1992 Message Wire Traffic on MBC Purchase of UPI



This moved on the UPI message wire in 1992 after Middle East Broadcasting Centre purchased the company from bankruptcy:


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 from two fools from tennessee, to a mexican newspaper magnate, to the 
house that earl built, to a televangelist, to charney, to the dutch, to the saudis. 
i guess there is a  reason they keep the International in UPI.  may we eat lamb 
in paradise.

 brill-hca

 
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	Allpoints-exGeimann-NX-23197  (UPI) United Press International has a new 
owner in the wings. The successful $3.95 million cash bid today by Middle 
East Broadcasting Center 
  Ltd. of London was deemed to be the highest and best bid for UPI's assets. 
Immediately, that company is transferring a non-refundable $200,000 deposit 
to UPI. A letter of credit for the remainder will be delivered Thursday and final
contracts should be signed by Saturday - the scheduled closing. 
 In the meantime, their executives expect to be in Washington to begin meeting 
with UPI officials. It's important to note MBC does not own UPI yet. The ownership
change is scheduled for midnight Saturday.
  Today's unanimous agreement by the Creditors Committee and company - and
approval of the bankruptcy judge - ends a long period of uncertainty for all of us.
  As has been reported, and based on press releases from MBC, the company is 
based in London and has been operating since September 1991 providing Arabic-
language programs to Europe, North Africa and Middle East. The programs includes 
fashion reports, pop videos, an opinion show, travel programs and a weekly report 
on films and cinema. Twice a day, MBC produces a 30-minute newscast at its 
London headquarters and offers updates every hour during its 10-hour broadcast 
day.
  The company has 200 employees, many from Britian and from the Middle East, and 
many with broadcast experiences in English- and Arabic-language businesses. The
company sells advertising for its programs, which helps support the operation.
Outside the courthouse, Michael Costelloe, a business representative for the
company, told reporters MBC was interested in making technological improvements,
but did not specify exactly what the company had in mind.
  MBC last week named Ali Al-Hedeithy, formerly head of a large film production study, 
as its chief executive. Robert Kennedy of England is deputy chief executive. He has 
more than 30 years experience in British and Australian television.
  I look forward to meeting with the MBC executives and managers in the coming days
to hear their ideas and plans, and to share with them my optimism for UPI's future.
  For the moment, we're in business. Our new ownership makes it possible to remain in 
business, competing to get the biggest stories for today's clients and for 
tomorrow's subscribers. Our work remains under scrutiny by our customers, our 
competitors and our detractors. Your work, hour after hour, day after day, has
kept UPI alive and made it possible to have a future. You have all been 
professionals during excruciating days for UPI and enormously difficult days for 
each of us. cheers.
 Geimann-NX
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