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Byline: - Staff and Wire Services

TV Guide profits from tax benefit

Buoyed by a big income tax benefit, Los Angeles-based Gemstar-TV Guide International Inc. reported a net profit Thursday for the third quarter but noted that revenue had declined in its revamped publishing unit.

The company posted net income of $51 million, or 12 cents a share, in the quarter ended Sept. 30, compared to a loss of $98 million, or 23 cents a share, in the same period last year.

Nearly all of the increase in net income and income per share was due to the recognition of a $51 million income tax benefit, the company said.

Revenue slipped to $171.6 million from $174 million in the same period last year.

Disney expects earnings to drop

BURBANK - Walt Disney Co. said Thursday that it expects its new option expensing plan to reduce earnings for the just-ended fiscal year by $160 million, or 8 cents a share.

Disney is expected to report earnings for its fourth quarter, which ended Sept. 30, on Nov. 17.

Disney previously reported a stock-expense charge of 12 cents for fiscal 2004.

3D to move most operations to S.C.

VALENCIA - 3D Systems Inc., a Valencia-based digital-imaging firm, announced plans Thursday to relocate most of its operations to the South, taking scores of jobs.

The publicly held 3D expects to complete the move to a new facility in Rock Hill, S.C., by September. The move will combine its corporate headquarters in the Valencia Industrial Center and research operations in Grand Junction, Colo. The company employs about 145 people.

The company plans to maintain an advanced research facility in Valencia that will be focused on developing future technologies for next-generation products.

The company also intends to establish an initial base of operations in Rock Hill to begin local operations by the end of this year.

CBS purchases CSTV Networks

NEW YORK - CBS, which is about to split away from the Viacom Inc. media conglomerate, has already made its first acquisition deal, agreeing to pay $325 million for a 2-year-old college sports network called CSTV Networks Inc.

CBS plans to pay for the company, which was founded by sports programming entrepreneur Brian Bedol, with stock in CBS Corp., one of the two companies to be created by the end of the year when Viacom splits itself up.

Bedol was also a co-founder of The Classic Sports Network, a cable channel that became popular with nongame sports programming such as documentaries and nostalgia shows. That channel was sold in 1997 to Walt Disney Co.'s ESPN and is now known as ESPN Classic.

Under the deal announced Wednesday, Bedol will continue to operate CSTV and report to Leslie Moonves, who will run CBS after its breakup with Viacom.

Oracle loses 2nd top exec this year

SAN FRANCISCO - Oracle Corp.'s chief financial officer, Greg Maffei, is leaving after just four months on the job, marking the second time this year that the business software maker has lost its top accounting executive.

Maffei, 45, plans to work for another undisclosed company, according to a statement Oracle released Thursday after the stock market closed.