Turner TV news network buys rival cable channel
Ted Turner's Cable News Network broadcasting system has purchased the rival Satellite News Channel for $25 million, it was announced Wednesday. Satellite News Channel, a headline service that is a joint venture of Westinghouse Electric Corporation and the American Broadcasting Corporation, competes with Mr. Turner's CNN Headlines News. According to the terms of the agreement, SNC will discontinue operations and CNN will be offered to cable TV systems for the duration of the contract they have with SNC. In addition, the lawsuits the two had filed against each other have been dropped.