New World reportedly buys up Genesis

New World Communications Group, which last week began trading as a publicly held company, has reportedly concluded a long-rumored deal to buy the remaining 50% of syndicator Genesis Entertainment.

Officials from both companies declined comment, but a source disputed the reported sales figure –$ 24 million in New World stock and more than $ 10 million in cash.

New World earlier paid $ 15 million for a 50% stake in Genesis, whose properties include the firstrun series “Real Stories of the Highway Patrol.”

There has been speculation the price for the remaining half of Genesis increased because “Highway Patrol” has enjoyed some success in the syndication market.

If the deal is completed, Genesis chairman-CEO Gary Gannaway is expected to report to New World CEO William Bevins.

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