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Tele-TV responds to rumors of its demise

Published on .

Tele-TV, the TV joint venture of Nynex, Bell Atlantic and Pacific Telesis, issued a statement Friday saying that the company continues to operate and that its two chiefs, Howard Stringer and Sandy Grushow, remain "under contract."

Published reports in the Friday edition of The Wall Street Journal and other publications stated that the three Baby Bells were working to shut down Tele-TV. The venture was originally formed to deliver video programming and, eventually, interactive TV.

Tele-TV said in its statement that it and its partners are "finalizing a 1997 business plan for Tele-TV focused on supporting the partners' digital television products. .|.|. Tele-TV and its partners are continuing to discuss the most efficient way to manage the work activity. Howard Stringer, chairman and CEO of Tele-TV, and Sandy Grushow, president of Tele-TV Media, continue under contract to Tele-TV.

Copyright December 1996, Crain Communications Inc.

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