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ITT LOOSENS ASSETS FOR RUMORED NBC BID
Published September 16, 1994
This morning's FINANCIAL TIMES reports ITT Corp is planning to sell St. Louis-based ITT Financial loan/mortgage division for between $3-4B, in order to raise revenue for a bid to purchase NBC. The sale would bring ITT closer to the $5B which Walt Disney has reportedly offered GE for the network. ITT also could offer the financial division "in part exchange for NBC." GE's Capital financial services offers services similar to ITT Financial. ITT is interested in acquiring a network to balance its operations among financial services, manufacturing, and leisure and entertainment interests (Richard Tomkins, FINANCIAL TIMES, 9/16). N.Y. POST's John Crudele reports ITT has also looked at CBS. NBC is considered more valuable because of its existing cable venture, CNBC, and solid GE stock which would "hardly move" if NBC were sold (N.Y. POST, 9/16). DIVERSITY OR DOUGH?: In a related piece, Lehman Brothers analyst Phua Young said ITT's restructuring aims at moving "into areas where they can get a higher (price to earnings ratio) in the marketplace" (N.Y. POST, 9/16). ITT's stock declined $1.50/share yesterday at 80.125, with "very heavy" trading of 3.65M shares (N.Y. TIMES, 9/16).