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TRIBUNE TO HELP INCREASE IN MINORITY OWNED TV STATIONS
Published November 16, 1994
Tribune Co. and two black entertainment-industry businessmen, Quincy Jones and former NFL great Willie Davis, "are expected today to announce a partnership to acquire" U.S. TV stations. Tribune is expected to invest several hundred million dollars in stations around the country, while being the minority shareholder in the venture. The group is expected to take advantage of federal regulations, "which grant tax advantages to minority-controlled partnerships that buy stations" (WALL STREET JOURNAL, 11/16). The creation of the Jones-Tribune group "is the latest in a string of repercussions from Fox Television's unexpected move earlier this year to snatch away eight station affiliates from rival CBS." Other partners in the venture are said to include Geraldo Rivera and "Soul Train" producer Don Cornelius. One of the first stations the group is said to be purchasing is WATL in Atlanta, currently a Fox O&O. WATL would likely become an affiliate of Time Warner's planned WB Network (Lippman & Hall, L.A. TIMES, 11/16).