
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, April 19, 1991                   TAG: 9104190252
SECTION: BUSINESS                    PAGE: A9   EDITION: METRO 
SOURCE: Associated Press
DATELINE: WASHINGTON                                LENGTH: Short

FNN-CNBC MERGER PLAN PROBE ENDED

The Federal Trade Commission on Thursday closed an antitrust investigation of the proposed acquisition of Financial News Network by its main rival without filing any objections to such a deal.

But the outcome of the fight for control of FNN remained in doubt.

A bankruptcy judge had accepted a $115 million offer for FNN from NBC's rival Consumer News and Business Channel pending FTC approval.

The judge also disqualified a competing bid from a partnership of Dow Jones & Co. Inc. and the Group W Satellite Communications division of Westinghouse Broadcasting Co.

But on Wednesday, a federal court overturned that ruling and ordered the bankruptcy court to consider both bids to determine which is in the best interest of FNN, creditors and shareholders.

The FTC had asked the bankruptcy court in March to withhold final approval of the merger until the commission had completed its review.

At the time, the commission told the bankruptcy court the proposed transaction "would eliminate CNBC's only competitor" in 24-hour financial and business programming.

CNBC agreed in February to buy FNN for $105 million, topping a bid from the Dow-Westinghouse partnership of $90 million. FNN's parent, Financial News Network Inc., sought protection of the bankruptcy court on March 1.

by CNB