Ex-Fox official to join QVCfTCFormer Fox Inc. studio chief...

BUSINESS DIGEST

December 11, 1992

Ex-Fox official to join QVC

fTC

Former Fox Inc. studio chief Barry Diller plans to buy part of QVC Network Inc., the televised shopping company announced yesterday. As part of the move, Mr. Diller plans to form a venture with QVC's two largest shareholders, cable television companies Comcast Corp. of Philadelphia and Liberty Media Corp. of Cheyenne, Wyo. He will join the company in a senior executive post.

4 settle MCA insider-trading case

The son of the president of MCA Inc. and three associates today agreed to pay $1.3 million to settle charges of insider trading involving the December 1990 sale of the company to Matsushita Electric Industrial Co.

The Securities and Exchange Commission simultaneously filed a suit and a settlement yesterday in the case involving Jonathan Sheinberg, 34, son of MCA President Sidney Sheinberg; Richard Ursitti, the younger Sheinberg's father-in-law; Barry Fogel, an acquaintance, and Richard Shephard, his business manager. The four were accused of trading on information the younger Sheinberg overheard while his father was discussing the $6.1 billion acquisition of MCA by Matsushita on the telephone, the SEC said.

Hopkins chief joins CSX board

CSX Corp., based in Richmond, Va., said yesterday that William C. Richardson, president of the Johns Hopkins University, has been elected to the CSX board of directors.

Mr. Richardson, 52, a native of Passaic, N.J., has been president of Johns Hopkins since 1990. He also serves on the boards of the Glenmede Trust Co., Mercantile Bankshares Corp. and Mercantile-Safe Deposit and Trust Co.

Allstate losses to Andrew go up

Allstate Insurance Co., a unit of Sears, Roebuck and Co., increased yesterday its estimate of losses from Hurricane Andrew by 43 percent, to $1.65 billion, after taxes.

The company, one of the nation's largest property and casualty insurers, said the number of claims received hasn't changed since its previous loss estimate. The company, however, said that as the claims were processed and costs accumulated, it became apparent that losses would exceed previous estimates.

Value City acquires 3 Ames sites

Value City Department Stores Inc. said yesterday that it acquired the leases of three Ames Department Stores Inc. locations in federal bankruptcy court. Terms of the purchase weren't disclosed.

Value City said the stores were in Annapolis and Newport News and Virginia Beach, Va. The company expects a summer opening for these stores.

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