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Technology Stocks : Paxson Communications (PAX) -- Ignore unavailable to you. Want to Upgrade?

To: jerry who wrote (145)	9/9/1999 3:04:00 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 154

You need to factor in the shares that will be issued to NBC for their $400.0 MM. You are right when you note that the implied market cap is $1.25 billion. However, if NBC is buying 32% of the company, PAX will be issuing approximately 29.070 MM shares to NBC, which will give PAX a total of 90.859 MM shares outstanding. 29.070 MM divided by 90.859 MM equals 32%. Divide $1.25 billion by 90.859 MM shares and you have $13.76.