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Volume 24 No. 160

Sports Media

     GENERAL ELECTRIC:  GE announced that 3rd quarter profits
increased 13% to a quarter net income of $1.37B.  GE further
reported that NBC demonstrated double-digit improvements in
operating profit.  GE Senior VP for Finance Dennis Dammerman said
that recent discussions over the sale of NBC "recognize that the
industry is groping its way toward the electronic future and that
partnerships may be helpful."  Dammerman added that GE plans to
retain majority control of NBC (Wiliam Carley, WALL STREET
JOURNAL, 10/19).
     MURDOCH HOPES TO NET $1B FOR NEWS CORP:  News Corp "is off
to a 'very good start' in its current year, expects to soon
pocket about US$1B from the sale of part of its British
satellite-television operations and isn't currently on the
acquisition trail."  At yesterday's annual meeting, Rupert
Murdoch said "he would be disappointed if over the next 'two to
three years' revenue didn't grow by at least 25% and its profits
weren't up by 50%" (W.S. JOURNAL, 10/19)....Murdoch also revealed
that his global media corporation could get a $1B cash injection
from the public offering of British satellite broadcaster BSkyB
within the next few weeks.  (FINANCIAL TIMES, 10/19).  REUTERS'
Kevin Smith profiled Fox for "Nightly Business Report":  "When
Fox took the plunge eight years ago, many questioned whether it's
new television network would sink or swim.  But, rivals now envy
the pool of resources enjoyed by Fox and its parents, News Corp.
... There are those who argue that Fox is crazy for spending so
much money on developing a high profile in television, and some
in the company might just agree, crazy like a fox that is"
("Nightly Business Report," PBS, 10/18).

     Due to the NHL lockout, ESPN will televise the Cadillac
Breeders Crown live on Friday, October 21.  ESPN had originally
planned to televise the event later in the evening on a tape-
delayed basis (Cadillac)....The Sports Collector's Radio Show has
announced the addition of 20 new station affiliates.  The show is
broadcast live to over 42 states every Sunday from 8-10 p.m. EST
(Sports Collector's Radio Show)....Home Shopping Network's net
sales increased in the third quarter to $276.6M compared with net
sales of $260.5M in the same period last year.  This resulted in
gross profit of $97.6M, or 35.3%, compared with $90.1M, or 34.6%,
in the same period last year (HSN).... "Hardball," the Disney-
produced sitcom on Fox -- and "the last vestige of baseball on
TV" -- has been canceled.  The show had averaged only a 7.4
rating, 12 share in its first five airings while following "The
Simpsons" (VARIETY, 10/18). ....ESPN will televise the US's
"Miracle on Ice" Olympic hockey victory over the USSR as part of
their replacement NHL programming.  It airs October 21 at 8:30pm
(ESPN).