Spiegel, Time Warner team upSpiegel Inc., the catalog...

BUSINESS DIGEST

September 28, 1993

Spiegel, Time Warner team up

Spiegel Inc., the catalog company, said yesterday that it was teaming up with Time Warner Inc. to create two home shopping cable channels.

One of these, tentatively called the Catalogue Channel, will start operating early next year, while the other will make its debut later in 1994 on an interactive cable network that Time Warner is building in Orlando, Fla.

Existing-home sales fell in August

Sales of existing homes fell 1.3 percent in August, as the effects of heavy rains in the Midwest kept buyers from taking advantage of low mortgage rates. The decline snapped a four-month string of rising sales, the National Association of Realtors reported yesterday.

Mid-Atlantic to buy Timonium Mall

Mid-Atlantic Realty Trust said yesterday that it will buy the Timonium Mall in Lutherville for $3.8 million. The acquisition is the first for Linthicum-based Mid-Atlantic since it converted to a real estate investment trust earlier this month and changed its name from BTR Realty Inc. The 231,000-square-foot, three-store mall is anchored by Caldor and Circuit City stores.

Grand Metropolitan to cut jobs

Grand Metropolitan PLC will eliminate 3,000 jobs, most of them at its Green Giant vegetable business and Pearle optical stores in the United States, the company said yesterday.

The international conglomerate, whose holdings include Burger King, Pillsbury and Haagen-Dazs, also advised stock traders that its profits were holding steady, helping Grand Met shares bounce back from a sharp sell-off on Friday.

UAW gives Chrysler deadline

Chrysler Corp. said yesterday that the United Auto Workers Union set a deadline of midnight Thursday to reach a new three-year labor agreement with the automaker. Talks are expected to intensify now that a strike deadline has been established.

Murdock quits bid for N.Y. Post

In what could mean the demise of the New York Post, Rupert Murdoch announced today that he was dropping his effort to buy the money-losing tabloid after reporters, editors and business employees went on strike. The announcement came shortly after other Post unions decided to honor the picket line set up by the Newspaper Guild yesterday afternoon. The Guild is the only one of 10 that had not settled on a contract with Murdoch, who had offered to take the paper out of bankruptcy in exchange for concessions.

Murdoch's withdrawal would send the paper back to the bankruptcy estate of real estate developer Peter Kalikow, the Post's former owner.

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