News

Paxson Gets $24.5M in 9/11 Settlement

5/03/2005 7:26 AM Eastern

Paxson Communications Corp. will collect a total of $24.5 million in an insurance settlement for equipment for its New York station, WPXN, that was destroyed when the World Trade Center was attacked by terrorists, officials said Tuesday.

Under the settlement, Zurich American Insurance Co. has agreed to pay Paxson an aggregate of $24.5 million, less $7.7 million previously paid, by this Friday.

Paxson lost an antenna, transmitter and other equipment for WPXN when the Twin Towers collapsed Sept. 11, 2001.

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