November 15, 1997 |
Tele-Communications Inc. said its third-quarter loss narrowed amid a wave of cost reductions and a renewed focus on its U.S. cable business. The improved performance comes as Englewood, Colo.-based TCI pushes its expansion into delivering other services besides television. The world's largest operator of cable-television systems had a loss of $22 million, or 33 cents a share, narrower than the loss of $138 million, or 25 cents, a year ago.
October 15, 1997 |
Software billionaire Bill Gates and cable mogul John C. Malone are negotiating a wide-ranging deal that would bring about the broadest convergence yet of Silicon Valley and the television industry, potentially enabling consumers to surf the Internet and check their e-mail on a television set equipped with 200 or more digital cable channels. Under the deal, Gates' Microsoft Corp. would provide Malone's Tele-Communications Inc.
September 4, 1997 |
Tele-Communications Inc. and Time Warner Inc. agreed to swap and combine cable systems, involving about 2 million customers, the biggest step yet by the nation's largest cable companies to reduce their debt and boost profits. The series of transactions, which include three joint ventures, would allow Tele-Communications to shift about $3.35 billion of its consolidated debt from its books, and Time Warner would cut its debt by $650 million.
August 14, 1997 |
Seagram Co.'s fiscal fourth-quarter profit, before gains, more than doubled, led by strong performances by its entertainment, juice and spirits businesses. The Montreal-based beverage and entertainment company said profit from operations before a gain rose to $48 million, or 13 cents a share, from profit before a gain of $22 million, or 5 cents, in the year-earlier period. The per-share results matched estimates. . . . Tele-Communications Inc.
July 8, 1997 |
Tele-Communications International Inc. said that it named David Evans president and chief operating officer, effective Sept. 1. The company also said Evans will assume the role of chief executive in 1998. That position is held by Fred Vierra, who will remain the company's vice chairman for an indefinite period. Evans comes to Tele-Communications from Rupert Murdoch's News Corp., where he had been executive vice president since July 1996.
June 18, 1997 |
John Malone, head of Tele-Communications Inc., cut a deal Tuesday to keep control of the nation's biggest cable company while allowing the estate of its founder to cash out. TCI said it will exchange Class B shares owned by the estate of Bob Magness--which have special voting power--for normal Class A shares. That keeps the voting power within TCI while allowing the estate to sell its shares. Merrill Lynch and Lehman Bros. then will buy Magness' Class A shares for $16.52 each.
May 1, 1997 |
Tele-Communications Inc. said Wednesday that its improved financial performance would allow it to accelerate the roll-out of new services to its cable customers this year.
April 10, 1997 |
Tele-Communications Inc., the nation's largest cable operator, abandoned plans Wednesday to split itself up after the Internal Revenue Service declined to rule the transaction tax-free. The Englewood, Colo.-based firm announced in December that it would spin off its Liberty Media programming arm and international and satellite services businesses to simplify its structure and unlock the value of those affiliates. TCI needed IRS approval of the spinoffs as tax-free transactions to proceed.
March 5, 1997 |
Tele-Communications Inc. plans to divide its cable TV operations into as many as 12 regional units and possibly bring in regional partners or create joint ventures. The moves end a 2-month-old plan to divide the company's cable TV operations into three units based on type of service and will bring management closer to key markets, President Leo Hindery said Monday at a Merrill Lynch & Co. meeting in New York. "Regionalization is the way to go," said Jay Nelson, an analyst at Brown Bros.
February 8, 1997 |
Leo J. Hindery Jr., general partner and chief executive of InterMedia Partners, was named president of Tele-Communications Inc., the nation's largest cable TV operator. John Malone, chairman, CEO and current president of TCI, said the chief executive of each TCI business unit would report to Hindery. Malone had been expected to bring in a respected cable executive in an effort to restore the profitability of the Englewood, Colo.-based company.