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ITT and Dow Jones to buy TV channel

ITT and Dow Jones have agreed to buy television channel WNYC-TV from the City of New York for $207m (pounds 129m) cash. The companies plan to create a business and sports channel offering professional and college sports from ITT and financial and

business information from Dow Jones and the Wall Street Journal. The companies will each pay $103.5m and will manage the channel on a 50:50 basis. The transaction is subject to approval by the Federal Communications Commission.