Infotechnology to Increase Its Stake in Cable Network

NEW YORK — Infotechnology Inc. said Monday that it is considering several proposals that would boost the business information and technology company’s interest in Financial News Network beyond its current 45% stake.

Last week Turner Broadcasting System Inc. rejected a proposal to buy a controlling interest in FNN, a cable financial news service, effectively ending any move to merge the two cable concerns.

Infotechnology also controls United Press International, which was not a part of the $100-million deal that was under consideration by Atlanta-based Turner.

“Consistent with recent public statements by Financial News Network, Infotech has been considering, and is continuing to consider, several preliminary proposals regarding joint ventures and/or business combinations with FNN,” Infotech said in a statement.

“Contrary to various unattributed press accounts, all preliminary proposals considered or currently under consideration provide for an increase in Infotech’s ownership of FNN.”

The 55% of FNN stock not owned by Infotech is in the form of outstanding public shares.

Infotech sources said last week the company also was negotiating possible deals involving FNN with ABC-Capital Cities Inc., the National Broadcasting Co. and Dow Jones & Co., owner of the Wall Street Journal.

Separately, FNN announced Monday that it had recently renewed or reached new agreements with more than 40 multiple system cable operators to carry FNN.