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Dow, CNBC in talks?
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May 22, 1997: 3:11 p.m. ET
Two companies said to be in talks on consolidating overseas TV operations
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NEW YORK (CNNfn) - Dow Jones & Co. and cable television business channel CNBC have entered into advanced talks on consolidating their struggling overseas television operations, CNNfn has learned.
The discussions were said to have occurred as early as last week, sources familiar with the matter said. Neither CNBC, a unit of General Electric Co.'s NBC division, nor Dow Jones would comment.
The talks came as Dow Jones, publisher of the Wall Street Journal, unveiled plans to sell its four-month-old WBIS+ regional television station to Paxson Communications Corp. for $257 million.
For the first quarter ended March 31, the Dow Jones television group posted pretax losses of $18.9 million, according to the company's Form 10-Q filing with the Securities and Exchange Commission dated May 14.
The company attributed part of the losses to "operating losses from European Business News" as well as start-up costs of WBIS+, the filing said.
Dow Jones' "European Business News" program originates from the company's London office. "Asian Business News" is based in Singapore.
-- Robert Liu
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