Upping The Ante For Fnn
Dow Jones and Westinghouse Broadcasting have returned fire in a bidding war for troubled Financial News Network. Their Mar. 20 offer of $115 million, which was anticipated, tops a previous bid of $105 million made by CNBC, the cable business-news service owned by NBC. CNBC's offer had scuttled an earlier deal to sell FNN to Dow Jones and Westinghouse for $90 million. A bankruptcy judge has given FNN until Mar. 25 to respond and until Apr. 3 to sign a deal. CNBC would not say whether it would counter the bid, but indicated that it expects to acquire FNN.