Isiah Thomas Expected Backlash Over Hiring Babcock Prepared For Tough Maple Leafs Gig Mets See Another Revenue Dip At Home Maple Leafs Go For Broke With Babcock Hiring Bruins' Don Sweeney Promoted To GM Lightning Defend Tix, Apparel Ban Dolphins' Ross Finding His Groove CFL Commissioner Lauds Argonauts Sale Steinbrenner Addresses A-Rod Bonus NASL Adds Expansion Club In Miami
Upcoming Conferences and Events
ITT DISBANDS: MSG, ENTERTAINMENT HOLDINGS OUT ON THEIR OWN
Published June 14, 1995
ITT Corp. said yesterday that its board of directors approved a management plan to "spin-off" its businesses into three separate companies: ITT Corp. (including ITT Sheraton and ITT's interests in Caesar's World and Madison Square Garden), ITT Industries (automotive and defense), and ITT Hartford (insurance). ITT Chair, President & CEO Rand Araskog will become Chair & CEO of the new ITT Corp. (ITT). Araskog is expected to use the new ITT Corp. "as a vehicle to expand in the fast-growing leisure and entertainment businesses" (Eben Shapiro, WALL STREET JOURNAL, 6/14). But Ronald Bowman, who will be No. 2 at ITT Corp., said the new company was already growing at a 30% rate adding "that any acquisitions in the foreseeable future will probably be small ones" (Paul Tharp, N.Y. POST, 6/14). Lehman Brothers analyst Phua Young expects ITT Corp. stock to sell at between $37-47 a share (USA TODAY, 6/14). ITT has a 50% stake in MSG, which includes the Knicks, the Rangers, Madison Square Garden and the MSG Network. ITT is rumored to be interested in buying a network, as well as investing in Boston's proposed megaplex (THE DAILY).