US TV
NBC has told Paxson Communications - which runs the PAX-TV network - that it wishes to redeem its investment in the broadcaster in cash. The redemption price at the end of September was valued at $549.2m.
Paxson CFO Tom Severson addressed worries that NBC's request could put the broadcaster in a cash crunch:
"In no way does NBC's request for redemption create a liquidity event for Paxson. This past year we have successfully completed our efforts to raise over $100 million of liquidity and have improved operating performance in terms of free cash flow and EBITDA. The Company has no maturing securities until 2006 and is in a position of strength as we work to fully realise the value of our assets and pursue strategic alternatives."
Paxson CFO Tom Severson addressed worries that NBC's request could put the broadcaster in a cash crunch:
"In no way does NBC's request for redemption create a liquidity event for Paxson. This past year we have successfully completed our efforts to raise over $100 million of liquidity and have improved operating performance in terms of free cash flow and EBITDA. The Company has no maturing securities until 2006 and is in a position of strength as we work to fully realise the value of our assets and pursue strategic alternatives."
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