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Paxson's Fresno deal sweet

It looks like Paxson Communications Corp. wound up making a pretty penny on the sale of KPXF-TV
Fresno, Calif., to Univision Communications Inc.

The $35 million deal got the Federal Communications Commission's OK Friday.

Paxson only paid $8 million for the station in 1998, which works out to a 340
percent return.

Paxson is in the process of selling off some "noncore" TV assets to raise its
liquidity to the tune of about $100 million.