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A move by General Electric Capital Corp. to take control of three television stations owned by Northbrook-based Pegasus Broadcasting appears to be an effort by the financial services giant to protect its equity investment.
Pegasus was formed in 1986 when managers of Glenview-based SFN Cos. purchased the company's broadcast operations in a leveraged buyout valued at $155 million.
If approved by the Federal Communications Commission, the move would put GE Capital in control of ABC-affiliated WJBF-TV in Augusta, Ga.; KSCH-TV, a UHF independent station in...