Outlet sells for $396 million to NBC. (Outlet Communications)(Brief Article)

Broadcasting & Cable, August, 1995 by McClellan, Steve

Outlet sells for $396 million to NBC NBC will acquire Outlet Communications for $47.25 per share, or $396 million, topping a bid in late June from Renaissance Communications of $42.25 per share, or $360 million. In addition, NBC will pay Renaissance a breakup fee of $6.5 million. Earlier in the week, Renaissance had filed suit in Delaware against Outlet and NBC, but a judge there denied the company's request for a restraining order barring Outlet from accepting NBC's higher bid.

Renaissance issued a statement afterward saying it had settled the suit against NBC. Outlet Chairman/CEO James Babb said last week that there was no decision yet on whether he'd stay with NBC or move on, possibly to buy stations. Outlet stations include NBC affiliates W JAR-TV Providence,...

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