West adds sites to networkU S West Inc. identified...

U S

January 11, 1994

U S West adds sites to network

U S West Inc. identified four more sites yesterday for its proposed multimedia network, which would bring movies, shopping, games and pay-per-view video into homes.

The regional phone company said it will add Denver, Minneapolis-St. Paul, Boise, Idaho, and Portland, Ore., to the network, already under construction in Omaha, Neb.

The company also said that it would add 10 more cities to its construction list by midyear.

Merger plan hurts Viacom stock

Investors sent Viacom Inc. stock plunging yesterday, suggesting its merger plan with Blockbuster Entertainment Corp. and new $9.5 billion bid for Paramount Communications Inc. may have backfired badly.

Viacom's class B shares fell $3, to $38, in what analysts said was negative reaction to the merger, struck in a rush Friday to help finance Viacom's new bid for Paramount.

As a result of the drop, Viacom's cash-and-stock offer for Paramount was valued at $76.75 a share yesterday, well below QVC's offer, valued yesterday at $82.25 a share in cash and stock.

Macy's Dec. profit measure up

R.H. Macy & Co. Inc. said yesterday that a key measure of its profits jumped about 30 percent in December over a year earlier. Macy said preliminary earnings before interest, taxes, depreciation and amortization rose to $266.1 million.

Gillette to reorganize, cut jobs

Gillette Co. is realigning its business units and manufacturing in a move that will eliminate 2,000 jobs over two years, or 6 percent of its work force.

The plan, announced yesterday, will result in an after-tax charge of $164 million in the fourth quarter.

Possible Fed candidate named

Three of President Clinton's top economic policy aides are advising him to nominate George L. Perry, a Brookings Institution economist, to the seven-member Federal Reserve Board, administration officials said yesterday.

Mr. Perry, a moderate liberal who has recommended caution in raising interest rates, would replace Wayne Angell, one of the board's most outspoken advocates of raising rates in response to early signs of inflation. Mr. Angell's term expires at the end of this month.

Aegon buys pension operation

Aegon USA Inc. said yesterday that it completed its acquisition of Mutual of New York's pension operations division.

The acquisition gives Aegon USA control of an additional $6.3 billion in pension assets.

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