* Intelsat announced it will sell its 51 percent ownership in Galaxy Satellite TV Holdings, which owns a Hong Kong satellite television joint venture, to its partner, the local television station TVB. Intelsat will no longer fund the venture's future cash needs and will terminate its in-kind contribution of satellite capacity to the business on March 31. Intelsat, which last month was acquired by a group of private investors, will post a non-cash charge of $30 million in its third quarter to write down the Galaxy investment. "We continue to believe that Galaxy's service offering represents an attractive alternative for pay-TV subscribers in Hong Kong," Conny Kullman, Intelsat's chief executive, said in a statement. "Galaxy's growth has been slower than anticipated, however, and it is not in Intelsat's strategic interest to invest additional resources and management time on this business."
* Convera, a Vienna company that makes search and categorization software, completed a private placement of 3,433,332 new shares of common stock to several investors, including affiliates of Allen & Co. and certain directors. The shares were priced at $3 on Sept. 7, a premium to that day's $2.80 closing price, and generated $10.3 million of gross proceeds. Convera intends to use the money for acquisitions and other general corporate purposes. Its stock closed yesterday at $2.92, up 25 cents.
Compiled from reports by Washington Post staff writers.