THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, February 16, 1995 TAG: 9502160343
SECTION: SPORTS PAGE: D1 EDITION: FINAL
LENGTH: Short : 50 lines
Sinclair acquires Texas radio stations: Sinclair Communications Inc. of Norfolk said it has agreed to purchase two radio stations in Austin, Texas. Sinclair, parent of WNIS-AM and WROX-FM in Hampton Roads, said it paid $5.3 million for KGSR-FM, an adult alternative-rock station, and $3.1 million for KOKE-FM, a new station that hasn't yet been formatted. The sellers of KGSR and KOKE are Central Texas Broadcasting Inc. and Radio Lee County Inc. respectively. Sinclair also owns three radio stations in Richmond. (Staff)
Decision on Nucor steel factory pending: After more than a year of rumors and speculation, bids and counterbids, Nucor's top executive said on Tuesday that a decision should be made within 30 days on where to build a $450 million steel factory that would employ 500 people. Government and utility officials in South Carolina and Virginia are courting the mill, which would make flat steel for cars and appliances. Production workers' salaries at a similar Nucor mill in rural eastern Arkansas average $50,000 a year. The South Carolina site is in Cainhoy, near the Charleston port, where Nucor could bring in its raw material, scrap steel. Nucor is considering a Virginia site in West Point, near Williamsburg. (Knight-Ridder/Tribune Wire Report)
Signet acquires mutual-fund groups: Signet Banking Corp., the Richmond-based parent of Signet Bank, has agreed to acquire the assets of Sheffield Management Co. and Sheffield Investments Corp. in a transaction that will double Signet's mutual-fund assets.
The two Sheffield companies manage and distribute the Blanchard group of mutual funds, 11 fixed-income and equity funds with combined assets of $1 billion. Signet, which did not disclose the terms, said it expects the transaction to close this spring. (Staff) Newport News approves move of Philip Morris
The Newport News City Council has paved the way for tobacco giant Philip Morris to move into the city's Oakland Industrial Park this summer. The council voted unanimously Tuesday to turn over 15 acres in the park to the Newport News Industrial Development Authority. The authority plans to sell the land to Philip Morris for $360,000. Philip Morris has said it will invest $5 million to build a 60,000-square-foot repair shop for tobacco-processing machinery. The company also has said it will transfer the 150 employees at its York County plant, now used for repairs, to Newport News. New jobs then will be created at the York plant - which will be retooled and used to make cigarettes. (AP) by CNB