THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, June 19, 1996 TAG: 9606190527
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 56 lines
Media General said Tuesday it will acquire Professional Communications Systems Inc., a supplier of video and multimedia products in the Southeast. Richmond-based Media General owns newspapers, broadcast stations, cable television and newsprint operations primarily in the Southeast. A large part of Tampa-based PCS' expertise involves providing equipment and studio design and construction services for television stations. ``PCS . . . is well positioned for future growth and will both complement and benefit our broadcast and cable television operations,'' said J. Stewart Bryan III, Media General chairman and chief executive officer. (AP) Best Products to cut expenses by $40 million
Best Products Co. said it plans to reduce its expenses by $40 million a year by discontinuing sales of certain products and changing advertising plans. The cost-cutting steps come as the Richmond-based retailer reported a wider loss for its fiscal first quarter ended May 4. Best Products said it would stop selling bicycles, electronics, film processing, some sporting goods, selected toys and music items. The company also said it decided not to launch a broadcast advertising campaign in 1996, replacing it with a print marketing program in the fall. Best Products said it doesn't expect to see savings from the cost-cutting steps until the second half of fiscal 1996. (Dow Jones News) Carnival Lines will have 2nd trip to meet demand
Carnival Cruise Lines has opted to make a second one-day cruise from Hampton Roads with the Carnival Destiny to accommodate the overwhelming demand for the cruise, CI Travel confirmed Tuesday. The Norfolk-based travel agency had more than 2,000 people on a waiting list to be among the first to sail on what will be the world's largest cruise ship. The first cruise, which is already booked, will sail Nov. 15. The second one-day cruise will depart the next day. The Carnival Destiny can berth up to 3,400 passengers and weighs more than 100,000 tons. Comparable in size to a Navy aircraft carrier, the 892-foot long cruise ship is being completed by an Italian shipyard. (Staff) Former Signet employee pleads guilty to fraud
A former employee of Signet Bank pleaded guilty Tuesday to defrauding the bank of $119,000, the U.S. attorney's office said. Robert M. McGee, 34, of Richmond, pleaded guilty to one count of securities fraud in U.S. District Court. McGee worked as an institutional sales representative of the Capital Markets division at Signet. Court documents showed that McGee made unauthorized trades totaling about $58 million in U.S. Treasury notes, using money from the account of the HKV company. McGee is scheduled to be sentenced Sept. 19. He faces a maximum sentence of 10 years in prison, $1 million in fines and up to three years of supervised release. (AP) by CNB