|
Paxson tunes into WBIS+
|
 |
April 29, 1997: 12:21 p.m. ET
Media company wants to buy TV station from ITT and Dow Jones
|
NEW YORK (CNNfn) - Paxson Communications Corp. has offered ITT Corp. and Dow Jones & Co. $250 million for New York City television station WBIS+, according to an ITT spokesperson.
ITT would not comment further on the offer and said that it is holding talks with a number of interested parties. It is being advised by Goldman Sachs and Lazard Freres. Dow Jones would only say that "the situation is very fluid."
On Monday, Paxson, based in West Palm Beach, Fla., announced it had signed an agreement to buy the WQED television station in Pittsburgh, bringing its total station count to 49. If it adds WBIS+, it will have a presence in all 20 of the nation's largest television markets.
ITT and Dow Jones paid $207 million for WBIS+ in 1995. The station carries a mix of business and New York City sports news.
ITT is in the process of fending off a hostile takeover bid from Hilton Hotels Corp. and it is selling off a number of businesses to accomplish this. Recently, it sold its share of New York's Madison Square Garden which includes the New York Rangers National Hockey League team and the New York Knicks basketball team, as well as the MSG television network to Cablevision Systems Corp., for $650 million. 
|
|
|
|
|
 |
|
