THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, November 23, 1995 TAG: 9511230553
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 51 lines
InfiNet forms venture for online publishing
InfiNet Co. of Norfolk said Wednesday that it formed a joint venture with another Internet services company in Fredericksburg, Connecting Minds Inc., to develop interactive online applications for the publishing industry. The new company, to be called Digital Creations L.C., will be based in Fredericksburg. Newspapers and other publishing enterprises are potential customers, InfiNet said. InfiNet is co-owned by Knight-Ridder Inc. and Norfolk-based Landmark Communications Inc., parent of The Virginian-Pilot. (Staff)
Westinghouse purchase of CBS gets approval
Westinghouse Electric Corp. cleared the final obstacle to becoming the nation's largest broadcasting company, winning federal approval for its proposed $5.4 billion takeover of CBS Inc. The Federal Communications Commission approved the transfer of CBS broadcast licenses to Westinghouse and granted rules waivers that will allow the two companies to begin operating as one right away. The combined corporation will use the CBS name and logo for its broadcast operations. The merger agreement calls for CBS shareholders to be paid interest of 6 percent after Aug. 31 in addition to the $81 a share agreed to in the merger. (Bloomberg Business News)
Dominion Resources, CSX rework coal pact
Virginia Power and CSX Transportation Inc. have renegotiated a coal-hauling contract that, state regulators said, cost the utility's customers $8.3 million in excess charges. Dominion Resources Inc., the utility's for-profit parent company, recently disclosed the new contract to federal securities regulators. State regulators also ordered Virginia Power to return about $8.3 million in excess rates to customers, which the utility began to do Nov. 1 as part of a $107 million reduction in annual fuel rate revenues. The contract involves hauling coal to four power plants. (AP)
Pending home sales rose 19% in Hampton Roads
Pending home sales for Hampton Roads were up 19 percent in October, according to the Virginia Association of Realtors. Single-family houses under contract numbered 1,821, up 295 from October 1994. Local home sales through October equaled last year's levels, down a slight 0.15 percent. Sales of houses throughout Virginia were up 8.6 percent compared to the same period last year with 4,942 new and existing houses under contract. The first 10 months of the year showed a slight decline over last year at 1.6 percent. (Staff) by CNB