Dow Jones Announces Completion of TV Station Sale.NEW YORK--(BUSINESS WIRE)--March 6, 1998--Dow Jones & Company (NYSE NYSE See: New York Stock Exchange : DJ) said it and ITT Corporation, a unit of Starwood Hotels & Resorts Worldwide, Inc. today completed their previously-announced sale of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. television station channel 31, formerly WBIS WBIS Web-Based Information System +, to Paxson Communications Corp. The purchase price was $257.5 million, all cash. Dow Jones and ITT had purchased the station from the City of New York in 1995 for $207 million. Dow Jones will record a gain on the sale of $7.4 million, or eight cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . CONTACT: Dow Jones & Company, New York Karen Pensiero, 212/416-2253 http://www.dowjones.com |
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