COMPANY TOWN ANNEX
ITT Outbids TCI for Madison Square Garden: ITT Corp. and its partner Cablevision Systems Corp. have bid between $1.3 billion and $1.4 billion for the Madison Square Garden properties being sold by Viacom Inc., far exceeding a rival bid from cable giant Tele-Communications Inc., CNBC Television reported. The network said that TCI had bid between $1 billion and $1.1 billion for the assets, but that neither offer was high enough for Viacom. CNBC, quoting “someone close to the bidding,” said Viacom had notified both bidders that they must add a couple of hundred million dollars to their offers. Officials of hotel owner ITT, Cablevision, TCI and Viacom were not available for comment.