Surprise bidder might get FNN

February 27, 1991|By New York Times News Service

CNBC, General Electric Co.'s cable news service, said yesterday that it had agreed to acquire the troubled Financial News Network for $105 million in cash.

The surprise bid, which CNBC made privately Friday and was approved by the two companies late Monday, is reported to be $15 million higher than a joint offer made two weeks ago by Dow Jones & Co. and Westinghouse Broadcasting.

Dow Jones and Westinghouse, which now could raise their offer, angrily told the FNN board that they were "disturbed that FNN had broken off our good negotiations."

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