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TIME: Almanac 1995
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TIME Almanac 1995.iso
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032392
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1994-03-25
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<text id=92TT0626>
<title>
Mar. 23, 1992: Business Notes:Media
</title>
<history>
TIME--The Weekly Newsmagazine--1992
Mar. 23, 1992 Clinton vs. Tsongas
</history>
<article>
<source>Time Magazine</source>
<hdr>
BUSINESS, Page 48
Business Notes
MEDIA
Television Retreat
</hdr><body>
<p> The contemplative world of Christian Science hardly seems the
appropriate setting for a bitter corporate battle. But growing
turmoil over the financial future of the venerable Boston-based
church has assumed on the attributes of a Wall Street takeover.
An announcement last week that the church plans to cease
operation of its ailing Monitor Channel cable network marked a
grim defeat for forces within the church organization who have
staunchly supported large-scale media expansion. Harvey W. Wood,
chairman of the church and chief proponent of the $250 million
TV enterprise, resigned last week as the church disclosed that
it had borrowed $41.5 million from pension funds to shore up the
24-hour news and public affairs channel as well as the troubled
daily, Christian Science Monitor. The church says the Monitor
Channel--which costs $4 million a month to run--will shut
down by June 15 unless a buyer is found, an outcome analysts
consider unlikely.
</p>
</body></article>
</text>