Company Town

Times Staff and Wire Reports

Theme parks: Shares in Euro Disney tumbled after the company's expulsion from the Paris bourse's blue-chip CAC-40 index. Euro Disney's stock lost more than 10% of its value to close at about $1.95. SBF, the French stock exchanges association, announced Wednesday night that Euro Disney--operator of the theme park of the same name outside Paris--and two other companies would be removed from the index. The move had been expected because Euro Disney's stock market capitalization has shrunk dramatically. Its removal could trigger sales by fund managers who often prefer to hold a portfolio of shares that reflect the composition of the CAC-40. But a Euro Disney spokesman said the removal "will not affect the recovery of the company that is under way."

* Music: Atlantic Records and the manager of the Irish rock band U2 are forming a new label called Celtic Heartbeat that will specialize in Irish music. The venture is spearheaded by Atlantic President Val Azzoli, U2 manager Paul McGuinness and music manager David Kavanagh. Atlantic is one of Time Warner Inc.'s major music units.

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