 As Fox put together its new sports division to cover the NFL, it sought to affiliate with VHF stations (broadcasting on channels 2 to 13) that had more established histories, and carried more value with advertisers.On May 23, 1994, Fox agreed to purchase a 20% stake (an investment of $500 million) in New World Communications, a media company controlled by New York City-based investor Ronald Perelman, who purchased the company in 1989 in the midst of its restructuring under a Chapter 11 bankruptcy declaration.New World – which was founded by actor/producer/director Roger Corman and his brother, film producer Gene Corman, on July 8, 1970, as an independent producer of low-budget feature films, and starting in 1984, began producing television programs such as "Crime Story", "Santa Barbara", and "The Wonder Years" – expanded into television broadcasting on February 17, 1993, after Perelman purchased a 51% ownership stake in Denver-based SCI Television (a group descended from the former Storer Communications that was undergoing a complex restructuring of its debt) from the Apollo Partners-controlled Gillett Holdings for $100 million and $63 million in newly issued debt.