Oilers Continue Front Office Shakeup Bucks Optimistic Arena Deal Will Get Done Ressler Saw Value In Hawks, Market Silver Apologizes For Not Consulting Heat Franchise Notes Leafs Optimistic Fans Will Buy Rebuild Sharks Owner Backs Execs In Letter Ticket Sales Up Minnesota United FC Bills Could Cap Season-Ticket Sales Hawks Sold For Second Highest Price In NBA History
Upcoming Conferences and Events
ITT CONTINUES PLANS TO EXPAND INTO ENTERTAINMENT VENTURES
Published January 3, 1995
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).