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Paxson goes it alone for now

Company will no longer retaining outside consultants

NEW YORK — Lowell “Bud” Paxson has decided against a major merger or acquisition to solve the financial troubles plaguing family broadcaster Paxson Communications.

The West Palm Beach, Fla.-based company said in a statement Friday it is no longer retaining outside consultants Bear, Stearns & Co. and Citigroup Global Markets.

Paxson, which owns about 60 TV stations and the Pax TV network, said “no viable strategic transactions” emerged from the 2-year-old consulting agreement that would be in the best interests of all shareholders.

Instead, company will pursue refinancing alternatives and will consider selling off underperforming stations.

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