News Corp. to sell shares in new unit
Article Abstract:
The Australian holdings company News Corp. has announced that it will be offering as much as 20% of its film, television ansd sports businesses to the public, forming a new company named Fox Group in the US. Some of these businesses that make up the Fox Group include Twentieth Century Fox, Fox Television, and the L.A. Dodgers. The sale should stengthen the value of News Corp. shares, and help the corporation pay some of its $8 billion debt. The funds could also be used to make new acquisitions. The businesses that make up the Fox Group accounted for almost $7 billion of the News Corp. $11.2 billion in revenue last year.
Comment:
Formed to operate News Corp.'s film, television and sports businesses
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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CBS to spin off up to 20% of radio and billboard unit
Article Abstract:
CBS Corporation, which has seen its stock plummet recently due to investor's concerns over the company's profitability, has announced plans to spin off up to 20% of its radio and outdoor advertising units through an initial public offering. The company hopes to reduce its $5 billion debt through the IPO, which is expected to raise about $3 billion. CBS, which will take a $50 million third-quarter restructuring charge, also is planning a series of layoffs and programming changes designed to restore the company's profitability.
Comment:
Has announced plans to spin off up to 20% of its radio and outdoor advertising units through an initial public offering
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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News Corp. offer raises $2.8 billion
Article Abstract:
News Corp. raised $2.8 billion in an initial public offering of 18.6 percent of Fox Entertainment Group Inc. The third highest IPO in U.S. history will help the company pay down debt, enhance its assets and improve the price of its own stocks. The Conoco offering raised $4.4 billion and Lucent Technologies raised $3.3 billion.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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