Business Notes

America's most watched business-news channel nearly had to report its own demise. Owing $142 million and losing money, Financial News Network Inc. was headed for oblivion until, last week, it finally accomplished what it had been trying for five months: it sold important assets and raised cash. Dow Jones and Westinghouse Broadcasting jointly bought the flagship FNN cable news channel plus the company's weekend sports service, its syndicated program This Morning's Business and a radio news service for about $90 million.

Westinghouse Broadcasting will manage the properties while Dow Jones will have editorial control, which should lead to improvements in both areas. The Discovery Channel, another cable-TV venture, agreed to buy FNN Inc.'s interest in the Learning Channel for $12.75 million. FNN also plans to sell its 49% interest in Shark Information Services. Trouble is, that's all the assets. Acknowledging that it is still deeply in the hole, the company said it will soon file for bankruptcy protection.