COMPANY NEWS

VIACOM BUYS 50 PERCENT STAKE IN UPN NETWORK

By Bloomberg News

Dec. 5, 1996

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Viacom Inc. said yesterday that it had exercised its option to buy a 50 percent stake in the United Paramount Network from BHC Communications Inc. for about $160 million. The price represents half the $320 million or so that BHC has invested in the last two to three years in the network, known as UPN. BHC is 76 percent owned by Chris-Craft Industries. UPN will give Viacom, based in New York, another outlet for its programs. UPN said its 152 affiliate stations reach about 92 percent of United States households. Viacom will jointly own and operate UPN with BHC when the deal is completed on Jan. 15. UPN lost $129.3 million in 1995 and $95.8 million in the first nine months of this year. BHC, based in New York, has eight television stations.

A version of this article appears in print on , Section D, Page 4 of the National edition with the headline: VIACOM BUYS 50 PERCENT STAKE IN UPN NETWORK. Order Reprints | Today’s Paper | Subscribe

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