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FNN FILES AMENDED PLAN OF REORGANIZATION WITH BANKRUPTCY COURT

 FNN FILES AMENDED PLAN OF REORGANIZATION WITH BANKRUPTCY COURT
 NEW YORK, March 2 /PRNewswire/ -- Financial News Network Inc. (NASDAQ: FNNIQ) today announced that it has filed an amended plan of reorganization and disclosure statement with the United States Bankruptcy Court for the Southern District of New York.
 The bankruptcy court has set a date of March 4, 1992, for a hearing before Judge Francis G. Conrad on approval of the disclosure statement. Following approval of the disclosure statement, the amended plan will be circulated among and voted upon by shareholders and creditors. FNN anticipates a favorable vote on the amended plan since it is the result of extensive negotiations with FNN's principal creditor groups, and provides for a significant equity participation for FNN's existing shareholders.
 Under the proposed plan, FNN will transfer its remaining assets to a new company that will consolidate the ongoing operations of its market data service businesses. It will include the operations of Data Broadcasting Corporation's stock quote services for individual investors (Signal, QuoTrek and MarketWatch) and the professional stock quote services available through Shark Information Services Corporation. FNN plans to acquire the remaining 51 percent of Shark that it does not yet own from Infotechnology, Inc. as part of the FNN reorganization plan.
 FNN filed a petition for reorganization under Chapter 11 of the Federal Bankruptcy Code in March 1991 and sold its media business, which featured the FNN cable television network, to CNBC for in excess of $154 million in May 1991. Also in May 1991, FNN sold its position in The Learning Channel national cable network to The Discovery Channel for approximately $11 million.
 -0- 3/2/92
 /CONTACT: Amber Gordon for Financial News Network, Inc., 703-359-6236/
 (FNNIQ) CO: Financial News Network, Inc. ST: New York IN: PUB SU: BCY


DS -- DC015 -- 3886 03/02/92 11:00 EST
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Publication:PR Newswire
Date:Mar 2, 1992
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