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Exactly a week after announcing its investment in Prism Communications Partners, an equity fund designed to back media companies owned by minorities, Tribune Broadcasting said it is putting one out of business.
Last Tuesday, Tribune said it would pay $95 million to buy out the 67% interest of its partners in Qwest Broadcasting. Those partners include music magnate Quincy Jones and TV producer Don Cornelius, who are African-American, and TV talk-show host Geraldo Rivera, who is Puerto Rican.
Qwest owns WB affiliates WATL(TV) Atlanta and WNOL(-rv) New Orleans (See "Changing Hands," pages 96-97). The deal gives Tribune a duopoly in New Orleans, where it already...