Englewood, CO-based Tele-Communications Inc. posted a third-
quarter loss of $145M or $.14 cents/share due to increased
expenses, according to the N.Y. POST. The loss comes in contrast
to the net income of $23M, or breakeven, in the same period last
year. Analysts expected TCI to report a loss of $.13/share.
Meanwhile, TCI revenue rose 23% to $2.14B, while cash flow rose
14% to $606M (N.Y. POST, 11/15). Christopher Parkes of the
FINANCIAL TIMES reports higher cable TV subscription rates and
1.5 million new subscribers, added through the acquisition of
Viacom's cable subsidiary, contributed to most of the increase in
revenues (FINANCIAL TIMES, 11/15). TCI Senior VP Barney
Schotters said the company plans to cut costs by paying less for
programming and that negotiating new contracts with programmers
is a "top priority" (HOLLYWOOD REPORTER, 11/15).
TAKE THAT BACK: Mark Robichaux of the WALL STREET JOURNAL
reports TCI has withdrawn its $125M investment in the Microsoft
Network, the on-line service which was formed from a partnership
between TCI President John Malone and Microsoft Chair Bill Gates.
Robichaux notes the company's Internet strategies have "shifted"
since TCI's original investment in '94 with TCI becoming more
"heavily invested" in At Home Corp. and Microsoft moving from a
"proprietary service to an open, Web-based service with
significant investment in programming" (WALL STREET JOURNAL,
11/15).
