Sources: Islanders Sale Price Was $485M Future Of NHL Panthers Questioned Dodgers' Friedman Mum On Details For '15 Extra Revenue Could Boost Cardinals' Payroll Glass' New Approach Key To Royals' Success Giants Relish In Organizational Consistency Popovich Responds To Sarver's Comments Royals' Glass Satisfied Long Journey Has Paid Off Challenges Await Ballmer In Running Clippers Chicago Sports Team Owners Get Together
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).