Big Board reaches accord to stay in New York

Article Abstract:

The Exchange and NYC have worked out a deal that keeps the Big Board in its rightful hometown, right across the street from its current location on Wall Street. The city will kick in $560 million worth of benefits and NYSE will spend $350 million for upgrading its facilities in the new space. It will also pay $10 million in rent per year which will increase by 15% every 10 years the first 50 years on a 99-year lease. The new space will give the Exchange 15 floors in a 60-story office tower; two of the floors will be trading floors, one used, the other saved for expansion.

Comment:

The Exchange will get a new office tower subsidized by NYC

Securities and Commodity Exchanges, Capital expenditures, Security and commodity exchanges, New York Stock Exchange, Investments, Stock-exchange, Stock exchanges, Real estate, Abstract, New York, New York, Real property, New York Stock Exchange Inc., Municipal government

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News Corp. and an affiliate of TCI set tentative accord to control Primestar

Article Abstract:

News Corp. and United Video Satellite Group tentatively agreed to pay more than $700 million to gain control of Primestar Inc. United Video is an affiliate of Tele-Communications Inc. News Corp. and United Video would pay Primestar's cable company owners $6 a share for their estimated 118 million shares. The deal could fall apart, because the cable partners are not happy with $6 a share. The cable companies are also reluctant to sell to Murdoch who they consider an archrival.

Comment:

News Corp. and United Video Satellite Group tentatively agreed to pay more thatn $700 million to gain control of Primestar Inc.

Asset sales & divestitures, Acquisitions & mergers, Newspapers, Newspaper Publishers, Company Planning/Goals, Satellite Communications, Satellite Telecommunications, Satellite Voice Communications, Newspaper publishing, The News Corporation Ltd., Satellite telephony, United Video Satellite Group Inc., Article, Primestar Inc.

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