Rival to MTV may be formedSony Corp. and Time Warner Inc...

BUSINESS DIGEST

January 21, 1994

Rival to MTV may be formed

Sony Corp. and Time Warner Inc. are in talks with the world's biggest record companies about forming a rival to MTV, Viacom Inc.'s music video network, an industry source said yesterday.

The venture would link Sony Music; Warner Music Group; EMI Music, owned by Thorn EMI PLC; and Polygram, owned by Phillips Electronics NV, in a global music video venture.

Woodies' credit line raised

Woodward & Lothrop Inc., which filed for Chapter 11 bankruptcy Monday, had its interim line of credit boosted from $7 million to $60 million yesterday with the approval of U.S. Bankruptcy Judge Stuart M. Bernstein in New York. The line is part of a $300 million commitment from CIT Group to the Alexandria, Va.-based retail chain.

Anheuser-Busch in Czech talks

Anheuser-Busch Cos. Inc., America's biggest brewing company, will get first chance at buying part of Czech state brewer Budvar NP, makers of the European brand of Budweiser beer, a government official said yesterday.

Deputy Privatization Minister Roman Ceska said Anheuser-Busch would be sole negotiator for a minority stake in the brewer.

St. Louis-based Anheuser-Busch and Budvar have been locked in a protracted dispute over who has the right to use the "Budweiser" trademark.

U.S. Can Corp. acquires Steeltin

U.S. Can Corp. of Oak Brook, Ill., said yesterday that it had completed its previously announced $20 million acquisition of Steeltin Can Corp. and two affiliated companies, Eastern Container Co. Inc. and Eastern Metal Decorating Inc.

Steeltin, with a facility in Baltimore, manufactures containers for the paint, food and decorative tin markets. Eastern Container, also operating in Baltimore, is a distributor of Steeltin containers.

Real estate trust offers dividend

The Town and Country Trust, a Baltimore real estate investment trust, declared a fourth-quarter 1993 dividend of 40 cents a share yesterday, payable March 1 to shareholders of record Feb. 10.

Fourth-quarter funds from operations were $6.92 million, or 45 cents a share, bringing funds from operations to $9.94 million, or 64 cents a share, from the trust's initial public offering in August to Dec. 31.

Apple's earnings fall 75%

Apple Computer said yesterday that its revenues increased 23 percent for the first quarter, but earnings fell 75 percent.

After a big revamping in July, the Cupertino, Calif., company has been struggling. Apple plans to introduce new versions of its Macintosh products in March as part of an alliance with the IBM Corp. and Motorola Inc.

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