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Volume 24 No. 155

Finance

          The Chase Manhattan Corp. has established a group
     designed to focus exclusively on advising and financing the
     sports industry.  The Global Sports Advisory & Finance Group
     will be run by VP Robert Tilliss, who will report to Mark
     Davis, co-head of mergers and acquisitions who also has
     client management responsibilities for several of Chase's
     global industry groups.  The Tilliss-led group will utilize
     Chase's int'l corporate, private and venture capital client
     base to advise, structure and execute transactions for pro
     leagues, teams and facilities.  Chase has previously advised
     pro teams and currently has relationships with the NFL, NBA,
     MLB and NHL.  In addition, Chase Capital Partners recently
     joined with IMG to form IMG/Chase Sports Capital, which is
     designed to invest in the sports industry (Chase).  In
     AMERICAN BANKER, J. Alex Tarquino reports that Chase's
     syndicated lending muscle "has propelled it into the top
     ranks of domestic sports lending.  It was the third largest
     loan syndicator to the U.S. sports industry over the last 12
     months."  But the bank is "relatively late in organizing a
     sports industry group," as both Fleet and NationsBank have
     had specialty groups for years (AMERICAN BANKER, 8/13).

          News Corp., "showing improved performance across all of
     its businesses except newspapers," reported fiscal fourth-
     quarter net income of $233M, or $.23 per share, compared
     with write-down related losses of $270M posted in the same
     period last year.  Full-year net income more than doubled to
     $1.14B, or $1.17 per share, compared with $561M a year
     earlier, "driven mostly by gains from News Corp.'s 22 TV
     stations and movie performance" (WALL STREET JOURNAL, 8/13).
     ...Zapata Corp. CEO Avram Glazer, whose company has begun
     aggressively purchasing Web sites and hopes to establish its
     ZAP.com as one of the Web's leading portal sites,
     participated in an online chat on the Wall Street Journal
     site on Tuesday.  Glazer, on the types of sites Zapata is
     looking to acquire: "We look for sites that are unique, not
     easily duplicated (anyone can provide news, weather, and
     sports) -- sites with a loyal audience -- and sites that
     would fit well within the ZAP framework" (THE DAILY).