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Nobody in Hollywood can keep a secret -- exceptDisney chairman Michael Eisner. He stunned both Wall Street and the entertainment industry when he announced this morning thatDisneywill acquire Capital Cities/ABC in a $19 billion merger. The deal would be the second-largest takeover in U.S. history (behind the $25 billion takeover of RJR-Nabisco in 1989) and the largest ever in the media business. Getting hitched to family-friendly Disney may mean top-rated ABC will see its competitors exploiting new counterprogramming opportunities. "I think ABC will probably steer away from the more lurid programs, which might make the other networks...
Indeed, the luxury box--or sky box, club suite, call it what you will--is such a primary temptation that both National Football League franchises in the Los Angeles area, the Raiders and the Rams, are leaving the second-largest TV market. Raiders' owner Al Davis, who abandoned Oakland, California, in 1982 after the Los Angeles Coliseum promised sky boxes but never delivered them, will be returning to the Bay Area now that the Oakland Coliseum is increasing its luxury-suite total from 58 to 175. With the Raiders getting 100% of the revenue from the sale of those suites...
...city of Kobe, where fires burned out of control, trains derailed and a major elevated expressway toppled, spilling about 50 vehicles onto the street below. The shaking, which began at 3:46 p.m. EST (5:46 a.m. in Japan) and lasted about 20 seconds, was also felt strongly 22 miles away in Osaka, Japan's second-largest city. Nearly 200 people were believed buried in rubble in Ashiya, a posh residential district between Kobe and Osaka. Japan's Cabinet was scheduled to hold an emergency meeting on the disaster tonight...
...China meets its energy needs has an impact far beyond its boundaries. Sulfurous emissions from Chinese power plants and factories blow eastward and fall as acid rain on Japan and Korea. In fact, the pollution has planet-wide + implications: China is the world's second-largest producer of carbon dioxide and other greenhouse gases that are collecting in the atmosphere and may, many scientists believe, lead to global warming. If China maintains its annual economic growth rate of 11%, the country will need to add 17,000 megawatts of electrical generating capacity each year for the rest of the decade...
...great-grandson of company founder Henry Ford, William Clay Ford Jr., was named to succeed his father as chairman of the finance committee of Ford Motor Co. The new position, controlling the firm's purse strings, is widely seen as a springboard to eventual chairmanship of the world's second-largest automaker...