Infotechnology to Increase Its Stake in Cable Network

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.