redSkins Owner Goes a-Hoppin’, Buys Owner of Clark’s ‘Bandstand’ Bizworld

WASHINGTON | Washington Redskins owner Daniel Snyder on Tuesday purchased the company behind the Golden Globe Awards show and Dick Clark’s “American Bandstand.”

Snyder’s Red Zone Capital, a private-equity firm, on Tuesday announced the purchase of Dick Clark Productions for $175 million from Mandalay Entertainment Group . Along with the “Bandstand” library, Snyder, at right, gets the “New Year’s Rockin’ Eve” broadcast, the Golden Globes, the American Music Awards and the Academy of Country Music Awards.

Hampton Roads

suntrust building on list to be sold

A SunTrust Bank office building at Battlefield Boulevard and Volvo Parkway in Chesapeake is among 473 pieces of bank real estate it said it plans to sell.

The Atlanta-based bank said separately that it plans to eliminate 300 middle-management, administrative and support jobs throughout its 11-state region as part of a streamlining effort.

SunTrust said the portfolio of properties to be sold includes about 425 branches but did not disclose locations. The bank has 1,691 branches, including 44 in Hampton Roads. The planned sales of office buildings and branches will include arrangements to lease back the properties, it said. There are no plans to close any branches as part of these sales, SunTrust said.

– Tom Shean

nation

tyson chicken trims antibiotics

NEW YORK | Tyson Foods will no longer use antibiotics to raise chicken that is sold fresh in stores and will launch a $70 million advertising campaign to tout the shift, the nation’s largest meat producer said Tuesday.

The company said fresh chicken raised without antibiotics will be sold beginning later this week in packaging emphasizing the lack of artificial ingredients.

new-home starts are down in may

WASHINGTON | Construction of new homes fell in May as the nation’s home builders were battered by troubles in subprime lending and rising mortgage rates. The Commerce Department reported Tuesday that construction of new homes and apartments dropped by 2.1 percent last month to a seasonally adjusted annual rate of 1.474 million units, 24.2 percent below a year ago.

cerberus deal for chrysler OK’d

WASHINGTON | Federal antitrust regulators have cleared Cerberus Capital Management’s $7.4 billion purchase of Chrysler. Peter Duda, a Cerberus spokesman, said Tuesday that the Federal Trade Commission made its decision before the end of a standard 30-day review.

world

grocer to sell u.s. foodservice

AMSTERDAM, Netherlands | Supermarket chain owner Royal Ahold NV said Tuesday its shareholders approved the sale of its U.S. Foodservice bulk food distributor to private investors for $7.1 billion.

U.S. Foodservice employs about 200 at a 175,000-square-foot distribution center on Diamond Springs Road in Virginia Beach, according to a city official. Ahold, which also owns the Giant and Stop & Shop chains, announced in May that it would sell U.S. Foodservice to funds affiliated with the private equity firms Clayton, Dubilier & Rice and Kohlberg Kravis Roberts & Co.

– The Associated Press and Pilot staff writer Greg Richards

coup for boeing at paris air show

LE BOURGET, France | Boeing Co. announced that the original launch customer for its rival Airbus’ planned A350 had signed up for another 50 of its own flagship 787 Dreamliners. Boeing’s deal with International Lease Finance Corp., the world’s largest airline leasing company, was announced at the Paris Air Show.

earnings

best buy cuts outlook for 2008

MINNEAPOLIS | Best Buy Co., the nation’s largest consumer electronics retailer, lowered its 2008 profit estimate on Tuesday and reported that first-quarter earnings fell 18 percent to $192 million, or 39 cents per share, from $234 million, or 47 cents per share, in the period a year ago. Revenue rose to $7.93 billion, from $6.96 billion. Analysts expected a profit of 49 cents on revenue of $7.85 billion.

carnival’s profit up in 2nd quarter

MIAMI | Carnival Corp., the world’s largest cruise group, reported that second-quarter earnings rose to $390 million, or 48 cents per share, vs. $380 million, or 46 cents per share, a year ago. Revenue rose to $2.9 billion from $2.66 billion. Analysts were looking for a profit of 47 cents on sales of $2.88 billion.

– From staff and wire reports

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