daily briefing

daily briefing

August 28, 2008

Sinclair drops plan to buy Va. TV station

Sinclair Broadcast Group has halted previously announced plans to buy a CBS television station in the Richmond-Petersburg, Va., market for $85 million after the antitrust division of the U.S. Department of Justice denied approval. The Hunt Valley broadcaster, which owns and operates, programs or provides sales services to 58 television stations, had agreed to buy the assets of WTVR-TV (CBS 6) from Raycom Media Inc. Sinclair would have been required by Federal Communications Commission rules to sell the license to run WRLH-TV, a Fox affiliate that Sinclair owns in the Richmond market. A planned sale of the WRLH-TV license to Carma Broadcasting LLC will not move forward, Sinclair said yesterday. Raycom Media had entered into a consent decree with the Justice Department to obtain approval of an earlier acquisition of three television stations from Lincoln Financial.

Lorraine Mirabella

Factory orders show extra strength in July

WASHINGTON: U.S. factories saw a surprisingly hefty increase in their orders for big-ticket products in July, reflecting continued strength in export sales and a boost to business investment from the government's tax stimulus package. The Commerce Department said yesterday that orders for durable goods rose 1.3 percent last month, far above the 0.1 percent increase Wall Street had been expecting. The July increase matched a 1.3 percent rise in June, revised up from an earlier reading of 0.8 percent.

Associated Press

Conference Board sees meager '09 pay raises

NEW YORK : Companies are budgeting salary increases for 2009 that are just slightly ahead of expected inflation rates, the Conference Board said yesterday. According to a survey of more than 350 companies, salary increases in the coming year for overtime-eligible hourly employees are planned at 3.75 percent, while executive employees are likely to see pay raises of 3.9 percent. Professional, supervisory and management workers are projected to get 3.8 percent raises. That averages out to raises of 3.8 percent, the Conference Board said; it projects inflation at about 3.4 percent next year.

Associated Press

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