November 27, 2012 in Business

KAYU, Dish Network dispute cuts programs for subscribers

 

A contract dispute between the parent company of Spokane Fox affiliate KAYU and Dish Network has created a blackout for local subscribers of the paid TV satellite network.

The blackout eliminates Fox’s local programs for Dish subscribers across Eastern Washington and North Idaho.

A news release Monday from parent company Northwest Broadcasting said the two sides had negotiated for several months. Details of the contract terms have not been disclosed.

Northwest Broadcasting sought a programming fee that was “almost identical” to the amount other providers have agreed to pay.

According to a release from Dish, Northwest Broadcasting is seeking a “massive” hike in the carriage fee – the cost paid by Dish per subscriber for the local Fox programs.

Northwest went through a prolonged dispute with DirecTV earlier this year, reaching an agreement in late October.

Tom Sowa

Edwards takes Chicago job overseeing Loop development

Michael Edwards, who was CEO of the Downtown Spokane Partnership before taking a similar job in Pittsburgh, will become economic development director for Chicago’s bustling Loop district.

He will be in charge of economic development efforts for the Loop, Chicago’s downtown business core. He will oversee a budget of $2.7 million and a staff of seven.

In 2005, Edwards took the top job at the Pittsburgh Downtown Partnership. He remained there for six years, returning to Spokane last year.

In the past year, Edwards moved back to Washington and served as an economic development consultant, most recently for the city of Spokane.

Edwards starts the new job this week.

Tom Sowa

McGraw-Hill sells education division for financial focus

NEW YORK – McGraw-Hill said Monday that it reached a deal to sell its education arm to private equity firm Apollo Global Management LLC for $2.5 billion in cash and debt, as part of its plan to focus on its financial information businesses.

As part of the deal, McGraw-Hill will receive $250 million in Apollo debt with an annual interest rate of 8.5 percent. The acquisition includes the New York-based company’s digital and traditional textbook business.

The sale is expected to close in late 2012 or early 2013. At that time, the New York-based McGraw-Hill Cos. will be renamed McGraw Hill Financial. Harold McGraw III, McGraw-Hill’s current chairman, president and CEO, will head that company.

Associated Press

In milestone, Canadian chosen to lead Bank of England

LONDON – The British government has chosen Mark Carney, a Canadian, to become governor of the Bank of England, the first time a foreigner has been tapped for the position since the central bank was founded in 1694.

Treasury chief George Osborne announced the surprise choice to the House of Commons on Monday, saying Carney – who is currently the head of Canada’s central bank – would apply for British citizenship.

“Mark Carney is the outstanding candidate to be governor of the Bank of England and help steer Britain through these difficult economic times,” Osborne said. “He is quite simply the best, most experienced and most qualified person in the world to do the job.”

Besides his job as a central banker, Carney is also head of the G-20’s Financial Stability Board and spent 13 years at Goldman Sachs. He had been speculated as a possible choice but was not considered a front-runner.

Associated Press


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