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Procter & Gamble has signed a three-year deal with Paramount Television in the US to develop and co-fund network and syndicated TV programming. Last year P&G chairman Ed Artzt voiced concern that US TV networks were losing ground to cable TV and pay-per-view services.

Carlton Communications is involved in a £170m bid for the MGM Cinema chain. Carlton already owns Technicolor – the film processor and duplicator company.

The Sunday Times is understood to be closing its personal finance section, which could be merged with the business section, because of rising paper costs.

Brian Jacobs, former Leo Burnett international media director, has been appointed European media development director at Carat.

Atlantic 252 has signed a £750,000 promotional deal with Martini distributors Westbay for an entertainment roadshow.

Harry Turner, former TSW managing director, is to become non-executive chairman of Amcom Resources – a new group comprising AMS Advertising and Choice Accountancy.

Nynex Cable Comms, one of the largest UK cable companies, is to undercut BT standard charges by a quarter – the largest discount yet by a cable firm.

David Kogan has been appointed managing director of Reuters Television. He retains his role as director of UK media services there.

Classic FM has launched a Three Minute Radio Play competition to boost agencies’ radio creativity.

Golden Rose Communications hopes to raise £4.88m through its share placing which values the jfm parent at £18.11m, it confirmed this week.

MTV Europe has renewed its advertising and sponsorship agreement with Coca-Cola – sole sponsor of The European Top 20.

Media Campaign Services has planned the new £350,000 Channel 4 and national press campaign for Swallow Hotels.

IPC Magazines is launching a monthly dance music magazine on May 10. Muzik will have a print run of 80,000 and cost £2.20.