MEDIA

Court Clears Times Mirror Settlement: A Los Angeles Superior Court judge approved Times Mirror Co.’s settlement of shareholders’ lawsuits in connection with the proposed merger of its cable operations with Cox Communications Inc. The shareholder suits contended that the original merger plan unfairly reduced the dividend on the company’s common stock. The settlement provides for a minimum annual dividend of 24 cents per share on Times Mirror common for at least three years and for the company to make an exchange offer of $350 million of a new issue of preferred stock for shares of its common. The dividend on the preferred stock will be at least 6.5% per year. The settlement, which also won approval Wednesday from a Delaware court, now has cleared all legal hurdles.