THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Wednesday, February 5, 1997 TAG: 9702050658
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 50 lines
International Family Entertainment Inc., Virginia Beach-based parent of The Family Channel, is negotiating a $1 billion sale to News Corp., Liberty Media Corp. and Pat and Tim Robertson, the Los Angeles Times reported. IFE, which has 300 local employees, declined comment. Anonymous sources said Fox network parent News Corp. and Liberty, which already owns 20 percent of IFE, would take 40 percent each - and that Pat Robertson and his son, Tim, now chairman and president, respectively, would increase their combined stake of 13 percent to 20 percent. (Staff) Debt-rating service more wary about Farm Fresh
A debt-rating service is growing increasingly wary about Farm Fresh Inc.'s future. Moody's Investors Service in New York said Tuesday it is downgrading a portion of Farm Fresh's debt, partly due to the resignation of the Norfolk grocer's chief executive officer. Michael Julian announced Monday he was leaving to head a Mississippi grocery company. Moody's also noted that it has not seen any evidence that the chain is moving ahead with restructuring plans. Moody's downgraded its rating on Farm Fresh's senior notes to Caa from B3. (Staff) WMX shareholders force job cuts, other changes
WMX Technologies Inc. said Tuesday it would slash 3,000 jobs over the next three years and get rid of about $1.5 billion in operations outside its main trash-hauling business. But shareholders, some of whom had demanded sweeping changes in the firm, were not impressed with the planned makeover. Some major shareholders said the plans to sell off businesses unrelated to trash and toxic-waste hauling do not go far enough. Others contended the price WMX expects to get for the businesses is too high. (Associated Press) Alabama Shipyard wins order from Chinese line
Alabama Shipyard Inc. in Mobile, Ala., has signed a contract to build four small containerships for a Chinese shipping line. COSCO Line (America) Inc., the U.S. arm of Beijing-based China Ocean Shipping Co., will operate the freighters in international trade after they are delivered in 1999. The contract is worth $157 million. The 600-foot ships will carry up to 1,432 20-foot containers. COCSO operates more than 600 vessels worldwide. The line will enter a joint service between Europe and North America in March with two other lines that will call in the port of Hampton Roads. (Staff)