THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, June 20, 1996 TAG: 9606200552
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 52 lines
Tele-Communications to spin off satellite business
Cable giant Tele-Communications Inc. said Wednesday its board has authorized management to pursue a spinoff of the unit that holds TCI's interest in the Primestar direct broadcast satellite venture. At the time of the spinoff, the assets of TCI Satellite Entertainment Inc. will include a 20.86 percent stake in Primestar Partners L.P., and Primestar by TCI, the Tele-Communications business that markets and distributes Primestar to customers in certain territories. Under the spinoff, Tele-Communications, of Englewood, Colo., will not retain a stake in TCI Satellite, whose series A and B shares are expected to trade on the Nasdaq Stock Market. (Dow Jones News Service)
Tenneco to consider bids for energy unit
Tenneco Inc.'s board of directors is meeting at the offices of its investment bankers, Lazard Freres & Co. in New York, to consider bids for its natural gas marketing and transportation unit, a Lazard employee said. El Paso Energy Corp. is the likely winner of the contest, according to separate reports by Gas Daily and Dow Jones. Both said El Paso will pay more than $3 billion for the business, they said, citing unidentified sources. ``Bids have come out. Bids are being considered,'' a spokesman for Greenwich, Conn.-based Tenneco said. He declined to comment further. Tenneco is also spinning off Newport News Shipbuilding to its shareholders. (Bloomberg Business News)
Three police officers sue guards' union president
Three Newport News policemen have sued James Allen, president of the guards' union local at Newport News Shipbuilding, alleging that he libeled them in a letter to the Newport News City Council and in statements to the Newport News Daily Press. The suit also names Allen's Local 451 of the United Plant Guard Workers of America. Filed in Newport News Circuit Court, the suit concerns Allen's letter and statements about the city Police Department's participation in a test of the shipyard's security. The policemen are Sgt. Clifford T. Bowen, Officer Larry W. Taylor and Detective Richard A. Reid. Allen could not be reached for comment. (Staff)
Air South lands today at Norfolk airport
Air South Airlines will begin flying today from Norfolk International Airport. The small low-fare airline's inaugural flight will arrive from Jacksonville at 10:50 a.m. and depart for New York's John F. Kennedy International Airport a half hour later. Air South will provide four flights a day to New York, Chicago, Jacksonville and Miami. Based in Columbia, S.C., Air South provides no-frills service aboard its small fleet of Boeing 737-200 jets. In two years of operations, it has had no accidents. Air South is leasing one gate at the airport and says it will add more flights if its initial service succeeds. (Staff) by CNB