Viacom finishes UPN deal

NEW ORLEANS – Viacom Wednesday completed its buyout of a 50% stake in the United Paramount Network, paying $155 million in cash and other costs to BHC Communications, a majority-owned unit of Chris-Craft Industries.

BHC, which has operated and owned the UPN weblet outright since its formation in January 1995, will collect $116 million from the transaction, and UPN will receive Viacom funds for program development and operating costs.

The $155 million pricetag is equal to half of BHC’s losses to date on UPN, including interest expenses. UPN, currently programming three nights with plans to add a fourth next year, has 152 affiliates reaching 92% of U.S. TV households.

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