Roundup: Media General, XM, Hughes
From staff and wire reports
*Media General said it will have cut its work force by nearly 11 percent, or 750 jobs, by October to reduce operating costs. The publisher of the Richmond Times-Dispatch, the Tampa Tribune and Winston-Salem Journal said it expects annual savings of $40 million from the job cuts, which began in early 2007, and will be fully realized next year. Media General will post severance charges of between $4 million and $4.5 million in the second quarter.
The company also said its April revenue dropped 10.9 percent, hurt mostly by weakness in classified advertising.
*Sirius Satellite Radio and District-based XM Satellite Radio Holdings should be required to allocate spectrum for use by competing services, federal lawmakers told regulators reviewing the companies' proposed merger.
The Federal Communications Commission should require the merged company to divest up to half of its spectrum to ensure competition, Sens. Olympia Snowe (R-Maine) and Claire McCaskill (D-Mo.) said in a letter yesterday to FCC Chairman Kevin J. Martin.
*Vornado Realty Trust agreed to sell an office complex in Tysons Corner for about $152.8 million. Vornado's gain from the sale of Tysons Dulles Plaza will be about $56 million, it said. Vornado, which did not identify the buyer, expects the deal to be completed by the end of June.
*Hughes Communications, a provider of broadband satellite network services, said it priced an offering of common stock at $50 per share. The Germantown company is offering 2 million shares, and its senior management is selling 239,600 more shares as part of the offering. The price represents a 2 percent discount from Wednesday's closing price of $50.99.
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