the company now says it hopes to raise its stock price through less drastic measures. In addition to buying back some shares, the company said it might sell part of its remaining 27 percent stake in Vesta Insurance Group Inc. of Birmingham, which it took public in November 1993. Torchmark also said it was close to selling several businesses, including Torch Energy Advisors. An April 1995 agreement to sell Torch Energy Advisors for $115 million fell through, the company said.

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COMPANY NEWS;OCCIDENTAL PETROLEUM SELLS STAKE IN OILFIELDS TO CONGO

Date: 31 July 1996

Bloomberg Business News

Bloomberg News

The Occidental Petroleum Corporation said yesterday that it had sold royalty stakes in three oilfields in Congo to the African nation for $215 million. Occidental, which is based in Los Angeles, acquired the interests in the offshore fields for $150 million in 1993. The interests entitled Occidental to a share of the Government's portion of oil from the developments. Occidental's net production in the Congo was 9,000 barrels a day in 1995, 3.2 percent of the company's total worldwide production of 278,000 barrels.

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