Compare this with the experience of rival broadcaster Chris-Craft Industries, which until a year ago assumed all the losses for UPN.

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Other notable targets included Quaker State Oil Refining and Chris-Craft Industries, each of which paid millions to buy back their stock from him.

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Both Viacom (nyse: VIA - news - people) and the Fox unit of News Corp. (nyse: NWS - news - people) already exceed the cap on television station ownership as a result of their past mergers with CBS and Chris-Craft Industries--mergers the FCC rules did not prevent.

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Morse shepherds buyers through the process, monitors each boat's progress almost daily, and then--this is something you probably won't find at Chris-Craft--delivers the boat personally. (He's driven them as far as the Chesapeake Bay.) Your first ride in your new skiff is a shakedown cruise with the personable Morse himself, who ends up remaining in touch with many owners for years afterward.

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