Viacom to sell cable systemsViacom Inc. reached a...


January 21, 1995

Viacom to sell cable systems

Viacom Inc. reached a definitive agreement yesterday to sell its cable TV systems for about $2.3 billion to a group led by a black entrepreneur.

The two sides said Viacom would receive $1.6 billion to $1.7 billion in cash for the cable systems, which have 1.1 million subscribers, and a secured note for $600 million.

Moreover, the deal will provide Viacom with significant federal tax benefits, since the acquiring group, RCS LP, is 21 percent owned by general partner Frank Washington, a black entrepreneur. He is a former cable executive at Times Mirror Co.

Eastern Shore development grants

The University of Maryland Eastern Shore's Rural Development Center has received $4.12 million in grants from the U.S. Department of Commerce and the state Department of Economic and Employment Development to create a revolving fund to attract businesses to the four counties of the lower Eastern Shore.

The core of the fund is a $3.09 million defense-conversion grant from the Commerce Department, partially matched by $750,000 from DEED.

New contracts for Martin Marietta

Martin Marietta Corp. has received a $123.1 million order from the Army for rockets used on helicopters and planes, and a $176.8 million Navy contract for three targeting systems.

The rockets are being assembled in Burlington, Vt.; the ship-based Aegis targeting systems will be built by Martin's Government Electronics Systems division, based in Moorestown, N.J.

Carrollton Bancorp profit up 58%

Carrollton Bancorp, parent of Carrollton Bank, said its fourth-quarter income rose nearly 58 percent to $352,000, or 27 cents a share. For the full year, the company, with nine branches and $209 million in assets, said income rose 18.5 percent to $1.9 million, or $1.43 a share, over 1993.

Carrollton also declared a 20 percent, or six-for-five, stock split to be distributed March 10 to shareholders of record on Feb. 24. The board also declared a regular dividend of 12 cents a share payable March 1 to shareholders of record Feb. 17.

Atlanfed posts gain in quarter

Atlanfed Bancorp Inc., a Baltimore-based banking company, said yesterday that it earned $326,759, or 22 cents a share, in its third fiscal quarter, compared with $306,431, or 21 cents a share, a year ago. Atlanfed, with $253 million in assets, said income for the nine months that ended Dec. 31 fell 32 percent, to $770,293, or 53 cents a share, partly because of costs associated with its pending merger.

The company, parent of Atlantic Federal Savings Bank and Atlantic Home Mortgage Corp., signed an agreement in April to be acquired by Susquehanna Bancshares Inc. of Lititz, Pa.

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