SBD/3/Franchises

ITT CONTINUES PLANS TO EXPAND INTO ENTERTAINMENT VENTURES

     Over the last week, ITT sold part of its financial services
group to facilitate a move into the entertainment and gaming
field.  First, ITT sold Commerical Finance -- a division of its
Financial Corp that makes business loans -- for a reported $2.3B
to Deutsch Bank's North American unit.  The next day, ITT made
its second billion dollar deal when it sold its Island Finance
consumer loan unit for $1.4B to Norwest Corp.  A third deal could
raise an additional $1.8B (Eric Randall, USA TODAY, 12/28).  News
of the moves by ITT raised stock shares by 4 3/8 to 88 1/8.  ITT
said it hopes to use the revenue from the sales to "help pay off
its $3.4B in debt" from their recent deals for Madison Square
Garden and Caesars World (N.Y. POST, 12/28).
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