Warner and Chris-Craft Reach Partial Pact: Warner...

Warner and Chris-Craft Reach Partial Pact: Warner Communications Inc. and Chris-Craft Industries said they have reached a partial settlement regarding BHC Communications, a broadcasting company owned by both companies. One result of the settlement will be the recapitalization of BHC into two classes of stock, with 40% of the equity allocated to Class A set to be distributed by Warner. Overwhelming voting control--93.75%--will be retained by Chris Craft, the Class B shareholder. Warner was recently acquired by Time Inc.