This moved on the UPI message wire in 1992 after Middle East Broadcasting Centre purchased the company from bankruptcy:
g nzm275gtm nzm244 nzm275put nzm00244 mp to din all- from two fools from tennessee, to a mexican newspaper magnate, to the house that earl built, to a televangelist, to charney, to the dutch, to the saudis. i guess there is a reason they keep the International in UPI. may we eat lamb in paradise. brill-hca ----- uu hub lee ccccmz ccccbk cccckc ccccdajafaka ccccc vb sp ac ccccxlzqwqbspdakbkckafakxne cccc mz cccc qn cccc ccccx Allpoints-exGeimann-NX-23197 (UPI) United Press International has a new owner in the wings. The successful $3.95 million cash bid today by Middle East Broadcasting Center Ltd. of London was deemed to be the highest and best bid for UPI's assets. Immediately, that company is transferring a non-refundable $200,000 deposit to UPI. A letter of credit for the remainder will be delivered Thursday and final contracts should be signed by Saturday - the scheduled closing. In the meantime, their executives expect to be in Washington to begin meeting with UPI officials. It's important to note MBC does not own UPI yet. The ownership change is scheduled for midnight Saturday. Today's unanimous agreement by the Creditors Committee and company - and approval of the bankruptcy judge - ends a long period of uncertainty for all of us. As has been reported, and based on press releases from MBC, the company is based in London and has been operating since September 1991 providing Arabic- language programs to Europe, North Africa and Middle East. The programs includes fashion reports, pop videos, an opinion show, travel programs and a weekly report on films and cinema. Twice a day, MBC produces a 30-minute newscast at its London headquarters and offers updates every hour during its 10-hour broadcast day. The company has 200 employees, many from Britian and from the Middle East, and many with broadcast experiences in English- and Arabic-language businesses. The company sells advertising for its programs, which helps support the operation. Outside the courthouse, Michael Costelloe, a business representative for the company, told reporters MBC was interested in making technological improvements, but did not specify exactly what the company had in mind. MBC last week named Ali Al-Hedeithy, formerly head of a large film production study, as its chief executive. Robert Kennedy of England is deputy chief executive. He has more than 30 years experience in British and Australian television. I look forward to meeting with the MBC executives and managers in the coming days to hear their ideas and plans, and to share with them my optimism for UPI's future. For the moment, we're in business. Our new ownership makes it possible to remain in business, competing to get the biggest stories for today's clients and for tomorrow's subscribers. Our work remains under scrutiny by our customers, our competitors and our detractors. Your work, hour after hour, day after day, has kept UPI alive and made it possible to have a future. You have all been professionals during excruciating days for UPI and enormously difficult days for each of us. cheers. Geimann-NX ccccqqe