FCC Approves Paramount TV Deal: The Federal...

FCC Approves Paramount TV Deal: The Federal Communications Commission approved the transfer of control of TVX Broadcast Group Inc. to Newtel Inc., which is 98% owned by Paramount Communications Inc. Last December, Paramount asked the FCC to approve the transfer of control of the six independent TV stations when it acquired the convertible preferred and common stock in the group held by Salomon Bros. Holding Co. for $110 million plus assumption of $30 million in debt. Paramount now controls local TV stations reaching 10% of U.S. households.