Mexican company will buy CompUSA
DALLAS -- CompUSA is being purchased for about $1 billion by Grupo Sanborns, a Mexican retail group that already owns nearly 15 percent of the nation's leading computer retailer.
Software giant Microsoft Corp., telelecommunications company SBC Communications Inc. and the Mexican telephone company Telefonos de Mexico SA, or Telmex, are expected to be minority investors in the Dallas-based company, according to the deal unveiled today.
Grupo Sanborns will pay $10.10 in cash per share for CompUSA.EMI,
Warner make merger official
LONDON -- British music company EMI Group PLC and America's Time Warner Inc. made it official Monday, announcing they would merge their music businesses, creating the world's largest music company with combined annual revenues of $8 billion.
The deal comes hard on the heels of Time Warner's $145 billion acquisition by Internet giant America Online Inc.
BellSouth reports record earnings
ATLANTA -- BellSouth Corp. said Monday its fourth-quarter earnings were a record $1.1 billion, or 53 cents per share, up 5 percent from $1 billion, or 42 cents per share, in the same quarter a year earlier.
The Atlanta-based telecommunications company credited strong wireless phone service demand overseas and continued sales growth from Internet-related products.
Firm fined for alleged price-fixing
WASHINGTON -- A self-regulatory brokers' group Monday censured and fined major brokerage firm Morgan Stanley & Co. $495,000 for allegedly manipulating the prices of nine stocks that are part of the Nasdaq 100 Index.
The National Association of Securities Dealers, which announced the move, said its National Adjudicatory Council had found that six Morgan Stanley traders manipulated the stock prices in 1995.