Apr06
Television celebrity and businessman Byron Allen on Tuesday said his Entertainment Studios Corp. may bid $2.2 billion in cash to acquire struggling Paxson TV network and remake it for black audiences.
Allen, widely remembered as the star of 1980s TV show “Real People,” told Reuters he is working with investment bank Credit Suisse First Boston and several undisclosed private equity firms to establish financing, but no company had yet committed to backing his company in an offer.
The network’s parent, West Palm Beach, Florida’s Paxson Communications Corp. (AMEX:PAX – news), owns 60 local TV stations that reach nearly 90 percent of all U.S. households. (more…)
