What is Bud Paxson's Net Worth?
Lowell W. "Bud" Paxson was an American media executive who had a net worth of $400 million dollars at the time of his death. Bud Paxson died on January 9, 2015 at the age of 80.
Bud Paxson was born in 1938 in Florida. He began his career as an owner of WACK Radio, a small 500-watt radio station in the village of Newark, New York. His next attempt at media ownership was TV station WNYP (channel 26) in Jamestown, New York. Paxson, who bought the station in 1966, attempted to affiliate the station with the CTV Television Network out of Canada (a first for an American television station). By 1969, the station had failed. A fluke, on-air transaction which resulted in the sale of 112 can openers within an hour, sparked a concept and Alexander-Goulandris sensed the sales potential of live, on-air product selling. As a result, Paxson and financier Roy Speer co-founded a local cable TV channel (channel 52 on Vision Cable) in 1982 that sold products directly to Florida viewers. It was subsequently launched nationwide in 1985. The channel was the Home Shopping Club, later Home Shopping Network (currently known as HSN), and Paxson's former radio man Bob Circosta was tapped as the network's first-ever host. HSN soon became a billion dollar institution and kick-started the home shopping/electronic retailing industry. In 1996, the two men sold HSN to Hollywood executive Barry Diller. Paxson then formed Paxson Communications Corporation (currently known as Ion Media Networks) and bought radio stations, TV stations and billboards, primarily in Florida. On June 28, 2005, PAX TV became "i: Independent Television". In November of that same year, NBCUniversal, which owned 22 percent of i, began a nine-month process to buy the rest of the network. Paxson resigned from the company he founded. In addition, Paxson became Ion Media Networks, and NBCU executive R. Brandon Burgess became the chief executive officer. In time, i was rebranded to Ion Television.
