Paxson Loses Sagansky, Gives NBC Time

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Paxson Communications Corp. said Monday that Jeff Sagansky stepped down as president and CEO, and he will be replaced by chairman Lowell Paxson.
The company also said it had granted NBC extra time to decide whether to sell its $415 million stake in Paxson Communications back to the company, according to a Securities and Exchange Commission filing Friday.

Pax TV president Dean Goodman will become Paxson Communications' chief operating officer and president.

Bill Scott, currently president of programming for Pax TV, will step in as president of the network and will be responsible for all programming, the company said.

The expiration of NBC's 60-day window to sell its Paxson Communications stake was extended to April 4 from Dec. 15. NBC -- which is owned by General Electric Co. -- will have the opportunity to sell its preferred shares in Paxson again in 2004.

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