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Paxson to Acquire New York TV Station

May 13, 1997|From Reuters

NEW YORK — Paxson Communications Corp. said Monday that it agreed to acquire WBIS Channel 31 in New York City from a partnership of Dow Jones Inc. and ITT Corp. in a deal valued at $257.5 million.

Paxson said the channel, its 50th, will become the flagship station of the West Palm Beach, Fla.-based company's proposed nationwide broadcast TV network.

Paxson closed at $10.50, up 12.5 cents on the American Stock Exchange.

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