Hartford Business Journal

6 Hartford Business Journal • March 13, 2017 www.HartfordBusiness.com MEDIA ESPN layoffs to hit on-camera personalities ESPN will lay off some of the personalities who appear on TV, radio and online. The cuts will only affect "talent" — not rank-and-file employees, according to sources familiar with the matter. The details are still being finalized, but layoffs are expected to take place through June. No announcement has been made about which personalities will be affected, but it seems those with contracts up for renewal may be cut first. ESPN may also buy out some contracts that aren't ending soon, according to sources. The last time ESPN cut talent was in 2015. Keith Olbermann and Bill Simmons, both of whom had expensive contracts, were among the big names who were cut loose. Later that year, ESPN also laid off about 300 employees — roughly 4 percent of the network's global workforce. During those layoffs, hosts, reporters and com- mentators generally weren't affected. ESPN also had a round of layoffs in 2013. The cuts came as growing numbers of viewers unsubscribed from the cable channel, even as it's paying for costly long-term TV deals with pro sports leagues. At the time of the 2015 cuts, it was reported that ESPN was told by its parent com- pany, Disney, to "trim $100 million from the 2016 budget and $250 million in 2017." – CNNMoney BANKING & FINANCE Greco to lead First National Bank of Suffield Joseph J. Greco has been named president and CEO of The First National Bank of Suffield, effective June 2, as he replaces the retiring Nancy Viggiano. Greco will begin working alongside Viggiano on March 20. With more than 30 years of experience at public banking companies through- out the Northeast, Greco served as CEO of Southern Connecticut Bancorp, where he helped orchestrate the sale of the company to Liberty Bank. Before that, Greco was CEO of First Litchfield Financial Corp. for nearly 10 years. Recently, he worked promoting the banking technology systems for the Connecticut Online Computer Center Inc. HEALTH CARE CT hospital group: Health systems worth $26.2B to economy Connecticut hospital health systems contributed $26.2 billion to the state and local economies in 2015, according to a report released by the Connecticut Hospital Association (CHA). The 2017 Economic Impact Report was released amid hospitals' fight against Gov. Dannel Malloy's proposal for a local-option property tax on hospitals and certain related properties, which are currently tax exempt. CHA has been airing TV commercials opposing the tax, which would cost Hartford's three acute-care hospitals about $56 million a year. The opposition comes despite a pledge from Malloy to reimburse hospitals with supplemental Medicaid funds to fully offset the local tax burden. Hospitals, however, are wary of the pledge based on past funding promises the adminis- tration didn't keep. CHA's report said Connecticut hospitals employ 100,000 people and nearly every job produces another outside the hospital health system, for 199,000 total jobs. Hospitals generated $14.7 billion in annual local payroll, $9.9 billion in spending on goods and services, and $1.6 billion in capital spending in 2015. GOVERNMENT & POLITICS GOP lawmakers seek May 5 budget deadline GOP leaders are pushing for a May 5 deadline to complete Connecticut's two- year state budget, and they plan to craft an alternative to Gov. Dannel P. Malloy's proposal over the next eight weeks. Senate Republican President Pro Tempore Len Fasano (R-North Haven) and House Republican Leader Themis Klarides (R-Derby) say their approach is more urgent than the governor's and Democrats' call to extend local budget deadlines until after the state budget is adopted. The legislative session is scheduled to end June 7. Democrats recently proposed asking 169 towns to push out their local bud- get deadlines — typically arrived at in April and May — to accommodate state budget uncertainties as a result of Malloy's proposal to cut municipal aid. But Fasano and Klarides are calling for the legislature to adopt a budget well before the legislative session ends, which rarely happens. REAL ESTATE CT's Jan. home sales at a 10-year high Connecticut home sales surged 23 percent in January — the best start to the 12-month sales period in a decade, a new survey shows. There were 2,130 single-family dwellings sold in Connecticut in January vs. 1,731 sold at the start of 2016, Boston business publisher The Warren Group said. It was the highest January sales since the start of 2007, when 2,345 units sold. The median home price fell 1.9 percent in January, to $225,000 vs. $230,000 a year ago — the first year-over-year price drop in five consecutive months, Warren Group said. "The Connecticut housing market has been in recovery mode since 2012," Warren Group CEO Timothy Warren said. "Despite the robust sales volume, the median sale price is slipping." Condominium sales statewide rose in January by 32.3 percent, with 578 condos sold vs. 437 in Jan. 2016. This marks the highest January sales output since 2007, when there were 919 condos sold. January's median condo price was flat at $149,000 vs. $150,000 in Jan. 2016. Median sale prices have hit their lowest January total in 13 years, when prices reached $132,700 in 2003, Warren said. Fewer CT, Hartford homeowners underwater About 8 percent of Greater Hartford homeowners owed more on their mort- gages than their homes are worth in the fourth quarter of 2016, down nearly 2 percentage points from a year earlier, according to CoreLogic. In the fourth quarter, about 9.3 percent of homes in Connecticut or 78,732 mortgages out of a total of 850,892, had negative equity. In Greater Hartford there were 23,709 underwater mortgages, a drop compared to 30,556, or 10.4 percent, in the year-ago period, CoreLogic said. Negative equity can occur be- cause of a decline in home value and/or an increase in mortgage debt. TOP STORY Insurers quietly assessing GOP health plan's benefits, pitfalls The nation's health insurers are weigh- ing the GOP's newly released bill to replace the Affordable Care Act, which contains things they wanted — and some things they may not like, but for now are keeping their opinions to themselves. While many big insurers, including Aetna, United Health- care and Anthem, said they lost money on plans they sold in certain ACA exchang- es, they had several years to come to terms with the Affordable Care Act's weaknesses and pushed for reform of the health law, not its repeal. Aetna CEO Mark Bertolini surprised many after November's election, which put Donald Trump in the White House and made repeal of the ACA possible, when he said his company had not planned for an end to Obamacare. Now Aetna and other insurers face another healthcare overhaul that would once again impact the way they do business. Insurers were non- committal after the roll- out of the new health bill last week. "We are reviewing the bill, with a commitment to a stable market that best ensures affordable, high-quality coverage for all Americans," said Kris- tine Grow, spokeswoman for America's Health Insurance Plans. As the bill moves through commit- tees in Congress, insurers and other stakeholders will seek changes. – Ana Radelat | CT Mirror BY THE NUMBERS $26.2B The total economic impact Connecticut hospitals had in the state in 2015, according to an analysis by the Connecticut Hospital Association. 2,130 The total number of single-family homes sold in Connecticut in January, up 23 percent from the year-ago period, according to The Warren Group. $225,000 The median Connecticut home sale price in January, which was down 1.3 percent from the year-ago period, according to The Warren Group. $7.3M The estimated economic impact of a busy St. Patrick's Day weekend in Hartford, which hosted the American Athletic Conference and dance/cheer tournaments. TOP 5 MOST READ on HartfordBusiness.com ■ ESPN layoffs to hit on-camera personalities ■ CT's Jan. home sales a 10-year high ■ W. Htfd., Clinton boutiques closing as part of nationwide realignment ■ AAC, dance tourneys offer Htfd. economy $7.3M boost ■ Branford's Core Informatics bought by Mass. company STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com. HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on LinkedIn: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/subscribe Weekly e-newsletters: CT Green Guide Weekly, CT Health Care Weekly www.HartfordBusiness.com/subscribe WEEK IN REVIEW G R A P H I C | C N N M O N E Y

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