News In Brief

June 8, 2000

Bringing round-the-clock global stock trading a step closer, the Tokyo Exchange announced the opening of discussions with the New York Stock Exchange (NYSE), Euronext, and others in major capitals to form a joint equities market. Officials said the linked bourses would increase market liquidity while improving trading efficiency. Spokesmen for the Tokyo exchange said it is seeking to strengthen its market position as it confronts the June 23 launch of Nasdaq Japan. Analysts said the talks portend a future global market dominated by two powers: a Euronext/NYSE/Tokyo group, and one led by iX, created by last month's merger of the London and Frankfurt exchanges and their working agreement with Nasdaq. Euronext comprises the Paris, Brussels, and Amsterdam exchanges.

Ex-Disney studio chief Joe Roth unveiled plans for an independent production company that already has secured $3 billion in financing and commitments to distribute 36 new films over six years. Revolution Studios counts among its key partners Sony Pictures Entertainment, Fox Entertainment Group, and Starz Encore Group. Roth, who at Disney oversaw such hits as "The Sixth Sense" and "The Waterboy," is expected to attract Bruce Willis, Julia Roberts, and other top stars to the new venture. Its first movie, "Tomcats," is slated for a fall release.