News

Finance Briefs

2/22/2004 7:00 PM Eastern

Items:


KKR Plans to Sell Amphenol Block


Vicom Acquisition To Add 40K Subs


WWE Profit Rises As Revenue Dips


DirecTV Adds Shanks As Content Senior VP


CommScope Says Cabletel Defaulted

KKR Plans to Sell Amphenol Block

Wallingford, Conn.Amphenol Corp. said one of its largest shareholders is selling off a portion of its holdings in a secondary offering of 8 million shares of Class A common stock.

Of the 8 million shares being offered, 7.56 million shares are offered by affiliates of the leveraged buyout firm Kohlberg Kravis Roberts & Co. and 440,000 shares are offered by Amphenol's management.

The KKR shares up for offer represent about 64% of its current holdings of 11.9 million shares and approximately 17% of total Amphenol shares outstanding.

Upon completion of the offering, KKR will continue to own approximately 9.8% of the total shares outstanding.

Morgan Stanley, Citigroup Inc., and UBS Investment Bank are serving as joint book-running managers; Lehman Brothers, Merrill Lynch & Co. and RBC Capital Markets are serving as co-lead managers, and Deutsche Bank Securities, JP Morgan and Thomas Weisel Partners LLC are serving as co-managers for the offering.

Vicom Acquisition To Add 40K Subs

MinneapolisVicom Inc. has signed a letter of intent to purchase Minnesota Digital Universe Inc., a private cable operator with nearly 40,000 video subscribers mainly in multiple dwelling units across the country.

The deal would boost Vicom's total subscribers to about 50,000.

Minnesota Digital provides service to more than 220,000 apartments, 1,500 commercial buildings, and more than 1,200 hotel properties. Installations include the Chrysler Building in New York, and Nations Bank Building in Dallas. Vicom expects to close the purchase next month.

WWE Profit Rises As Revenue Dips

Stamford, Conn.World Wrestling Entertainment's net income for the fiscal third quarter rose despite revenues falling about 15%, the company said Feb. 17.

WWE reported revenue of $79.1 million for the period ending Jan. 23, versus $92.6 million in the year-earlier quarter.

Net income for the quarter was $8.9 million, or 13 cents per share, versus $6 million (9 cents) in the prior-year period.

WWE said it only aired two PPV events during the quarter, compared with three in the year-ago period.

It added that revenue from live events was down approximately 27% due to lower attendance and fewer events held.

DirecTV Adds Shanks As Content Senior VP

El Segundo, Calif.DirecTV Inc. president and CEO Mitchell Stern has appointed Eric Shanks as senior vice president of advanced services and content.

In this new role, Shanks will oversee DirecTV business activities related to the development of DirecTV receivers and advanced services such as digital video recording, interactive television and high-definition television.

Prior to joining DirecTV, Shanks, a three-time Emmy Award winner, served as vice president of enhanced programming for Fox Television Networks since 1999.

His most recent accomplishments include producing live coverage of NFL Europe and The Best Damn Sports Show Period for Fox Sports Net in the U.S.

Internationally, he was responsible for launching Sky Sport 1 and 2 for the Sky Italia television platform in Italy. Shanks also served as graphics producer for Fox Sports since 1997.

He was responsible for overseeing the development and creation of interactive television, which complemented Fox's sports, news and entertainment programming.

CommScope Says Cabletel Defaulted

Hickory, N.C.CommScope Inc. issued a default notice and demand for payment to troubled vendor Cabletel Communications Corp. The notice covers some $1.2 million due under a senior subordinated unsecured promissory note, as well as $900,000 in open accounts receivable. Cabletel distributes broadband equipment in Canada.

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