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NEWS: Rupert Murdoch Will Buy Rest Of Fox Shares In $7 Billion Deal

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posted on Jan, 10 2005 @ 12:40 AM
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Rupert Murdoch, owner of the News Corporation, is expected to buy out the shareholders of Fox Entertainment for approximately $7 Billion. The deal gives Mr. Murdoch more control over the Fox broadcast network and DirecTV as well as consolidating his business interests around the world. He has also recently re-incorporated News Corporation in the United States and changed its primary stock listing to the New York Stock Exchange from the Australian exchange.

 



www.nytimes.com< br /> Rupert Murdoch, consolidating his global media empire in the United States, is expected to announce today that he will buy out the shareholders of his Fox properties for about $7 billion, executives involved in the deal said last night.

The deal would solidify Mr. Murdoch's control over some of the nation's most valuable media assets like the Fox broadcast network and the DirecTV satellite service and help simplify the complicated structure of his far-flung company, the News Corporation, which includes newspapers, television, film and satellite assets around the globe.

It also puts Mr. Murdoch in a better position to leverage his full ownership of the Fox Entertainment Group for future deals.



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This deal should give the News Corporation, already one of the world's largest media companies, even more clout and flexibility in the United States. Perhaps Mr. Murdoch has plans to extend his mostly conservative vision beyond the Fox News network. With the strength of Fox Entertainment added to his fold, he will have leverage to expand into other areas of communications.

[edit on 10-1-2005 by Banshee]




 
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