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Time - Man of the Year
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Time_Man_of_the_Year_Compact_Publishing_3YX-Disc-1_Compact_Publishing_1993.iso
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032392
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0323205.000
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1992-08-28
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BUSINESS, Page 48Business NotesMEDIATelevision Retreat
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.