Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, February 4, 1995 TAG: 9502060037
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Long
WASHINGTON - Two of the nation's largest cable companies received permission from federal regulators Friday to acquire QVC Inc., which runs a cable television shopping channel, for $1.42 billion.
The Federal Trade Commission voted 4-0 to close an investigation into the transaction, announced in July.
The move frees Tele-Communications Inc., the nation's largest cable company, to increase its 23 percent stake in QVC to about 43 percent. Comcast Corp., ranked No. 4, will raise its stake to 57 percent from 16 percent.
The companies are expected to close the deal Monday, officials said.
TCI controls QVC's closest competitor, Home Shopping Network Inc. Both shopping services are widely carried on TCI and Comcast systems.
The FTC's action should end concerns raised by regulators and legislators that ``TCI has inordinate national market power,'' said TCI senior vice president Robert Thomson.
- Associated Press
Va. farms' sheep, lamb totals fall
The number of sheep and lambs on farms in Virginia has dropped for the fifth consecutive year, according to the Virginia Agricultural Statistics Service.
The number of sheep in Virginia as of Jan. 1 was estimated at 95,000, a new record low and down from last year's 99,000.
Included in the Jan. 1 inventory were 65,000 ewes, a decline from the 68,000 ewes on state farms at the start of 1994. The lamb crop of 89,000 head in 1994 was down 11 percent from the previous year; 1994's ice storms increased lambing losses in some counties.
Sheep producers indicate the average value of all sheep and lambs in 1994 was $65 on Jan. 1, up from last year's $57. An estimated 1,800 farms had sheep on Jan. 1, a decrease of 300 farms from a year earlier.
- Staff report
Farm Credit banks vote to merge
Stockholders of the Farm Credit Bank of Baltimore and the Farm Credit Bank of Columbia, S.C., have voted to consolidate the two banks, effective April 1.
The new bank would be known as AgFirst Farm Credit Bank. The merger is subject to the approval of the federal Farm Credit Corporation, which regulates the banks.
AgFirst would have its headquarters in Columbia and have assets of $10.1 billion. Its outstanding loans to more than 120,000 farmers and others would total more than $8 billion.
The new bank would provide funding and management support services to 40 affiliated stockholding associations in 15 states, including Virginia and West Virginia.
Managers of the two banks expect the merger will improve the financial performance of the consolidated bank because of increased efficiency.
- Staff report
Fieldcrest Cannon income increases
Fieldcrest Cannon Inc. reported income from continuing operations in the fourth quarter of 1994 of $10.1 million, or $1.03 per share, compared with income of $8.7 million, or 77 cents per share, in the fourth quarter of 1993.
Fieldcrest Cannon, based in Eden, N.C., operates a towel plant at Fieldale in Henry County.
Sales for 1994 were $1.05 billion, compared with $1 billion a year earlier.
- Staff report
B&W Nuclear adds Texas corporation
B&W Nuclear Technologies of Lynchburg has acquired the circuit breaker rebuilding business of Shermco Industries Inc. of Dallas, Texas.
Shermco has developed a technology for upgrading many common industrial circuit breakers into state-of-the art devices for controlling and distributing the flow of electricity in industrial plants and power generating stations.
Shermco's acquisition will complement and enhance the services offered by Power Distribution Technology, a B&W subsidiary in Newport News. PDT specializes in circuit breaker maintenance and refurbishing, the company said.
- Staff report
Bankruptcies
Four bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Three of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
Valley K-9 Security Inc. of Roanoke filed for liquidation. The business said it had no assets, and liabilities of $71,111.
Melvin Roy Spangler and Barbara Jean Spangler of Roanoke, owners of Valley K-9 Security Inc., filed for a wage-earner plan for repayment of debts. They said they had assets of $126,330 and liabilities of $159,758.
Andrew Thomas Dauscher of Blacksburg, doing business as Capital Contracting, filed for liquidation, listing assets of $39,605 and liabilities of $363,819.
Roy Michael Williams of Bristol sought liquidation with assets of $76,200 and liabilities of $128,478. He is a partner in P&M Guttering.
by CNB