Clarion-Ledger from Jackson, Mississippi • Page 16

O) SATURDAY, JULY 1,1989" THE CLARION-LEDGER JACKSON, MISSISSIPPI Communications executive buys WAPT-Channel 1 6 The local ABC affiliate and three other stations were purchased for 1 20 million. By Jeff Edwards Clarion-Ledger TV Editor PORTFOLIO Business news in brief From staff and wire reports Time shareholders re-elect opponents of takeover NEW YORK Time Inc. shareholders today reelected a slate of four incumbent directors, including Chairman Richard Munro, who reiterated management's opposition to a $12.2 billion hostile buyout offer from Paramount Communications Inc. and advances by any other potential suitors. Many shareholders openly have questioned the company's rejection of the Paramount offer and its decision to alternatively pursue a $14 billion buyout of Warner Communications Inc.

On Thursday, Paramount said it had taken a step toward satisfying one condition of its offer as seven major banks agreed to help raise financing for the bid. Dollar edges down in slow trading day NEW YORK The dollar closed slightly lower into a major broadcast group." WAPT has operated without a permanent general' manager since Gary Powers resigned from the job in April. in "Obviously, we've been negotiating the situation for' more than a couple of months, so I didn't want to get GM in there until we found out who owns the station," Appleton said. "I've been personally running the sta- tion as I can from New York City, and I will be appointing a GM there in the next month or so." It will take about three months for the Federal munications Commission to approve the sale and for Appleton's company to officially take the reins. WAPT officials had received little information on the sale by Friday afternoon.

Station manager Joe Root said he heard about sale through a local broker, who saw information on it in1; a stock market bulletin. "Shortly after that happened, someone from Price called, and it was confirmed," Root said. "We have no official release yet." Price purchased WAPT and three other stations July 1987 from the station's long-time owner, Communications. r- weekend newscast, I was very much against that. We will be a full player on the weekends again.

In today's competitive marketplace, any station, to be successful, must be driven by news or local programming." The WAPT staff worked "very hard" the past year to improve the station's performance. A 5 p.m. newscast, a morning block of talk shows and The Arsenio Hall Show at 10:30 weeknights have been successful, Apple-ton said. He plans to revise and improve the station's syndicated lineup from 3-5 p.m. The operational company for the WAPT and the other three stations will be called Northstar Television Group Inc, Appleton said.

The New York City-based Price, which has owned WAPT for almost two years, will keep 10 percent interest in the station, he said. Other investors include Bankers Trust, Desai Capitol Management and Osborn Communications a New York company headed by Frank Osborn, who will be Appleton's operating partner. "I will be the president and chief operating officer of NTG, and I will use these four stations as the foundation of the company," Appleton said. "I hope to build it An executive with Price Communications owner of WAPT-Channel 16, has put together his own broadcast company to buy the ABC affiliate in Jackson. Dick Appleton said he resigned as executive vice president and chief operating officer of Price's radio and television division when he signed a contract Thursday afternoon to buy four Price stations, including WAPT.

Appleton said his private company, NTG Holdings acquired WZZM in Grand Rapids, Mich; WSEE in Erie, WNAC in Providence, R.I.; and WAPT, for $120 million. The new owner promised improvements in news and programming at WAPT. "WAPT has always been the step-sister to the VHF stations (WLBT-Channel 3 and WJTV-Channel 12). I think that station has as good of a future as any of the four we've purchased," he said. Appleton said he's "absolutely, 110 percent committed" to local news on WAPT.

"When they canceled the Mississippi made Greenville aircraft builder acquires Gulfstream line Alply Inc. ing in about two years. American General, formed in April, said in early June it wouldf move to the vacated Boeing Mili tary Aircraft facility at the Greenville Municipal Airport. Seawell said Friday's deal wiji provide for American General to acquire all the manufacturing datar hardware, tools and existing parts inventory. The product line acquired iri'y eludes the Lynx, a two-seat, single-engine aircraft; the Cougar, a light twin-engine airplane; and the Tiger and the Cheetah, both four-seat'; single-engine planes.

In addition to building planes, the company will provide parts for several thousand existing Gulfstream planes. Plans are for the first plane to roll off the assembly line in early American General's management team 12 to 15 persons -i-has begun moving into the Greeny ville area, and the company expects a total workforce of about 50 by summer's end. Estimates are thaj the payroll could climb to 250 in the next 18 months. The company will make small planes in the former Boeing plant. By Lee Ragland Clarion-Ledger Business Writer American General Aircraft Corp.

took a major step Friday to getting off the ground. The recently-formed, Greenville-based airplane manufacturer officially acquired Gulfstream Aerospace line of single- and twin-engine planes. "We are now in the business to manufacture general aviation aircraft," said Leonard H. Seawell, American General's chairman. "Prior to today, we had a facility but we didn't have anything to manufacture." Seawell would not disclose terms of the purchase, but said part of the agreement includes for Gulfstream to become a "significant" shareholder in privately held American General.

Seawell, an Atlanta investment banker, said American General hopes to hold a common stock offer I 1 i 11' LZ-'-'' -mmi I 'ft if A i Jackson-based 'Catfish News' sold to Mississippi investors against several key currencies after a sluggish U.S. trading session. Business on the currency markets was light with some traders gone for an extended Independence Day break. Trading is expected to be subdued again on Monday and will be closed in the United States on Tuesday in observance of the Fourth of July. In New York, the dollar closed at 143.82 Japanese yen, down from 1 44.00 yen late Thursday.

The Fed was believed to have sold dollars and bought the yen, which has been weighed down lately by Japan's political problems. U.S. factory orders were down in May WASHINGTON Orders to U.S. factories for manufactured goods fell 2.5 percent in May, the worst setback in 10 months, the government reported. Orders for durable and non-durable goods had risen 3 percent in April and 0.7 percent in March.

Orders had fallen the first two months of the year. It was the steepest decline since orders fell 3.6 percent in July 1988. May's downturn in orders reflected other recent reports that the economy continues to slow as a result of Federal Reserve efforts to restrain inflation by tightening credit. Oil futures mixed in pre-holiday trading NEW YORK Oil futures prices finished mixed in quiet dealings ahead of the July Fourth holiday. On the New York Mercantile Exchange, the contract for August delivery of West Texas Intermediate, the benchmark grade of U.S.

crude oil, rose 1 cent to settle at $20.27 a barrel. The contract rose 23 cents on Thursday. Among refined products, the July contract for wholesale unleaded gasoline lost 1.61 cents to close at 59.91 cents a gallon. MAI vows to outbid Whitney for Prime NEW YORK MAI Basic Four Inc. said it plans to increase its $20-a-share bid for Prime Computer Inc.

and break up Prime's recent agreement to be acquired by J.H. Whitney Co. MAI's intentions were spelled out in a lawsuit against the two companies in Delaware Chancery Court. While MAI did not indicate how much it was willing to offer, the company said in its suit a bid higher than Whitney's would be made soon. Whitney, a New York-based venture capital firm, has offered $2 1 .50 a share for as many as 49.5 million Prime shares.

Losses widen for Rockwell National Jackson-based Rockwell National a real estate investment company, said its losses widened during its fourth quarter that ended March 31. The company reported a net loss of $1,627 million, or 17 cents a share, for the quarter, compared with $748,000, or 8 cents a share, a year earlier. The loss for the latest quarter includes an allowance for a doubtful receivable of $655,000 from a partnership that owns a New Orleans apartment complex. For the fiscal year ending March 31, losses were $3,439 million, or 35 cents a share, compared with $963,000, or 10 cents a share, a year earlier. ILA, management extend labor contract HOLLYWOOD, Fla.

Waterfront workers and their employers agreed to extend their current labor contract, forestalling the possibility of an October dock strike at Atlantic and Gulf coast seaports. The agreement postpones until Dec. 1, 1990, the expiration of a pact covering dockworkers in 36 ports, including Gulfport and Pascagoula. The contract had been set to expire Sept. 30.

Representatives of the International Longshoremen's Association and waterfront management agreed that an extension would provide more time to reach agreement and avoid a possible strike. Don't pay $18 for something that's free The U.S. Social Security Administration says Mis-sissippians have been getting mail from an organization called Federal Benefits Assistance offering to help them file for Social Security benefits for an $18 fee. Marvin Tatum, Social Security manager in Jackson, says the company is not connected with the government. He adds that no one has to pay a fee to file for benefits, and that hiring such a company actually can delay processing of benefits.

If you need help or advice about your benefits, call the Social Security in Jackson at 965-5001. The 3-year-old trade publication was purchased for an undisclosed price. The Clarion-Ledger "The past three months havej been our best ever in terms of adver- tising revenues," Rosa Lee Jones said. "We've been growing so fast" that we simply don't have the times or resources to do justice to Catfish News." Jj The investment group that bought the aquaculture tabloid is headed by Ross Harjes of Ridge- land, who edits Motor Carrier Re view, a trucking industry journal. Venture Publications head- ed by the Joneses, will continue to; publish the Catfish News, Missis sippi Business Journal and Motet; Carrier Review, in addition to tRg state press association journal.

Kevin and Rosa Lee Jones saw they will remain with the JVews editor and publisher, respectively Bing Crosby, a five-year newspapgr veteran, will become associate Tom Roster The Clarion-Ledger Rickey Ishle, a workman at Alply Inc. in DeKalb, caulks a metal wall panel at the plant. Catfish News, a Jackson-based monthly trade publication that covers the aquaculture industry, has been sold to a group of Mississippi investors for an undisclosed price. The tabloid publication was founded three years ago by Kevin and Rosa Lee Jones. It originally was called the Catfish Journal, a name now used by a trade paper; published by the Catfish Farmers of America.

The Joneses said Catfish News, which has a circulation of 11,290, is profitable but that they wanted to devote more time to their main pub-lication, Mississippi Business News. Location: DeKalb Annual sales: $4 million Owner: Alan Sleppy, Gordon Product: metal wall panels Baver Typical customer: general con-Employees: 34 tractors FCC says customized long-distance service is not illegal by MCI Communications US the terms of its offerings so that thpv wptb MCI, Sprint and others claimed was illegally selling its services below cost. N.Y. Times News Service Industry analysts estimate that the market for these services is rapidly growing and will reach $1 billion within a decade. began offering the special network packages in 1987.

Opponents of Tariff 12 said it was designed to disguise rate discounts and that was illegally selling its services below cost. In April, after a two-year investigation, the FCC agreed with many of critics and ordered the company to revise Spnnt Communications Co. and others that the service was illegal or discriminatory. rivals have also challenged its service in the U.S. Court of Appeals for the District of Columbia in cases that are pending.

The service, known as a Tariff 12 service, provides for customized tele-communcations services for internal corporation communications involving voice, video and information processing. available to any customer that requested them. In a separate action, the commission also rejected challenges to its decision to change the way sets rates. The new system takes effect today. In April, after two years of debate, the FCC unanimously decided to replace the current system, under which profit rate is fixed and based on its costS, to a method that sets a floor and a ceiling on what may charge.

In a major victory for American Telephone Telegraph the Federal Communications Commission Friday rejected a challenge to the company's customized long-distance service for large business clients. The commission rebuffed arguments Regional quotations Today's tip NASD quotations indicate market-makers' highest bids and lowest offers in each security. Prices do not include retail markup, markdown or commission. (Provided by Merrill Lynch) 6-month T-bill yields 8.44 June 5 June 12 8.22 Markets at a glance New York Stock Exchange 644 advances, 898 declines Most active: Bond IntGId 7V un Sales: 170,490,000 Index: 177.90-0.85 Bonds: $30,020,000 American Stock Exchange 270 advances, 338 declines Most active: Amdahl Cp 16's Sales: 11,620,000 Index: 358.97 Bonds: $1,920,000 Chicago Wheat: July down 7c Corn: July up 2 Vie Oats: July up3c Soybeans: July up 12VjC The 1989 Mutual Fund Fact Book, published by Investment Company Institute, is available from the institute or at many book stores. The 120-page publication contains data on the mutual fund industry through 1988, as well as basic information about mutual fund investing.

The price is $9.95. Also available for $2 is the 1989 Guide to Mutual Funds, which lists mutual funds. The institute also has brochures and films available to the public. Orders and requests should be sent to the institute at 1600 N.W., Wash-ington, D.C. 20036.

OTC Amer. Pblc Life Bancorp of Miss. Callon Cnsldtd Capitol St. Corp. Citizns Grwth Prp.

Congrss St. Prop. Dep. Guar. Cp.

Dep. Guar. Cvts. Dixie Nat Corp. Ea stover Corp.

1st Capital Corp. 1st Miss. Gold Grenada Sunburst Hadson Europe Hancock Holding Home Fed. Meridn. KLLM Melamine Chem.

Mid South Corp. Bid Ask Net change Bid Ask Net change Mobile Telecom. 8 B'i 80 Morrison, Inc. 324 33 22 23 TheParkwayCo. 16 16 '4 2i 2 Peoples Hldg-Tplo 25 27 na RockwcodNat.

1 1 10 11 Snderson Farms 20 20'4 -H 6 6 Shoney's 10' 11' 30 31 'i Yellow Freight 264 26' 109 1m NYSE 1 V4 BellSouth 47 48 13 14 Dillard 58 59 -1 22H 23' Entergy Corp. 19' 19', 39 41 First Miss. Corp. 15' 14 8' 9' Gannett Co. Inc.

43 43' -1 12 1254 GrtNrthmNks. 37' 37 1132 716 Hancock Fabrics 25 26 37 39 Morgan Keegan 9H 9 18'4 21 Srwce Mrchndse 18' 18' -H 11'-4 11 SouthemCo. 26'. 26 "I AMEX 13 EastGroup 23' 23 June 19 8.54 8.21 June 26 Dow 2440.06 down 18.21 8.00 8.20 8.40 8.60 8.80.