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ITT COULD MAKE DECISION ON BREAK UP SOON
Published May 10, 1995
ITT Corp. reportedly plans to make a decision in the "very near future" about a previously announced plan to consider breaking up into three separate companies. Analysts believe that the long-awaited split of ITT's hotel/entertainment, manufacturing and insurance segments would "boost" the company's overall value. Since "growing speculation about the breakup and in response to the company's strong earnings" in mid-December, ITT's shares have "shot up" more than 30%. Analysts and investment bankers speculate that the announcement could come as soon as the company's board meeting on June 13. ITT's recent purchase, through a partnership with Cablevision, of Madison Square Garden, the Knicks, the Rangers and MSG Network would be included in the hotel & entertainment segment. ITT CFO Robert Bowman is expected run the entertainment company on a day-to-day basis (Eben Shapiro, WALL STREET JOURNAL, 5/10.