Negotiations between Disney and GE about a possible sale of
NBC "have stalled." Industry sources confirmed reports that
Disney is considering a $5B bid for NBC. Disney is said to be
discussing a bid of $3.5B in cash and $1.5B in a promissory note.
"But the negotiations with GE are said to have been affected by
disagreement over valuation of the note" (N.Y. POST, 9/15). Also
interested in NBC: ITT and Time Warner. One NBC source said
yesterday that an "outright sale of the network" was unlikely
given the improving prospects and the network TV business in
general. NBC is interested in a "partnership arrangement whereby
it would link up with a major producer" of programs (Paul Farhi,
WASHINGTON POST, 9/15).
OTHER SUITORS: In New York, Robin Schatz notes other names
"pop up every day for potential buyers of a broadcast TV
network." Among them: Ted Turner, Harcourt General, Chris Craft
Industries and Viacom (NEWSDAY, 9/15). CNN's Lou Dobbs: "The
baseball season may be over, but a brand new game has riveted the
attention of Wall Street. The goal, to buy a broadcast network.
The players, just about every major media company you can think
of" ("Moneyline," 9/14).
The Golf Channel is targeting Jan. 17 for its debut
telecast. The Golf Channel, based in Orlando and founded by
cable TV exec. Joseph Gibbs and Arnold Palmer, will be the only
24 hour television network dedicated to golf (Steve Pike, GOLF
WEEK, 9/17)....SportsChannel New England and the Celtics have
agreed in principle to a multi-year agreement to continue airing
Celtisc home games beginning with this season (THE DAILY, 9/15).