(ARGYLE-TELEVISION) Argyle Television Holding II Inc. announces
management agreement for WGRZ-TV, Buffalo, N.Y.
SAN ANTONIO, Texas--June 7, 1995--Argyle Television
Holding II Inc. Wednesday announced that it has entered into a
management agreement with Tak Communications
Inc., operating under
Chapter 11 of the Bankruptcy Code, to provide management services
for WGRZ-TV, the NBC affiliate in Buffalo, N.Y.
In January 1995, Argyle II and Tak entered into an asset-
purchase agreement under which Argyle is to purchase WGRZ-TV and
KITV, the ABC affiliate in Honolulu, from Tak. The approval of the
Federal Communications Commission for the assignment of the FCC
licenses for these stations from Tak to Argyle II became final
Tuesday, June 6. The closing of the purchase of KITV is expected to
occur on June 13, 1995.
Because of issues related to Tak's bankruptcy, the closing of
the purchase of WGRZ is expected to occur in December 1995. Prior
to the closing, Argyle II will provide management services to Tak
relating to WGRZ. Eric Land, formerly vice president and general
manager of WEYI-TV in Flint-Saginaw, Mich., will be Argyle II's
employee on-site providing these services.
``As an accommodation to the seller to enable Tak to wrap up its
bankruptcy, under which it has been operating since 1991, we agreed
to postpone the closing of WGRZ until the end of the year,'' said
Bob Marbut, Argyle II's chairman and chief executive officer.
``We are excited about the prospect of helping to bring a fresh
start to Channel 2, and Tak will be able to utilize the resources
and expertise of our company in the operation of WGRZ pending the
``Eric Land, whom I have known and worked with over a number of
years, is an experienced broadcaster and has the skills and talent
to help Tak reinvigorate a station which has been operating under
difficult financial conditions,'' said Blake Byrne, Argyle II's
president and chief operating officer.
According to Tak Communications, Tak already has paid virtually
all of its business and trade creditors in full, and it is working
with its banks and other institutional creditors to satisfy in full
their claims for principal and interest on more than $200 million in
Argyle II currently owns television stations WZZM, the ABC
affiliate in Grand Rapids, Mich.; WNAC, the Fox affiliate in
Providence, R.I.; and WAPT, the ABC affiliate in Jackson, Miss.
CONTACT: Argyle Television Holding II Inc., San Antonio
Bob Marbut, 210/828-1700
(CORNING)(GLW) Corning Says Second Quarter To Include Special
CORNING, N.Y.--June 7, 1995--Corning Incorporated
(NYSE:GLW) indicated today that its second quarter results will
include two special charges. As a result of Dow
Corning Corporation's previously announced filing on May 15 for protection
under Chapter 11 of the United States Bankruptcy Code, Corning said
it will record a special charge of $365.5 million, or $1.62 per
share, to fully reserve its investment in Dow Corning. Beginning in
the second quarter, Corning will also discontinue recognition of
equity earnings from Dow Corning.
Second quarter results will also include a restructuring charge
of approximately $36 million after tax, or $0.16 per share. As
previously indicated, the charge reflects the costs of additional
workforce reductions and facility consolidations associated with
Corning's ongoing reengineering programs.
In the second quarter of 1994, Corning reported net income of
$111.4 million, or $0.54 per share, which included $22.6 million, or
$0.11 per share, of equity earnings from Dow Corning.
Corning's second quarter ends June 18, 1995, and the company
expects to report its results June 27.
Corning Incorporated is a Fortune 500 company which reports its
financial results in four segments: specialty materials,
communications, laboratory services and consumer products. For 1994
revenues totaled $4.8 billion.
Dow Corning Corporation is a 50-percent owned equity investment
with The Dow Chemical Company.
CONTACT: Investor Relations Contact:
Richard B. Klein, 607/974-8313
Katherine M. Dietz, 607/974-8217
Kathryn C. Littleton, 607/974-8206
John H. Abrams, 607/974-8832