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Business digestCompiled from Times wires © St. Petersburg Times, published April 26, 2001 FCC APPROVES TELECOM DEAL: Deutsche Telekom AG won approval from U.S. regulators for its takeover of mobile phone company VoiceStream Wireless. The Federal Communications Commission concluded the merger was in the public interest because it would create more competition, a finding that was necessary because the case involves foreign ownership of a U.S. telecommunications company. The acquisition, valued initially at $50.7-billion, is now worth about $29-billion. Deutsche Telekom is majority-owned by the German government, and its entry into the U.S. market has been opposed by some in Washington. SHIPYARD ACQUISITION: General Dynamics Corp. said it plans to acquire Newport News Shipbuilding Inc. for $2.1-billion. If approved by regulators and shareholders, the deal would make General Dynamics a stronger rival to Northrop Grumman Corp., which recently acquired the only other major U.S. shipmaker, Litton Industries Inc. The Clinton administration blocked a deal between General Dynamics and Newport News Shipbuilding two years ago on the grounds it would stifle competition. But the firms' top leaders said they are confident the deal will be approved by new Bush administration officials seen as more receptive toward business interests. A Pentagon spokesman said officials have not formed an opinion on the deal. RMS TITANIC SUES EX-CURATOR: RMS Titanic Inc., which has exclusive salvage rights to the legendary shipwreck, filed a $1-million lawsuit against its former curator and others who criticized the company's safekeeping of the ship's artifacts. The suit, filed in New York, accuses ex-curator Michelle Turman and six others of posting libelous comments on an online message board about the handling of artifacts during Titanic exhibitions. Reached at her home in Tampa, Turman had no comment. USA NETWORKS LOSSES GROW: USA Networks Inc. posted a wider first-quarter net loss compared with a year ago, but revenues and cash flow rose as its television studios and cable channels turned in solid results. USA Networks reported a net loss of $26.6-million from continuing operations, compared with $7.1-million in the same quarter a year ago. Excluding one-time items, and assuming that a consolidation of its Ticketmaster subsidiary had been in place in both periods, the loss per share fell to 5 cents from 7 cents, beating Wall Street forecasts of 17 cents per share. The company said revenues from its St. Petersburg-based Home Shopping Network rose 8 percent. TREASURY AUCTION: The U.S. Treasury sold $10-billion of two-year notes at a yield of 4.124 percent. The yield was down from the last auction March 28, when it was 4.3 percent. Tenders totaled $26.86-billion.
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From the Times Business report
From the AP
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