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Business Digest
Fisher Communications CEO going on the road to sell high-yield debt

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Krippaehne said he will visit 18 cities in eight working days to sell the 10-year senior notes. The money will refinance the Seattle broadcast company's debt. The interest rate will be set later this month, after rating agencies issue opinions and Fisher and its investment bank, Wachovia, assess demand, he said.

Fisher also said it is unwinding a forward-sale agreement with Safeco, in which it had pledged more than 3 million shares of the insurer's stock in exchange for a loan. The stock, valued at $145 million, will be returned to Fisher, Krippaehne said. It also expects to establish a new $20 million credit facility for working capital this month.

Fisher has cut its debt load to about $150 million from more than $311 million two years ago by selling noncore television and radio stations and shutting other assets to cut costs. The new 10-year financing, Krippaehne said, will provide "a tremendous amount of stability."

AT&T Wireless

After launch here, 3G arrives in Dallas, San Diego

BELLEVUE — Redmond-based AT&T Wireless started providing high-speed data service in Dallas and San Diego yesterday, a little more than a month after initially launching the service in Seattle, Detroit, Phoenix and San Francisco.

The initial rollout satisfied an agreement it had with Tokyo-based NTT DoCoMo that it was required to complete before its merger with Cingular Wireless. The $41 billion merger is still pending government approval.

AT&T Wireless' service, called 3G, allows users to access video, e-mail and other data at speeds four-to-seven times faster than a dial-up modem at home. Customers can access the new wireless broadband service using two handsets, or a modem for a laptop. Verizon Wireless also offers a high-speed data service in San Diego using different technology.

United Airlines

More work-force cutbacks planned as airline shrinks
 
CHICAGO — United Airlines is poised to make more reductions to its work force — already 40 percent smaller than it was before the 2001 terrorist attacks.

The second-biggest U.S. airline confirmed yesterday that job cuts will be part of the new business plan it is putting together this month as it renews its push to get out of bankruptcy.

Spokeswoman Jean Medina said no total for the cuts has been determined as discussions continue involving United's board of directors, creditors committee, labor leaders and other key stakeholders.

Northwest Airlines

Travel groups seek probe in fees added to tickets

MINNEAPOLIS — The Justice Department is being asked to investigate new Northwest Airlines fees that added $7.50 to the cost of a round-trip ticket purchased through systems used by travel agents.

The Business Travel Coalition wrote to the Justice Department this week to assert that Northwest added the fee hoping that other carriers would follow because it hasn't been able to raise fares directly. The American Society of Travel Agents filed a similar complaint last week.

The Justice rule cited by the Business Travel Coalition, an advocacy group for business-travel services, expired Aug. 10. The coalition's Kevin Mitchell said Northwest's timing of the fee, announced Aug. 24, was "interesting."

eBay

eBay plans to increase stake in Asian auction firm

SAN FRANCISCO — eBay, which has been aggressively expanding in Asia, plans to increase its stake in South Korea's largest online auction company.

The Internet auction giant said it would purchase nearly 3 million publicly held shares of Internet Auction from institutional investors, mainly venture capitalists, to boost its ownership stake from 62 percent to 86 percent.

Compiled from Seattle Times business staff and The Associated Press