Business news in brief

Lincoln National Corp., the Philadelphia financial services company, said it agreed to sell TV and radio holdings for a combined $683 million to focus on its insurance businesses. The company will sell its Charlotte, N.C., Richmond, Va., and Charleston, S.C., TV stations and a sports syndication unit for $583 million to Raycom Media Inc. and its Charlotte radio stations for $100 million to Greater Media Inc., Lincoln National said in a statement. The company got the media businesses when it bought Jefferson-Pilot last year for $7.5 billion. It will use the proceeds to reduce debt and repurchase shares. Lincoln Financial fell 28 cents to close yesterday at $60.22 in New York Stock Exchange composite trading

. - Bloomberg News

The owner of a bankrupt Pennsylvania mortgage brokerage raided by federal authorities last month pleaded guilty to mail fraud in a scheme that cost hundreds of homeowners as much as $32 million. Wesley A. Snyder, 71, faces up to 30 years in prison for secretly brokering larger mortgages with banks than customers agreed to, then keeping the difference to finance his company, according to a Nov. 9 plea deal with prosecutors filed in federal court in Harrisburg. About 800 homeowners lost between $15 million and $32 million in home equity when Snyder's company, OPFM Inc., enticed them to pay extra money on their mortgages, according to court papers. Snyder never used the funds to make early mortgage payments as promised, prosecutors said. OPFM and five affiliates, including Personal Financial Management Inc. and Image Masters Inc., filed for Chapter 7 liquidation on Sept. 18 in U.S. Bankruptcy Court in Reading. They listed assets of about $83 million and debt of about $122 million. A message left at Snyder's home in Oley, Pa., wasn't immediately returned.

- Bloomberg News

The Tropicana Casino & Resort in Atlantic City asked a judge to block the union representing 1,150 employees from engaging in tactics it contends include intimidating customers and misleading investors. Tropicana filed a lawsuit in federal court in New Jersey asking a judge to order the union, Unite Here Local 54, to refrain from interfering in the conduct of Tropicana's business, the company said in a statement. The conflict follows nine grievances filed by the union against Tropicana over firings, the company said in the statement.

- Bloomberg News

DuPont Co., the Wilmington chemical-maker, said in a filing that European Union antitrust regulators may fine the company by the end of the year as part of a probe into the price of a synthetic rubber used to make auto parts. In March, the European Commission charged DuPont, Dow Chemical Co., and their joint venture DuPont Dow Elastomers L.L.C. with breaking antitrust rules. DuPont said in a regulatory filing Oct. 31 that it "expects EU antitrust authorities to issue a decision, including the imposition of fines." DuPont increased its reserves for legal expenses in the case by $52 million in the first quarter. The company expects Dow to contribute $13 million, bringing the total increase to $65 million, DuPont said in the filing with the Securities and Exchange Commission. DuPont's reserve for legal expenses was $174 million as of Sept. 30, the company said.

- Bloomberg News

Cytogen Corp. said Kevin G. Lokay was appointed the Princeton company's president and chief executive officer, effective immediately. Lokay, a member of Cytogen's board of directors for the last six years, replaces Michael D. Becker, who resigned to take an executive position at another company. Lokay had worked in the pharmaceutical industry for 26 years, focusing on sales and marketing of oncology therapeutics. Most recently, he was vice president of GlaxoSmithKline P.L.C.'s oncology unit. He also worked at Merck & Co. Inc. Cytogen also announced the resignation of its general counsel, William J. Thomas, effective Friday. Thomas will pursue a similar post elsewhere, the company said. Cytogen does not intend to fill his position, instead directing responsibilities to its outside counsel, Morgan, Lewis & Bockius L.L.P., the Philadelphia law firm. Cytogen shares closed down 5 cents yesterday at 54 cents in Nasdaq trading.

- Paul Schweizer

CSS Industries Inc., Philadelphia, announced a buyback of up to 500,000 shares of its common stock, following earlier buybacks. The company said there are 10.8 million shares outstanding. CSS makes seasonal and all-occasion products, principally for mass-market retailers. The products include gift wrap, gift bags and boxes, boxed greeting cards, costumes, Easter egg dyes, and other items. Its shares closed up $2.06 at $41.60 yesterday in New York Stock Exchange trading.

- Chris Mondics

Cephalon Inc. said it submitted a supplemental new drug application to federal regulators to sell its cancer pain medicine Fentora for chronic pain, such as lower-back and neuropathic pain. Fentora, which is a tablet form of the narcotic drug fentanyl, is currently approved to treat "breakthrough," or rapid onset of severe pain, in patients who can tolerate opioid medicines, such as morphine, and are already taking pain medication for their underlying cancer pain. Cephalon shares rose 45 cents, or 0.58 percent, to close yesterday at $77.71 on the Nasdaq.

- Linda Loyd

Casino developer MGM Mirage Inc. said it would open its debut property in the Chinese gambling destination of Macau on Dec. 18. The $1.25 billion project is a joint venture with Pansy Ho, daughter of Hong Kong billionaire Stanley Ho, a gambling industry veteran. The resort will feature 600 rooms, suites and villas, 375 table games, 900 slot machines, and 16 high-end private gambling salons. The 35-story MGM Grand Macau will be staffed by 6,000 employees.

- AP

Constellation Brands Inc., Fairport, N.Y., the world's biggest winemaker, is buying Fortune Brands Inc.'s U.S. wine business, maker of the Clos du Bois, Wild Horse and Geyser Peak brands, for $885 million, the companies said. Fortune Brands, Deerfield, Ill., makes consumer products ranging from Jim Beam bourbon to Moen faucets and Titleist golf equipment. The sale will allow Fortune Brands to focus on its higher-margin liquor business. Constellation said the deal bolsters its stake in the U.S. premium wine business.

- AP

Tyson Foods Inc., the world's largest meat company, swung to a profit for its fourth quarter, but forecast earnings for this year below what analysts were expecting. Tyson shares fell 42 cents, or 2.85 percent, yesterday to close at $14.43. The company cited cost-cutting for the improved performance in the July-September period, but said cost pressures would rise this fiscal year. Tyson earned $32 million, or 9 cents a share, in the three months ended Sept. 29 versus a loss of $56 million, or 17 cents a share, a year ago. Revenue rose 6 percent, to $6.88 billion from $6.47 billion in the year-ago quarter.

- AP