TITLE

News Corp. plans to take Fox private

AUTHOR(S)
Szalai, Georg
PUB. DATE
January 2005
SOURCE
Hollywood Reporter -- International Edition;1/11/2005, Vol. 387 Issue 20, p1
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article reports that media mogul Rupert Murdoch's News Corp. Ltd. on Monday unveiled a proposal to take private its Fox Entertainment Group Inc., which has served as the conglomerate's publicly traded the U.S. arm for more than six years, in a $5.86 billion stock deal. With News Corp. having relocated from Australia to the United States late last year and its shares now part of the S & P 500 stock index, Wall Street observers had predicted that the media giant would buy in the 18% publicly-traded part of Fox as early as this year. By affecting the takeover of Fox in a stock deal, News Corp. not only makes the transaction tax free but also preserves cash for possible future deals, like an expected arrangement with John Malone's Liberty Media that could buy out that firm's 18% voting stake in News Corp.
ACCESSION #
15838811

 

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