Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

FASHION
PRIVATE EQUITY FIRM CLOSE TO PURCHASE OF TOMMY HILFIGER
Private-equity firm Apax Partners & Co. was yesterday afternoon in the final stages of negotiations to purchase Tommy Hilfiger Corporation at a price of more than $1.5 billion, or a per-share price between $16.50 to $17, people familiar with the matter said. Negotiations have been very sensitive for days, and could still fall apart as the two sides hammer out remaining details, these people added.
Should the arrangements come together, the once-renowned fashion brand would come into the arms of a diverse private-equity holding company, with interests in everything from space satellites to Tommy Bahama casual clothing.
A deal could be announced in the days ahead, a person familiar with the matter said.
– Dow Jones Newswires
NEWSPAPERS
SUN LAUNCHING NEW CIRCULATION DRIVE, WITHDRAWS FROM ABC
The New York Sun, in preparation for a major circulation drive to be launched in January, has notified the ABC that it will withdraw as a member of the organization, effective immediately. The newspaper said it is retaining a new auditor, Certified Audit of Circulations, which is widely used in the newspaper and magazine field, to verify its circulation.
“ABC is a fine organization with a long history maintaining a level playing field in the newspaper and magazine industries,” said August Fields, vice president of marketing and circulation at the Sun. “However, ABC rules have the effect of limiting the ability of a newspaper to promote the paper to new customers, while Certified Audit of Circulations, an established non-profit auditing enterprise, has a history of encouraging the kind of competition the Sun expects to offer.”
Additionally, the Sun subscribes to Media Audit, an independent for-profit organization that measures readership and demography nationally for hundreds of newspapers and magazines.
– Staff Reporter of the Sun
HOSPITALITY
FAIRMONT URGES INVESTORS TO REJECT ICAHN BID
Fairmont Hotels & Resorts Inc., the owner of 88 luxury hotels, urged investors to reject billionaire Carl Icahn’s $1.19 billion bid for about 41% of its shares, saying the company may find other buyers.
– Bloomberg News
IN BRIEF
Placer Dome agreed to an increased takeover offer from Barrick Gold valued at $10.4 billion, uniting the two Canadian companies to create the world’s largest gold producer … Natural gas futures had their biggest drop in more than two and a half years because of mild weather forecasts and a smaller-than-expected decline in stored supplies.
– Bloomberg News