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BRIEFCASE AARON NEW HEAD OF TV GUIDE DIVISION.

Byline: - Staff and Wire Services

Gemstar-TV Guide International Inc. announced Monday that it has named Ian Aaron as president of its TV Guide Television Group.

The newly formed group consists of the company's TV Guide-branded businesses in cable and satellite, including TV Guide Channel, TV Guide Interactive Program Guide and TV Guide International.

Aaron, 42, will report to Jeff Shell, Gemstar-TV Guide's chief executive officer.

In his previous post as president and chief executive officer of TVN Entertainment, Aaron was responsible for that company's core Pay per View Entertainment, Digital TV Services and Direct Response Advertising business units.

Activision OKs offer of stock split

SANTA MONICA - Activision Inc. announced Monday that its board of directors has approved a three-for-two split of its outstanding common shares.

The split is payable on June 6 to shareholders of record as of May 16.

The stock split will be accomplished through a 50 percent stock dividend, providing shareholders with one additional share of common stock for every two shares they hold.

Mr. Rags stores holding final sales

LONG BEACH - Going-out-of-business sales are under way at the 63 remaining stores in the Mr. Rags specialty apparel chain, including Glendale and Northridge.

The mall-based chain's owner, Long Beach-based Mr. Rags Acquisition Inc., filed for Chapter 11 protection under the U.S. Bankruptcy Code in Santa Ana on Jan. 28.

T-bill rates fall in Monday sales

WASHINGTON - Interest rates on short-term Treasury securities fell in Monday's auction.

The Treasury Department sold $15 billion in three-month bills at a discount rate of 1.095 percent, down from 1.120 percent last week. An additional $15 billion was sold in six-month bills at a rate of 1.130 percent, down from 1.140 percent.

The three-month rate was the lowest since March 10, when the bills sold for 1.055 percent. The six-month rate was the lowest since March 31, when the rate was 1.090 percent.

In a separate report, the Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 1.25 percent last week from 1.31 percent the previous week.

HealthSouth CFO enters guilty plea

BIRMINGHAM, Ala. - The first chief financial officer of HealthSouth Corp. pleaded guilty to bank fraud Monday and implicated co-founder Richard Scrushy, the company's fired CEO, in an accounting scandal.

The plea by Aaron Beam, 59, meant all five of the medical company's CFOs have admitted their guilt in a books-rigging scheme that has pushed HealthSouth to near bankruptcy. Eleven former executives have pleaded guilty in all.

Beam admitted to using faked numbers to obtain a $1.25 billion credit line from a syndicate of 32 lenders in 1996. Banks have blocked the company from further borrowing under the credit agreement.

Turner cuts stake in media giant AOL

NEW YORK - Billionaire Ted Turner has sold 60 million shares of AOL Time Warner Inc., raising $784 million and cutting his stake in the media giant he helped create by more than half.

The sale Monday is the latest by Turner to divest his holdings in the company. His 45 million remaining shares leave him with about 1 percent of the company.

Turner sold his shares for $13.07 each, according to a person familiar with the sale price.

Turner sold 50 million shares outright and transferred an additional 10 million to a charitable trust, which then sold those shares, the company said. The Wall Street Journal reported that Goldman Sachs Group Inc. bought the shares.
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Date:May 6, 2003
Words:590
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