February 26, 1990 |
ABC Sued for $50 Million Over Home Video Show: A writer who says ABC stole his idea when it created "America's Funniest Home Videos" filed a $50-million suit Wednesday in Superior Court, claiming that he was defrauded by the ABC network, Westinghouse Broadcasting Co. and others. The suit by Joseph Kaufman said he developed the idea of using amateur home videotape on television and had an oral contract to try out the concept on the syndicated one-hour "Wil Shriner Show" in November, 1987.
November 11, 1989 |
Westwood One, one of the country's largest radio companies, has reached an agreement to purchase KJQY-FM (103.7), best known as "KJOY," from the Westinghouse Broadcasting Co., according to station general manager Bert Whalen. As of press time, no details were available from Westinghouse or Westwood One. "Since I would have liked to buy the station myself, I am disappointed in that regard," said Whalen, who also serves as vice president for Westinghouse's chain of FM stations.
November 22, 1994 |
In another rearrangement of the broadcasting landscape, CBS Inc. and NBC said Monday that they have agreed to swap several TV stations and other assets in four major cities. The deal gives National Broadcasting Co. a powerful station in Philadelphia, the nation's fourth-largest market, where it recently lost its affiliate to CBS. CBS gets stations in Denver and Salt Lake City, a stronger broadcast tower and a place on the dial for its Miami station.
March 21, 1991 |
The bidding contest for Financial News Network Inc. heated up Wednesday as Dow Jones & Co. and Westinghouse Broadcasting Co. offered $115 million for the troubled cable channel. FNN, as reported, had signed a definitive agreement Feb. 26 to be acquired for $105 million by a unit of General Electric Co.'s NBC network. The door to higher offers was opened after FNN sought protection from its creditors under Chapter 11 of the U.S.
May 8, 1991 |
The two contenders vying to acquire ailing Financial News Network Inc. presented their final sweetened bids on Tuesday, and the bankruptcy judge overseeing the cable network's sale said he will likely select the winner in the bitter three-month contest today. A partnership consisting of Dow Jones & Co. and Westinghouse Broadcasting Co., which had offered $115 million in cash in March, offered $125 million in cash plus a share of future FNN revenues that the partnership valued at $32.8 million.
May 10, 1991 |
After sweetening its bid one last time, General Electric Co.'s CNBC unit Thursday won the heated auction to acquire Financial News Network, but a rival group vowed to press its attempt to buy the ailing cable business channel. Consumer News and Business Channel's winning bid, selected by U.S. Bankruptcy Judge Francis G. Conrad, was $145 million in cash. In addition, CNBC agreed to assume $9.