The stage finally has been set for the long-anticipated bidding session to buy the Financial News Network. NBC’s Consumer News & Business Channel and the partnership of Dow Jones & Co. and Group W Satellite Communications will square off May 7 in federal bankruptcy court.
After weeks of courtroom maneuvering, the federal appeals court April 30 dismissed CNBC’s challenge to a lower court decision reinstating the Dow/Group W bid for FNN.
The latest ruling lets stand federal Judge Morris Lasker’s reversal of the earlier bankruptcy court decision blocking a $115 million bid from the Dow/Group W partnership.
The appeals court said it did not have the jurisdiction to get involved but considered the case on an expedited basis “in light of the urgency of this matter, due to the rapidly wasting value of FNN’s assets.”
A Group W representative said the company looks forward to moving on with its acquisition of FNN.
In a prepared statement, CNBC exec Susan Greene said the company had not yet seen the court’s decision but that CNBC fully intended to pursue its plan to complete the FNN acquisition.