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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).