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Deals

October 04, 1994

Television: Capital Cities/ABC Inc., long considered one of the best TV station operators in the country, has agreed to purchase two stations--WJRT-TV in Flint, Mich., and WTVG-TV in Toledo, Ohio--for $155 million from SJL Management Corp. Both stations secure Cap Cities outlets on the more desirable VHF band. The purchases, which are expected to be completed sometime in the first quarter of next year, are the latest maneuvers by the broadcast networks to lock up their local distribution outlets in the wake of Fox's historic raid on eight CBS affiliates earlier this year. The latest purchases will bring Cap Cities' stable of TV stations to 10 outlets representing coverage of 24.2% of all TV homes. Federal regulations prohibit the ownership of more than 12 stations, or 25% coverage, whichever is reached first.

Exhibition: The Samuel Goldwyn Theater Group, a subsidiary of Samuel Goldwyn Co., plans to increase the number of movie screens it operates by 30%. The company is building new theaters in San Francisco and Minneapolis. It also recently acquired theaters in Berkeley; Houston; Albany, N.Y., and Piedmont, Calif. Goldwyn hopes to have 250 screens by 2000.

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