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News Corp. Completes Fox Entertainment Exchange Offer

Mar 21, 2005  •  Post A Comment

News Corp. on Monday said it successfully completed the exchange offer that gives it near complete control over the Fox Entertainment Group.

Nearly 414.9 million FEG shares were tendered in the exchange offer, which expired at midnight last Friday, giving News Corp. 98.9 percent of the outstanding equity in FEG. The company said it will now complete the process of folding FEG into News Corp. Each remaining FEG share not tendered will be converted into 2.04 shares of News Corp. Class A common stock.

Experts said that completing the process of bringing FEG into the News Corp. fold likely means News Corp. will turn its attention to John Malone’s Liberty Media, which late last year acquired a large chunk of voting shares. The two companies have not yet held formal talks about News Corp.’s buying back some of the Liberty stake, though both sides appear to be keen on holding discussions.