Viacom Buys Remaining Stake of UPN
Updated from 3:42 p.m. EST
Viacom (VIA Quote) said Monday that it had acquired the interest in the UPN broadcast network that it didn't already own, buying out partner Chris-Craft Industries for $5 million. The deal was expected, given that a New York court ruled Thursday that BHC Communications(BHC Quote), the publicly traded subsidiary of Chris-Craft that actually owned UPN with Viacom, either had to sell its share of the network to Viacom, or buy Viacom out. The $5 million price tag had been set under the terms of a buy-sell provision Viacom triggered in February to end its partnership in UPN as it completes its pending merger with CBS (CBS Quote).| |
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