NBC takes stake in Paxson

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NBC, as expected, today announced a $415 million investment in Paxson Communications Corp., West Palm Beach, Fla., giving NBC and parent General Electric Co. a 32% stake in Paxson. After February, New York-based NBC has the option of taking up to 49% of Paxson, including Chairman Lowell Paxson's controlling stock, if the Federal Communications Commission changes its rules and allows NBC to increase its Paxson stake. Paxson, the parent of Pax-TV, has an economic interest in 72 TV stations, mostly low-rated UHF outlets.

Copyright September 1999, Crain Communications Inc.

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