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Finance

VIACOM TO BUY CHRIS-CRAFT'S UPN STAKE; XFL IN THE PICTURE?

          Viacom agreed to buy Chris-Craft Industries' 50% stake
     in UPN for $5M in cash, according to Joe Flint of the WALL
     STREET JOURNAL, who writes that the resolved ownership issue
     "should make" programming and purchasing decisions for UPN
     "easier."  UPN's "latest challenge is striking a deal" with
     WWF Entertainment to keep its programming on the net after
     next season (WALL STREET JOURNAL, 3/21).  In N.Y., Bill
     Carter writes that while Viacom must gain FCC approval in
     order to own both CBS and UPN, execs at Viacom, CBS and UPN
     all "believed they would win some form of concession" from
     the FCC to approve the deal.  UPN President Dean Valentine
     said that UPN "has already expressed interest in carrying"
     XFL games next year (N.Y.TIMES, 3/21). The HOLLYWOOD
     REPORTER's Cynthia Littleton writes that UPN is in the
     "early stages" of "serious" talks with the WWF to carry XFL
     games.  Sources said that the XFL "could anchor" a sixth
     night of programming for UPN next year, as the net now has a
     Monday-Friday primetime schedule (HOLLYWOOD REPORTER, 3/21). 
     

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