NBC Opts Out Of Pax Deal
Nov 14, 2003, 12:00 AM
NBC, which has been on an acquisition run, acquiring Universal Entertainment, Bravo, and Telemundo, Thursday notified Paxson Communications that it wants to unwind a partnership that many expected to lead to NBC's acquisition of Paxson's broadcast assets. Instead, NBC said it wanted Paxson to buy out its 32 percent stake in Paxson, which it acquired in 1999 for $415 million. Paxson valued the redemptions price at $549.2 million as of Sept. 30, 2003.