MEDIA: Financial News Debt Work

MEDIA: Financial News Debt Work

America's most watched business-news channel nearly had to report its own demise. Owing $142 million and losing money, Financial News Network Inc. was headed for oblivion until, last week, it finally accomplished what it had been trying for five months: it sold important assets and raised cash. Dow Jones and Westinghouse Broadcasting jointly bought the flagship FNN cable news channel plus the company's weekend sports service, its syndicated program This Morning's Business and a radio news service for about $90 million.

Westinghouse Broadcasting will manage the properties while Dow Jones will have editorial control, which should lead to improvements in both...

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