Early Briefing: ZGS Head to Lead Telemundo Station Group
Ronald J. Gordon, who helped turn ZGS Communications in Arlington into a major player in the Spanish-language broadcast market, is leaving later this month to become president of the Telemundo Station Group. Network officials say Gordon, who will be based in Miami and New York, has been assigned to oversee programming and business operations at 15 owned-and-operated stations and to vastly expand their online presence.
Just as the County Council was preparing for a crowded public hearing on the matter, word spread that the developer behind a plan to build a slots gambling parlor near the Arundel Mills megamall plan was bidding to buy several horse racing businesses.
Baltimore developer David Cordish said his bid to purchase the Laurel Park racetrack, Pimlico Race Course and the Preakness Stakes is separate from his proposal to bring slots to Arundel Mills Mall. But last night, many who oppose slots at the mall suggested Cordish install the new slot machines at the Laurel racetrack, where gambling already exists, instead of Arundel Mills.
Corporate Office Properties Trust, a Columbia real estate investment trust, priced a public offering of 2.6 million common shares at $24.35 each. The company had originally planned to offer 2.1 million shares. Underwriters have an option to buy an additional 390,000 shares over the next 30 days.
Net proceeds are expected to be $63 million to $73 million. The company plans to use proceeds to repay borrowings and for general corporate purposes. The offering is expected to close April 7.
Standard & Poor's Ratings Services said it has withdrawn its solicited ratings on Six Flags and its subsidiaries at the company's request, but subsequently assigned unsolicited ratings to the troubled theme-park operator.
Following the withdrawal of a company's solicited ratings, it no longer provides confidential information to S&P. To assign unsolicited ratings, S&P said it depends on "adequate publicly available information."
Later yesterday, S&P said it assigned a "CCC" corporate credit rating to Six Flags and its subsidiary, Six Flags Theme Parks, on an unsolicited basis. The rating outlook is negative. The new rating is consistent with Six Flags' solicited corporate credit rating before its withdrawal.
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