OTHER NEWS - July 13, 1991

Lower Price Sought for FNN: NBC’s Consumer News and Business Channel, which won a tough bidding war for the Financial News Network, said it will ask a judge to lower the price by $5 million. CNBC said in papers filed in Manhattan’s U.S. District Court that a bankruptcy judge’s decision in May to reopen bidding for FNN unfairly caused it to increase its earlier highest offer. CNBC wants to void its winning offer of $154.3 million and a share of future revenues and reinstate its previous bid of $140 million in cash and the assumption of $9.3 million of FNN’s debt.