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THE GOLF CHANNEL A SHORT IRON AWAY FROM HITTING THE BLACK

          The Golf Channel (TGC) co-Founder & CEO Joe Gibbs can
     breathe "a sigh of relief" as he "continues to see his
     vision expanding across the television landscape," according
     to Dave Shedloski of GOLFWEEK.  Good news "has been pouring
     in of late," with TGC's "Golf Central" recently winning a
     CableACE Award, and with distribution "expected" to hit
     around 14 million homes by year's end, "meeting estimates."
     At the present rate, TGC will reach 20-22 million U.S. homes
     by the end of '98 and "be in the black on day-to-day
     operations by summer."  In addition, distribution abroad
     "may add another" 5-6 million homes by the end of '98. 
     Gibbs and partners, including Fox, can then "harbor thoughts
     of recouping" their $135M investment (GOLFWEEK, 12/13).
          GROWING AD BASE? Shedloski adds, however, that the
     growth in households through "basic and tier offerings" does
     have a "potential downside," in that ad rates on TGC, "while
     not likely to decrease, may not increase at a rate
     commensurate with other broadcasters."  Brian Fortini,
     Senior Marketing Manager/Taylor Made, noted the possibility
     of audience dilution, but still called TGC "a core buy." 
     Shedloski: "That's particularly true for smaller golf
     companies that may never be able to afford network ad
     rates."  For example, Adams Golf, which has seen its club
     sales "rise from" $3M to $30M, "attributes its infomercial
     on TGC with reaching more customers" (GOLFWEEK, 12/13). 

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