BRIEFCASE.Byline: - Staff and Wire Services Stern is to leave post at DirecTV EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and - Mitch Stern, DirecTV Inc. chief executive and president is leaving the company, the company said Monday. The chief executive and president of parent company DirecTV Group Inc., Chase Carey Chase Carey has served as a Director and as the President and Chief Executive Officer of DirecTV since December 22, 2003. Career History Chase Carey was a Harvard MBA and a college rugby player. , will now oversee the day-to-day operations. DirecTV has been evolving into a single operating company operating company A business that engages in transactions with outsiders. , eliminating the need for a new unit president, the company said. The El Segundo direct-broadcast-satellite provider doesn't plan to replace Stern, who joined the company in December 2003. The company said it was a mutual decision between Carey and Stern for Stern to leave the company. Salem's revenue is up for quarter CAMARILLO - Christian radio Christian radio is a radio format that focuses on transmitting programming with a Christian message. Many such broadcasters play popular music of Christian influence, though many programs have talk or news programming covering associated topics that can have a political angle to broadcaster Salem Communications Salem Communications (NASDAQ: SALM) is a media company specializing in religious and conservative talk radio which operates in the United States, with 99 U.S. commercial radio stations (pending acquisitions) that are primarily concentrated in the nation's biggest markets, Corp. announced Monday that its same-station revenue increased by 9.2 percent in the fourth quarter. The growth was fueled by the company's start-up and developing stations, executives said. Salem's news talk station in particular enjoyed a 16.8 percent increase in same-station net revenue. Same-station operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for Salem rose 15 percent, to $17.9 million, for the fourth quarter of 2004 compared with the same period a year ago. Pump price rise highest in West WASHINGTON - The retail price of gasoline rose 7 cents last week to average $2 per gallon nationwide, the Energy Department reported Monday. The government survey said the average price nationwide of regular-grade unleaded gasoline rose 7.1 cents last week, to $1.999 per gallon. Prices are 26.1 cents higher than a year ago. Pump prices are highest on the West Coast, averaging $2.174 per gallon, and cheapest on the Gulf Coast, averaging $1.900 per gallon. In the Midwest, gas averages $2.009 per gallon. Treasury bill rates mixed in auction WASHINGTON - Interest rates on short-term Treasury bills were mixed in Monday's auction with the rates on three-month bills edging down while rates on six-month bills climbed to the highest level since September 2001. The Treasury Department auctioned $20 billion in three-month bills at a discount rate of 2.710 percent, down from 2.715 percent last week. An additional $18 billion in six-month bills was auctioned at a discount rate of 2.935 percent, up from 2.925 percent last week. The three-month rate was the lowest since 2.615 percent at an auction Feb. 22. The six-month rate was the highest since 3.120 percent Sept. 10, 2001. In a separate report, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 3.20 percent last week from 3.13 percent the previous week. Circuit City nixes Highfields' offer RICHMOND, Va. - Circuit City Stores Inc. on Monday declined a $3.25 billion takeover offer from Highfields Capital Management LP, saying the deal would not be in the best interest of its shareholders. The electronics retailer said its directors unanimously chose not to further explore Highfields' unsolicited $17 per share bid or any other sale alternatives. Instead, its board decided that the company could maximize shareholder value by continuing to implement strategic, operational and financial initiatives under way or slated for future plans. Buffett scouting firms for portfolio OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb. - Billionaire investor Warren Buffett Warren Buffett Known as "the Oracle of Omaha," Buffett is Chairman of Berkshire Hathaway and arguably the greatest investor of all time. His wealth fluctuates with the performance of the market, but for the last few years he has been reported to be worth over $30 billion, making says he's on the prowl this year for new companies after lamenting last year's failure to make multibillion-dollar acquisitions that would boost its earnings. Berkshire Hathaway Inc. is hunting acquisitions priced between $5 billion and $20 billion, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Buffett said in Berkshire's annual report. In his 40th annual report, the man known as the ``Oracle of Omaha'' expressed dismay that he failed to buy more companies in 2004. Comic-book firm Wall Street Marvel NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - Comic-book publisher Marvel Enterprises Inc. beat expectations with a fourth-quarter profit that more than doubled, helped by a tax credit, contributions from a joint venture with Sony for ``Spider-Man'' movie merchandising and improved international licensing revenue. The company's shares fell 45 cents, or 2.4 percent, to close Monday at $18 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . |
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