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Volume 24 No. 158
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     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).