At the final hour, General Electric slipped in to steal the show. On Feb. 26, GE's NBC television network scooped up troubled Financial News Network for $105 million. The news surprised Dow Jones and Westinghouse Electric's Group W Satellite Communications, which had already announced an agreement in principle to buy FNN for an estimated $90 million.
The purchase boosts NBC's own cable business network, CNBC, by increasing programming and eliminating its major rival. The deal could still come undone, however. FNN will probably file for bankruptcy protection as a way to transfer the network's assets--but not its overwhelming debt--to CNBC. Westinghouse and Dow Jones say they will revise their bid and may present it in court.