TBS seeks to buy New Line Cinema
Turner Broadcasting System, which has been eager to expand into film production, is in talks to acquire New Line Cinema, the studio confirmed yesterday. Turner is also talking to Castle Rock Entertainment, a production company.
No price tag was put on New Line. The stock closed yesterday at $16.25, giving it a market capitalization of about $285 million.
USAir traffic again declines
For the second straight month, USAir Group Inc. reported a sharp decline in traffic, with July revenue passenger miles down 13.5 percent from July 1992. In June, traffic dropped off 10.5 percent over the previous year.
The Arlington, Va.-based airline said the number of passengers was down largely because last summer's fare wars generated a huge volume of traffic in June and July 1992.
Judge delays ruling on Marriott
U.S. District Senior Judge Alexander Harvey II delayed a decision yesterday on whether to approve a settlement of bondholder class action suits challenging Marriott Corp.'s plan to divide itself into two companies.
Monarch Avalon reports loss
Monarch Avalon Inc. in Baltimore said it had a fiscal fourth-quarter loss of $91,000, or 5 cents a share, compared with net income of $63,000, or 4 cents, a year earlier. Sales fell to $1.5 million, from $1.8 million.
Little change in gold prices
Gold settled little changed yesterday, after plunging about 6 percent Thursday, as steady demand prevented commodity funds from pushing the metal below $380 an ounce. Silver continued to plunge on speculation the Indian government was dumping supplies on the market.
Gold for December delivery settled 80 cents lower, at $379.90 an ounce, while September silver plunged another 4 percent, or 20 cents, to settle at $4.578 an ounce.
Blockbuster taps Disney official
Blockbuster Entertainment Corp. has chosen the director of Disney World's Magic Kingdom to run its developing entertainment centers.
Bill Burns, 46, will become president of the entertainment center unit and report to Steven Berrard, Blockbuster's president and chief operating officer. Blockbuster's first entertainment center is a 23-acre spread outside its Fort Lauderdale, Fla., headquarters that includes 80 driving tees, batting and pitching cages and putting and chipping greens.