WASHINGTON -- The Washington Post Co. announced Friday an agreement in principle to buy about 50 percent of Sportchannel Associates from Cablevision Program Enterprises.
'This venture is a splendid opportunity for our company to enter a cable programming business with exceptional potential for profit growth,' Richard D. Simmons, president of the Washington Post Co., said.
Sportschannel Associates telecasts professional sports events to New York area cable and pay television subscribers. It has more than 370,000 subscribers from 40 client comapnies.
Financial details of the deal were not disclosed.