Paxson 9/11 Claim Settled


Paxson Communications settled a suit against its insurance company over losses suffered when the World Trade Center was attacked, collecting $24.5 million.

Like many other other local TV stations, Paxson's New York City-area TV outlet, WPXN, broadcast from the trade center's north tower. WPXN got back on the air after the tower collapse, but only at 10% of its usual power.

Paxson claimed $38.2 million in damages, not just from the damaged equipment but from the loss of ad revenue during the months the station was on low power.

Insurance Company Zurich American initially responded by offering just $2.6 million for the lost equipment and $1.7 million for business interruption.