NewsCorp Hunts Buyer for Fox Family

14 May 2001

NewsCorp is thought to be in early negotiations with several rival media groups over a sale of its Fox Family Worldwide cable network.

The unit is valued at between $4 billion and $6bn, with Viacom, AOL Time Warner, Walt Disney and Comcast thought to be among the potential buyers. However, one group, USA Networks, is reportedly uninterested in making a bid.

NewsCorp has been pondering Fox Family’s future for several months, since its partner Haim Saban decided to offload his 49.5% stake in the unit [WAMN: 22-Jan-01]. It is thought that the media titan’s decision to sell – rather than find another partner to replace Saban – was motivated by the prospect of channelling the proceeds into the intended purchase of satellite broadcaster DirecTV.

News source: Financial Times