Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, February 3, 1995 TAG: 9502030099
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Atlanta-based Cox Communications Inc., with 54,384 subscribers in the Roanoke Valley, on Wednesday acquired the cable systems of Times Mirror Co. in a deal valued at more than $1.3 billion.
Previously the nation's sixth-largest cable operator, Cox became fourth-largest and now has 3.2 million cable customers, the company said.
As part of the transaction, Cox also offered stock to the public for the first time. The shares, trading on the New York Stock Exchange, closed at 167/8, up 3/8.
Service to Roanoke area customers won't change, Cox said.
- Staff report
Briefly ...
Hillenbrand Industries Inc. of Batesville, Ind., parent of Medeco Security Locks in Salem, said it has increased its quarterly dividend 5.3 percent to 15 cents from the 1994 quarterly rate.
Ford Motor Co. employees learned Thursday that their profit-sharing bonuses would average $4,000, about $600 more than expected because of Ford's strong finish in 1994. The record payout to 160,000 hourly and salaried Ford workers is nearly three times last year's average of $1,350. The previous record payout was $3,700 in 1988.
Earnings ...
Premier Bankshares Corp. of Bluefield had a 5.7 percent drop in earnings for 1994, from $9.5 million the prior year to $9 million. For the fourth quarter, Premier reported income of $1.97 million, or 40 cents a share, compared with $1.96 million, or 39 cents, for the same period a year earlier. The company had assets of $655 million at the end of the year.
by CNB