by chrisadam » Fri Sep 17, 2010 10:56 am
However, around this time, FNN encountered serious financial difficulties. After a protracted bidding war with a Dow Jones-Westinghouse Broadcasting consortium (the former's assets would be used to build a rival channel almost two decades later),[8] CNBC acquired FNN for $154.3 million on May 21, 1991 and immediately merged the two operations, hiring around 60 of FNN's 300-strong workforce.[9] The deal increased the distribution of the newly enlarged network to over 40 million homes.[9] Cablevision sold its 50% stake to NBC upon completion of the deal.[10] With the full name "Consumer News and Business Channel" dropped, the network's business programming was at first branded "CNBC/FNN," although this was phased out before the mid-1990s.
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