Originally created 03/04/03

Business briefs



Morris Co. will buy Kansas radio company

Morris Communications Co. LLC is under contract to acquire a six-station radio company in Kansas.

On Monday, officials from Morris and Salina, Kan.-based EBC Inc. announced the deal that will give Morris two FM stations and one AM station in Salina; an AM and an FM in Abilene; and an FM in North Fort Riley. The stations broadcast a variety of formats.

"We feel very good about adding this strong group of stations to the Morris broadcast division," said William S. Morris IV, the resident of Morris Communications.

Morris' broadcast division owns 27 radio stations, two of which are in Topeka, Kan. The company also owns two radio networks, both of which are in Topeka.

"It will be very exciting for our Kansas group to become an integral part of the Morris broadcast division," said EBC President John Vanier.

BRIEFLY

GM OKs deal to sell its armored division

DETROIT - For $1.1 billion in cash, General Dynamics Corp. has completed its purchase of General Motors Corp.'s business that makes armored vehicles, the companies said Monday.

The deal, first announced late last year, comes as GM works to shore up its finances by shedding operations not related to its core automotive business. GM Defense produces wheeled armored vehicles and turrets.

The world's largest automaker said the sale will help the company reach its goal of generating $10 billion in cash in 2003. GM said the sale will result in an after-tax gain of some $600 million in the first quarter.

Capital One CFO resigns over suit

RICHMOND, Va. - Capital One Financial Corp. said Monday its chief financial officer resigned after the Securities and Exchange Commission said it might file a lawsuit alleging that he sold stock ahead of news that caused a 40 percent drop in the share price.

The McLean, Va.-based consumer finance company said David M. Willey's resignation is effective immediately and it has hired an executive search firm to look for a replacement. Dave Lawson, the president of the Capital One Auto Finance subsidiary, will serve as interim chief financial officer.