NEW YORK – Media giant News Corp. decided to sell its stake in DirecTV to Douglas County-based Liberty Media Corp. in part because of concerns that DirecTV was “not able to, through their existing infrastructure, provide high-speed broadband Internet access at reasonable prices.”
News Corp. disclosed the decision Monday in a proxy statement asking shareholders to approve the deal. The companies struck an $11 billion deal in December to allow Liberty to take Murdoch’s 39 percent stake in DirecTV, the nation’s largest satellite-television provider with 15.5 million subscribers.
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LONE TREE
Park Meadows cites changes, new stores
Park Meadows mall in Lone Tree announced several changes Tuesday, including new tenants, remodeling and relocations.
The center’s management said M.A.C. Cosmetics, Aldo Shoes, The Apple Store and Swarovski Crystals will open in the center this spring. Additionally, Victoria’s Secret will expand from 7,900 square feet to 15,259 square feet, Zumiez will expand from 1,404 square feet to 3,306 square feet and Hot Topic will add 342 square feet.
DENVER
Women’s chamber honors SBA official
The Colorado Women’s Chamber of Commerce honored Patricia Barela Rivera, district director of the Small Business Administration in Colorado, as the 2007 Athena Award recipient for Colorado. Barela Rivera received the award during the chamber’s annual meeting Tuesday.
The award recognizes excellence in business, service to the community and guidance to women.
NEW YORK
Group objects to bond in Adelphia lawsuit
A group of Adelphia Communications Corp. bondholders asked a federal appeals court on Tuesday to set aside a requirement that it post a bond as part of its lawsuit.
In a hearing before the 2nd Circuit Court of Appeals in Manhattan, Marin J. Bienenstock, a lawyer for the bondholders, argued that a district judge’s requirement last month that the 11 holders post a $1.3 billion bond to offset potential harm to Greenwood Village-based Adelphia and other creditors is too high.
DENVER
Frontier blames loss on Dec. blizzards
Frontier Airlines said Tuesday it lost about $3.5 million in revenue in January because of two December blizzards.
The company had already anticipated a loss for the first quarter. In January, Frontier’s planes were 65.2 percent full on average, down from 66.1 percent a year ago. Unit revenue was down 5 percent. Passenger yield, a measure of airline financial performance, was down 3.7 percent.
DENVER
Frontier gets OK for Texas-Mazatlan route
Frontier Airlines has received federal approval for nonstop flights between Dallas/Fort Worth International Airport and Mazatlan, Mexico.
The airline had applied for Department of Transportation permission to fly the route two to three days per week starting in June during peak season.
DENVER
Nominees sought for entrepreneur award
Accounting giant Ernst & Young has opened the nomination period for the company’s Entrepreneur of The Year 2007 award for the Rocky Mountain region.
The deadline for nominations is March 30, with the award ceremony scheduled for June 21.
PHILADELPHIA
Comcast, Facebook join for new TV show
Comcast Corp. and Facebook .com are joining forces to create a television series from user-generated videos that will appear online and as video on demand.
“Facebook Diaries” will consist of 10 half-hour episodes produced by R.J. Cutler.
NEW YORK
529 college savings increased in 2006
Investments in 529 college savings plans climbed in 2006 after slipping slightly the year before.
The growth was attributed to changes that made the federal tax benefits of the investments permanent.
Net sales of the plans climbed $13.9 billion in 2006, from $13.7 billion in 2005, according to Financial Research Corp.
SAN FRANCISCO
Court OKs Wal-Mart class-action pay suit
A federal appeals court ruled Tuesday that Wal-Mart must face a class-action lawsuit alleging as many as 1.5 million female employees were discriminated against in pay and promotions.
The ruling by the 9th U.S. Circuit Court of Appeals upholds a 2004 federal judge’s decision to let the nation’s largest class-action employment discrimination lawsuit go to trial.
SAN FRANCISCO
Apple offers carrot to end music restrictions
Apple Inc. chief executive Steve Jobs endorsed a proposal Tuesday to do away with the restrictions over what people can do with music they buy online.
The plan could allow music fans to buy songs from Apple and play them on rivals’ music players, or vice versa – something they often can’t do now because of electronic locks imposed by the recording industry.
Jobs said anti-piracy protections were restricting customers’ ability to burn songs onto CDs as often as they like and play them on unlimited computers, but were not stopping determined pirates from illegally swapping songs.
