Comment sought on HawTel-Wavecom deal

The Federal Communications Commission is seeking public comment on Hawaiian Telcom’s proposed purchase of Hono­lulu-based Wavecom Solutions Corp. for $13 million.

The acquisition would give Hawaiian Telcom access to Wavecom’s fiber-optic network that connects the main Hawaiian Islands. Wavecom, formerly known as Pacific Lightnet Inc., serves more than 1,700 customers statewide.

Hawaiian Telcom officials said in their FCC application that gaining access to the 400-mile undersea cable network would allow the company to extend the reach of its next-generation broadband and video services beyond Oahu to the neighbor islands.

The move would "enhance" Hawaiian Telcom’s ability to compete with Oceanic Time Warner, the predominant cable television provider in the state, according to Hawaiian Telcom.

The deadline to file comments is Sept. 4. Comments may be filed electronically at fjallfoss.fcc.gov/ecfs2 under docket No. 12-206.

Oceanic adds Filipino on Demand to lineup

Oceanic Time Warner Cable said Filipino on Demand service is now available for free to digital customers who have a subscription to The Filipino Channel (TFC). Filipino on Demand is on channel 685.

TFC and Filipino on Demand are both distributed by ABS-CBN International and International Media Distribution, a major distributor of ethnic content in the U.S. Filipino on Demand service includes 100 hours of Filipino entertainment, including movies, miniseries, live concerts and other content from ABS-CBN.

Treasury plans to sell AIG stock worth $5B

WASHINGTON » The government said Friday it is selling another batch of stock in insurance giant American International Group Inc., raising $5 billion. The sale is the latest effort to recoup taxpayer money spent on the largest bailout of the 2008 financial crisis.

The Treasury Department announced that the fourth round of AIG stock sales involves nearly 164 million shares of the company at $30.50 per share. The insurance company has indicated it intends to buy about $3 billion of the stock being offered in this sale.

AIG shares closed Friday at $31.34, up from Thursday’s close of $30.84. That’s down from their year high of $35.05 in May.

Treasury and the Federal Reserve stepped in with $182 billion to rescue New York-based AIG from collapse in September 2008.

With the latest sale, AIG still owes taxpayers about $25 billion on the initial investment, according to Treasury estimates. Treasury will own about 55 percent of AIG’s common stock, down from 61 percent of the shares before the sale.

Viacom plans new shows for Nickelodeon

Viacom said Friday that it would develop more than a dozen new television series and movies for its struggling Nickelodeon channel.

The announcement came minutes after the company said its profit fell 7 percent in the most recent quarter, driven by a decline in advertising revenue and fewer film releases at its Paramount movie studio.

The media company, which owns MTV, Comedy Central and BET, among other cable channels, said its profit in the third quarter, which ended June 30, was $534 million compared with $574 million a year earlier.

Overall revenue at the company fell 14 percent to $3.24 billion, while revenue for the media networks fell 5 percent to $2.27 billion.

Ratings softness, mostly at Nickelodeon, led to a 7 percent drop in domestic advertising revenue.

On a conference call with analysts, Philippe Dauman, chief executive of Viacom, assured investors that the children’s cable channel would be infused with a fresh lineup of programming.

Procter & Gamble profits up on snack sale

NEW YORK » Procter & Gamble Co. said Friday that its net income climbed 45 percent in its fiscal fourth quarter, boosted by the sale of its snacks division. Even without the impact of the sale, its earnings beat Wall Street expectations, and the company said it was making prog­ress with its cost-cutting plan and strategy to improve results by focusing on its most profitable categories.

The maker of Tide detergent, Crest toothpaste and other consumer goods also said Friday that it plans to buy back $4 billion in shares this fiscal year.

Net income rose to $3.63 billion, or $1.24 a share, in the April-to-June quarter, up from $2.51 billion, or 84 cents a share, last year. That includes 48 cents a share from the sale of its snacks business.

Excluding that benefit and restructuring costs, it earned 82 cents per share, beating analysts’ expectations of 77 cents per share.

Revenue slipped to $20.21 billion from $20.45 billion last year.

ON THE MOVE

» UnitedHealthcare has named Dr. Ron Fujimoto as chief medical officer of UnitedHealthcare’s Community Plan for Hawaii. He served as medical director in HMSA’s care management department for seven years.

» Hawaii Pacific Federal Credit Union has promoted Mark Hirae to assistant vice president of loans. He joined the company in 2010 as a loan manager. Hirae has more than 30 years in the financial services industry.

» Certified Hawaii, an Associa company, has announced the return of Lynn Germain as an account executive who will manage a portfolio of communities. She began her real estate experience in 1994.

» The Hawaii Lodging & Tourism Association’s board of directors has announced that George D. Szigeti has been named president and chief executive officer of the organization. He has been president and chief executive officer of Better Brands, vice president and general manager of Johnson Bros. of Hawaii, sales manager for McKesson Wine and Spirits and the first state manager for E & J Gallo.

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