By: Brooks Boliek Opponents Say Value Of 'NY Post' Is Hidden
(The Hollywood Reporter) A coalition of minority and public interest
groups attempting to derail News Corp.'s purchase of Chris-Craft
TV stations accused the company of hiding the true value of the
New York Post from government officials examining the
merger.
In papers filed with the FCC this week, the groups - led by
Georgetown University Law Center's Institute for Public
Representation - said News Corp.'s refusal to provide a
balance sheet and other basic financial information fails to give
the commission enough of a record to allow the company to keep
the newspaper and two television stations in the city.
"News Corp. has once again attempted, and failed, to prove the
necessity of maintaining ownership of the Post, WNYW and
WWOR," the groups wrote in a filing that came as time is running
out for the FCC to approve or reject the deal. The FCC's 180-day
time limit for approving a merger will expire within a few days
unless commission officials decide to "stop the clock" on the
merger, something they've done twice before.
The groups argued that the company's failure to provide
independent financial information is a thinly disguised attempt
to dodge the commission's questions about the merger. "The
information is accompanied only by statements of News Corp.
executives who have an obvious self-interest in portraying the
facts in a way most favorable to achieving their goal," they
wrote.
Related story:
WILL FCC MAKE RUPERT GIVE UP HIS 'POST'? (04/30/01)
Copyright 2001, Editor & Publisher.
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