In Business This Week: Headliner
WHAT'S AHEAD FOR PARK'S EMPIRE?
The death of Roy Park, 83, has thrown into question the future of his media empire. Park Communications in Ithaca, N.Y., owns eight TV stations plus a string of 22 radio stations and 144 small-town newspapers. Its revenues are about $160 million. Park, who helped coordinate Thomas Dewey's 1948 Presidential campaign and co-founded the Duncan Hines food business, started buying media properties in the early 1960s. He owned 89% of Park Communications and has no children working in the company. Park stock jumped 11% on the news, to 23 1/8. A spokesman says details of the estate are not yet public, but adds that Park wanted to keep the company intact after his death.EDITED BY KEITH H. HAMMONDS