Kerkorian has moved on, GM exec says

A top General Motors Corp. official said Monday that he thinks billionaire investor Kirk Kerkorian has taken his sights off GM and moved on to other business.

Bob Lutz, GM’s vice chairman for global product development, said in an interview with The Associated Press that most investors realize GM is fixing itself and doesn’t need an outside force to prompt change.

“I think he came out slightly better than break-even and has decided that there are better opportunities,” said Lutz, who was Chrysler Corp.’s president in the mid-1990s when Kerkorian made a takeover bid that eventually failed.

Kerkorian’s investment company, Tracinda Corp., on Thursday apparently dumped the last block of what was once a nearly 10 percent share of the world’s largest automaker to Bank of America, a longtime lender to Kerkorian.

Tracinda on Monday launched a cash tender offer to acquire 15 million shares of MGM Mirage Inc., tightening its control of the casino and hotel operator.

Kerkorian had tried to spur changes at GM during the past 18 months and questioned whether GM’s management was moving swiftly enough to restore profitability.

Among the reclusive 89-year-old billionaire’s proposals was a global alliance with Renault SA of France and Nissan Motor Co. of Japan. But GM ended talks with the two companies in October, and Jerome York, who represented Tracinda on GM’s board, abruptly resigned.

The resignation spurred fears at GM that Kerkorian might try to line up other investors for a proxy fight to take control of the company.

•Comcast Corp. said Monday it expects to post solid fourth-quarter earnings as its bundle of video, Internet and phone service becomes increasingly popular.

“If you liked what you saw in the third quarter, you’ll like what you’ll see in the fourth quarter,” said Comcast’s co-chief financial officer John Alchin, at Credit Suisse’s media and telecom conference in New York.

Alchin said the nation’s largest cable operator expects to see annual revenue and cash flow growth of at least 10 percent to be sustainable “for the foreseeable future.”

The Philadelphia-based company will be hiring 5,000 to 6,000 people next year, about the same number it hired in 2006.

He said Comcast is still in the beginning stages of benefiting from its “triple play” package of digital television, high-speed Internet and telephone service.