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The Hulman-George family is selling WNDY-TV Channel 23 for $35 million--more than three times what it paid for the station three years ago.
Los Angeles-based Paramount Stations Group Inc. agreed this month to purchase the station after little-known Spartan Communications Inc. backed out of its purchase agreement just one hour before it was scheduled to finalize its deal Oct. 3.
Paramount, half-owner of the UPN network, did not bid on the station when it went on the block early this summer. But it swooped in after it discovered that the local UPN affiliate, WTTV-TV Channel 4, planned to switch to a rival network, The WB, said Paramount President Tony Cassara.
"We didn't really have a desire to buy a station in a market where we already had an affiliate. We didn't need another," Cassara said. "But something changed in the interim."
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