Paxson buys Dow Jones' TV-31

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Paxson Communications Corp. will acquire WBIS-TV, the New York UHF TV station owned by Dow Jones & Co. and ITT Corp., as the flagship station of Paxson's proposed new nationwide broadcast TV network. Purchase price was estimated at $258 million. Paxson by July will change the call letters of the station to WPXN and carry a variety of sports, ethnic, foreign language, religious and infomercial programming. Dow Jones will halt its business news telecasts June 29.

Copyright May 1997, Crain Communications Inc.

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