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August 26, 1994|KATHRYN HARRIS

Television: Savoy Pictures Entertainment said it has agreed to purchase three more TV stations from Burnham Broadcasting Co. through a joint venture formed earlier this year with Fox Television Stations Inc. The venture, called SF Broadcasting, has agreed to pay $229 million for WVUE in New Orleans; WALA in Mobile, Ala., and KHON in Honolulu, which also boasts a video-film production facility. Last month, SF Broadcasting agreed to its first station purchase with a deal to buy WLUK in Green Bay, Wis., for $38 million, also from Burnham. Under terms of the joint venture, Savoy will own 74% of the stations. Savoy, formed in 1992 as an independent movie company, has raised nearly $400 million in capital and searched for diverse investments. SF Broadcasting said it plans to switch the stations' affiliation to the Fox network. Savoy shares closed at $11.875 on Thursday, down 12.5 cents, in Nasdaq trading.

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