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 realize the value of our assets and pursue strategic alternatives."