Fnn Has A Home In Its Rival's Lair
CNBC finally won the right to buy its prime competitor, Financial News Network. Federal Bankruptcy Judge Francis Conrad ruled on Apr. 3 that NBC's 24-hour cable business-news network could acquire FNN for $115 million. But the deal is only final if the Federal Trade Commission determines that the purchase doesn't violate antitrust provisions. CNBC says it plans to merge with FNN.
The judge rejected a $115 million offer from Dow Jones and Westinghouse Broadcasting because he said he couldn't accept their terms. The ruling is a victory for NBC, a unit of General Electric, which had been engaged in a lengthy bidding war for the troubled network.