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NBC Offers to Purchase Rhode Island's Channel 10 from Outlet Communications.(Originated from Providence Journal-Bulletin, R.I.)
Knight Ridder/Tribune Business News, August, 1995 by Smith, Gregory
PROVIDENCE, R.I.--Aug. 1--The NBC television network has barged between Outlet Communications and a would-be buyer, offering substantially more money to buy Outlet.
That means Rhode Island's Channel 10 (WJAR), one of the oldest TV stations in the country, is up for grabs again.
Outlet Communications, of Cranston, is Channel 10's parent company. Channel 10 for decades has been affiliated for programming purposes with NBC.
It was only 41/2 weeks ago that Outlet said it had agreed to be bought by Renaissance Communications Corp. of Greenwich, Conn., for $360 million.
Nevertheless, Outlet said its board of directors will consider the NBC offer to pay in cash $47.25 per share of common stock. That offer exceeds by $5 per share the Renaissance...
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