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Patrick's Cathedral 7 Blink" with a mix of music, entertainment news and celebrity gossip " Tom Taylor, editor of the trade publication Inside Radio, said Infinity is "finally making a break with the past Everybody in the industry is going to be looking at this because WNEW has such high visibility Then that format was dumped after a scandal last summer when the two shock jocks broadcast a pair of listeners allegedly having sex inside St The newest format will feature a morning team of "Entertainment Tonight" correspondent Chris Booker and Linda Lopez, sister of Jennifer Lopez That changed in 1999, when Infinity switched to an all-talk format Radio Icon WNEW-FM Changes Format Apr 10, 2:51 PM EST NEW YORK (AP) Once the nation's foremost rock station, WNEW-FM announced a new format Thursday, creating an identity as "102 And listeners will hear a wide spectrum of music Spokesman Dana McLintock said it would not be unusual to hear a Springsteen song segue into a Lopez tune into a Beatles classic For 32 years, WNEW-FM was the place where rock lived "Just like all media, great radio stations constantly reinvent themselves," said John Sykes, chairman of Infinity Broadcasting, one of the nation's largest major-market radio station owners (and a part of Viacom) Actor Kiefer Sutherland will be the station's "voice," recording Blink's commercials S S The terms of the deal announced Wednesday were largely unchanged from a preliminary agreement reached a month ago, when the two companies entered exclusive talks about a merger and sketched out broad outlines for a combined company to be called NBC Universal The deal will give NBC more weight in competing for audiences and advertising with bigger media heavyweights such as AOL Time Warner Inc NBC will own 80 percent of the new entity, with the remaining 20 percent controlled by Vivendi The new company will include the NBC television network and its cable channels CNBC, MSNBC and Bravo and Spanish-language broadcaster Telemundo as well as Vivendi's Universal movie and TV studios â€â€? which already make NBC's hit show "Law & Order" â€â€? plus the USA, Sci-Fi and Trio cable channels and several theme parks The combination requires regulatory approvals in Washington and Brussels, but is expected to be finalized in the first half of 2004, Vivendi executives said NBC beat several other potential suitors for the Universal entertainment businesses, including Viacom, Liberty Media Corp NBC has been the only major network not owned by a larger media conglomerate The deal capped a long and sometimes turbulent sales process which began in the spring when Vivendi said it wanted to sell assets as part of an effort to reduce debt and focus on its telecommunications businesses S The companies' decision to enter exclusive talks last month marked the end of a long-running auction, with at least five other companies showing interest in the U S NBC is paying $3 " He said Vivendi Universal had been having trouble negotiating contracts for the channels 38 and Comcast Corp -based entertainment empire Vivendi's chairman Jean-Rene Fourtou told reporters in a conference call Wednesday that its U NBC Universal will be led by Bob Wright, vice chairman of GE and chairman and chief executive of NBC, the companies said Vivendi will get three of the 15 seats on the board of directors of the new company have reached an agreement to merge the French company's Hollywood studio, cable TV networks and theme parks with GE's NBC business, creating a media giant with about $13 billion in annual revenue and Walt Disney Co 3 billion of that cash â€â€? which will enhance Fourtou's debt-reduction program Vivendi gets help in its effort to reduce the heavy debt accumulated under former management while keeping a stake in the potential growth of the media business Vivendi, an 86 percent shareholder of the Vivendi Universal Entertainment, will get $3 Vivendi's U Walt Disney Co , Metro-Goldwyn-Mayer Inc 28 in morning trading on the New York Stock Exchnage, while GE's were off 35 cents at $30 In addition, NBC will take on $1 television assets with the NBC empire Universal Music Group, the largest music company, is not part of the deal and will be retained by Vivendi Vivendi, NBC Sign Agreement to Merge Oct 8, 11:27 AM EST Vivendi Universal and General Electric Co Fourtou said the merger would allow Vivendi to reduce debt to $5 billion and be a profitable company by the end of 2004 Vivendi will also have the chance to begin selling its 20 percent stake in the new company starting in 2006 Fourtou told investors in a separate call that the companies expected to get between $400 million and $500 million in synergies from the deal, including both cost savings and increased revenues , Viacom Inc 6 billion The deal will allow Vivendi to pair up its limited U The companies estimated the combined media and entertainment business would be worth $43 billion, meaning a 20 percent stake would be worth about $8 The newly created company will have about $13 billion in annual revenues, making it a sizable competitor in the media field but still smaller than AOL Time Warner's $41 billion in revenues last year or Disney's revenues of $25 billion TV holdings "were too small to be really competitive on the American television scene 8 billion in cash as part of the deal owns ABC, Viacom owns CBS and News Corp For Vivendi, the deal offers an opportunity to trim back debts â€â€? which totaled $13 billion at the end of July â€â€? run up during a buying spree under former chief executive Jean-Marie Messier -listed shares were up 7 cents at $19 7 billion of Vivendi's debt, slightly above the $1 owns Fox 6 billion initially announced in September |
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