Originally created 08/16/97

Business briefs



Target job fair continues

The job fair for positions at the new Target discount department store continues today from 8 a.m. to 6 p.m. Matt Dehn, store manager, said Friday that he and his staff are looking for people to fill 220 jobs; more than half of those would receive more than part-time hours.

Applications are being taken at the site at 3658 Walton Way Extension in the Augusta Exchange shopping center being built at Interstate 20 and Bobby Jones Expressway. The store will open Oct. 12.

PepsiCo to get payment

NEW YORK - PepsiCo Inc. will get a $4.5 billion payment when it spins off its restaurant group to its shareholders in October.

The payment will come from the business, which includes the Pizza Hut, KFC and Taco Bell chains and will be called Tricon Global Restaurants Inc. Tricon will have to borrow the money to make the payment.

The soft drink and snack food conglomerate said it expected to use the proceeds to reduce PepsiCo's $8.5 billion debt and to repurchase shares.

PepsiCo had announced in January it planned to spin off the restaurant business, which accounts for about $10 billion in revenue a year.

The spinoff will leave PepsiCo with the nation's second-biggest soft drink business and the largest snack foods operation, generating a combined $20 billion in annual revenue.

Shareholders approve sale

NASHVILLE, Tenn. - Shareholders of Gaylord Entertainment Co. on Friday approved the sale of two cable television networks to Westinghouse Electric Corp. for $1.55 billion in Westinghouse stock.

Westinghouse will acquire TNN: The Nashville Network, and the United States and Canadian operations of CMT: Country Music Television.

Stockholders with more than 87 percent of Gaylord's voting stock approved the transaction at a special meeting.

Distribution of the stock has been set for five days after a ruling by the Internal Revenue Service on the tax-free status of the merger, as well as a spinoff of other Gaylord cable holdings to its stockholders.

Federal judge rejects request

DETROIT A federal judge rejected a request for an order to quickly return formerly striking Detroit newspaper workers to their jobs.

U.S. District Judge John Corbett O'Meara on Thursday denied the National Labor Relations Board's request for an injunction that would have given hundreds of former strikers the chance to return quickly to jobs at The Detroit News, the Detroit Free Press and Detroit Newspapers Inc., the newspapers' joint business and production agency.

The injunction also could have displaced hundreds of replacement workers at Detroit Newspapers and the News, since the agency and newspaper would have been forced to make room for returning former strikers. The Free Press has said it would keep its replacement workers even if forced to take back former strikers.