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USA Networks' Loss Widens

IN BRIEF / Entertainment

April 25, 2002|Bloomberg News

USA Networks Inc., the media company controlled by Barry Diller, said its first-quarter loss widened more than tenfold because the value of acquisitions fell. Sales rose at the company's electronic-commerce businesses.

The loss increased to $286.4 million, or 73 cents a share, from $26.6 million, or 7 cents, in the year-earlier quarter, the company said. USA Networks' sales rose 5% to $1.37 billion from $1.31 billion.

Diller is selling USA Networks' entertainment division to Vivendi Universal. That will leave USA Networks to focus on commerce businesses including the Home Shopping Network and travel Web site Expedia, where cash flow rose.

Operating cash flow rose 45% to $116.7 million at the businesses that USA Networks isn't selling.

Excluding some costs and the entertainment division that will be sold, USA Networks said it would have had a first-quarter profit of 5 cents a share; that topped the average analyst estimate from Thomson Financial/First Call.

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