Further to yesterday’s story [WAMN: 23-Jul-01], Walt Disney Company has confirmed it is to purchase Fox Family Worldwide from NewsCorp and Haim Saban.

Disney will pay $5.3 billion for the unit, including the assumption of $2bn of debt. Although the purchase increases the group’s total debt from $9.5bn to nearly $15bn, chairman/chief executive Michael Eisner called the deal “strategically and financially compelling”.

News source: Financial Times