ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, December 5, 1996 TAG: 9612050021
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
Viacom to buy half of UPN Network
NEW YORK - Viacom Inc. plans to buy half of the UPN Network for $160 million, adding the broadcaster it helped launch to a stable of media assets that includes MTV, VH-1 and Paramount Pictures.
The purchase, announced Wednesday, came 11 days before the deadline for Viacom to notify owner Chris-Craft Industries Inc. that it would exercise its option to buy the 50 percent stake. Viacom Chairman Sumner Redstone indicated in May that he was leaning toward a purchase.
Viacom launched UPN with Chris-Craft in January 1995. The network offers a Monday-Wednesday program schedule, headlined by ``Star Trek: Voyager'' and children's TV on Sundays.
The network, based on the Paramount Studio lot in Los Angeles, has 152 affiliates covering about 92 percent of U.S. TV households.
- Associated Press
TCI may jettison Liberty Media
ENGLEWOOD, Colo. - Tele-Communications Inc. is considering spinning off its Liberty Media programming arm and its international business unit in an effort to stem losses and boost its stock.
TCI, the nation's largest cable company, is proposing the spin-off along with possible job cuts. Its board was to consider the proposal at a meeting Wednesday.
The company, which employs more than 30,000 people, is spinning off its direct satellite television subsidiary, TCI Satellite Entertainment Inc. The stock is to start trading on its own this week.
TCI posted a third-quarter loss of $136 million - its sixth consecutive quarterly loss - despite a 22.8 percent increase in revenues. The company is burdened by huge debts, and analysts say its payrolls may be too heavy.
- Associated Press
LENGTH: Short : 42 linesby CNB