THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, April 24, 1996 TAG: 9604240534
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Business Briefs
LENGTH: Medium: 54 lines
Landmark Communications Inc. is in talks to sell its cable-TV network, The Travel Channel, to Discovery Communications Inc., in exchange for Discovery stock, the trade magazine Multichannel News reported. Norfolk-based Landmark, parent of The Virginian-Pilot and The Weather Channel, said in a statement it's ``not surprised to learn of buyer interest,'' given recent increases in the channel's worldwide revenues and consumer awareness of it. It didn't confirm or deny that it plans to sell the Atlanta-based channel. Discovery owns The Discovery Channel and and The Learning Channel. (Staff) Two freighters settle out of court
Two lawsuits over the area's worst maritime accident in recent memory have been settled. A trial was scheduled to start Monday to determine who caused the 1990 collision of the freighters Neptune Jade and Columbus America in the Chesapeake Bay. The wreck spilled about 30,000 gallons of oil into the Bay and Elizabeth River, fouling scores of boats and forcing a massive cleanup. Each ship's owner sued the other last August in federal court. Together, they claimed a total of $9.5 million in damages. The trial was averted when the two sides settled. Terms of the settlement are confidential. (Staff)
IFE completes its sales
of British Family Channel
International Family Entertainment Inc. of Virginia Beach said it completed its previously announced sales of its 61 percent interest in the British version of The Family Channel to Flextech plc. As part of the sale to Flextech, a British company that already owned the other 39 percent of the channel, IFE will get $4.6 million in cash and 5.8 million shares of Flextech stock, currently valued at about $44 million. (Staff)
Life Bancorp reports
increase in net income
Life Bancorp Inc., the Norfolk-based parent of Life Savings Bank, reported a 3 percent increase in first-quarter net income Tuesday and declared a quarterly dividend of 11 cents per share. Life, which acquired the Virginia Beach thrift holding company Seaboard Bancorp Inc. in February, said it earned $2.59 million for the recent quarter, compared with $2.5 million in the year-earlier period. Per-share earnings were flat at 25 cents. Net interest income rose 10 percent, but non-interest expenses were up 13 percent from the 1995 first quarter.
KEYWORDS: LAWSUIT SETTLEMENT by CNB