UPN Future Is Now

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New York -- Chris-Craft Industries unit BHC Communications
Inc. has until today (March 20) to decide if it will buy out joint-venture partner Viacom
Inc.'s one-half of United Paramount Network or sell out to Viacom.

Last Thursday, a New York State court dismissed a
breach-of-contract suit BHC filed against Viacom, forcing BHC to adhere to a buy-sell
provision that Viacom triggered.

BHC sought to block Viacom's pending merger with CBS
Corp., arguing that Viacom violated a noncompete clause. The court ruled that Viacom
didn't breach its contract since no closing date has been set for the Viacom-CBS
merger.

BHC must either buy or sell its stake in UPN for $5 million
under the provision. Last Friday, a BHC spokeswoman said the company hadn't decided
how to proceed.

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