P. M. BRIEFING : Turner Board Decides Not to Buy Financial Network, Paper Reports

Turner Broadcasting System’s board of directors has decided not to pursue a partial acquisition of Financial News Network Inc., a published report said.

The Atlanta Constitution today cited “knowledgeable sources” in its report that the TBS board, in a closed meeting Thursday, decided not to pursue a proposed purchase of a large block of FNN stock but did give a tentative go-ahead to creation of a regional cable TV sports channel. TBS spokesman Michael Oglesby said today he could not comment on the topics under consideration by the board.

According to published reports, TBS would have paid between $100 million and $110 million for 45% of the stock of FNN, a New York-based cable TV service that reaches up to 32 million homes with business news and other programming. A regional sports channel of the kind now reportedly under consideration at TBS could serve the Southeast with cable TV coverage of area professional and college sports.

Turner Broadcasting’s “SuperStation” WTBS broadcasts Atlanta Braves baseball, National Basketball Assn. games, Southeastern Conference college football and other events. Turner Broadcasting also owns Cable News Network, its sister channel Headline News, the Braves, basketball’s Atlanta Hawks and other holdings.