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(business) News Corp. to Buy Rest of Fox for $6 Bln (from ATSNN)

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posted on Jan, 10 2005 @ 12:22 PM
On Monday Murdoch's News Corp. said it would take control of Fox Entertainment worth $6 billion which would simplify media conglomerate's structure. This deal sent shares up 10 percent and gave News Corp full ownership of assets like 20th Century Fox film studios, Fox Network, Fox News channel and a stake in the DirecTV.
NEW YORK (Reuters) - Rupert Murdoch's News Corp. (NYSE:NWS - news) on Monday said it would take full control of its Fox Entertainment Group Inc. (NYSE:FOX - news) unit in a stock swap worth about $6 billion, which it said would simplify the media conglomerate's structure.

The deal, which sent Fox shares up 10 percent, gives News Corp. full ownership of its U.S. entertainment assets such as 20th Century Fox film studios, Fox Network, Fox News Channel and its stake in satellite broadcaster DirecTV, which could make it easier for Murdoch to pursue acquisitions.

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News Corp taking control of Fox to simplify the structure. Originally Fox sold 18.6 percent back in 1998. They say it made little sense to have two publicly traded U.S. entities. Lets see how this turns out. He has just one currency to deal with which has simplified life a little for him.


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