Phone-TV talks under wayCreative Artists Agency...

BUSINESS DIGEST

August 16, 1994

Phone-TV talks under way

Creative Artists Agency, Hollywood's most powerful talent agency, and three regional Bell operating companies are in talks to launch a network that would send programming over telephone lines to subscribers' homes.

The three Bells are Bell Atlantic Corp., Nynex Corp. and Pacific Telesis Group.

Federal regulations allow Baby Bells to distribute programming over their networks but prohibit them from developing it.

NASD expels Bethesda firm

The National Association of Securities Dealers expelled Lux Investors Services of Bethesda from membership for what it charged were violations of securities laws and the agency's regulations.

Lux Investors and principal John Ernst Lux were jointly fined $100,000 and ordered to pay $10,191 in restitution for, among other things, not maintaining required minimum net capital, according to the NASD, the self-regulatory organization for the securities markets.

The regulator also said the firm, acting through Mr. Lux, bought stock for an account in which it had a beneficial interest; effected transactions with customers at unfair prices; and failed to accurately disclose markups.

The firm and Mr. Lux agreed to be barred without admitting or denying wrongdoing.

Martin chief sets retirement

A. Thomas Young, president of Martin Marietta Corp. since 1990, announced yesterday that he plans to retire in July, ending a 33-year career in the aerospace industry.

Mr. Young, 56, came to Martin in 1982 as vice president of research and engineering for aerospace. Martin has not identified a successor.

New cancer therapy tested

Genetic Therapy Inc. has begun testing an experimental gene treatment on patients whose cancers have spread to their brains and spinal cords, the Gaithersburg-based company said yesterday.

Spokesman Marc R. Schneebaum said the first patient has already received a treatment. The tests, being held at the National Institutes of Health, may include up to 15 patients, he said.

The treatment is not expected to affect the patient's primary cancer, but it may lengthen lives for those in whom the tumors have spread, he said.

Outlet deal announced

Prime Retail Inc. said yesterday that it has agreed in principle to purchase a 30 percent stake in the partnership that owns Oxnard Factory Outlet, an off-price manufacturer's outlet center in Oxnard, Calif. Terms were not disclosed.

The 147,000-square-foot center is 50 miles north of Los Angeles. One of the sellers is Fru-Con Development Corp., a long-time financial partner of the Baltimore-based outlet center developer.

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