ABC to Buy Interest in TV News...
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From Times Staff and Wire Reports
ABC to Buy Interest in TV News Agency: ABC News said it would buy a majority interest in Worldwide Television News, a London-based operation with 1,000 clients, including CBS News and Cable News Network. ABC’s move raises to 80% from 45% its stake in the agency, which serves broadcasters in 65 countries. The network did not reveal the cost of gaining majority ownership. The action comes at a time when the three major U.S. networks are trying to reduce their costs of overseas news coverage through cooperative efforts with overseas news operations.
