Biz Briefs: Fox Interactive Completes Acquisitions

Oct 10, 2005  •  Post A Comment

News Corp. announced last week that its Fox Interactive Media unit has completed two of its large Internet acquisitions: the $580 million purchase of Intermix Media and the $650 million purchase of IGN Entertainment. The IGN transaction was completed without a hiccup. However, the Intermix transaction came together despite protests from Intermix’s former CEO and largest individual shareholder, Brad Greenberg, who blasted the transaction as undervaluing Intermix. As part of the deal, News Corp. will pay Intermix’s common shareholders $12 for each share they own in the company. In addition, preferred shareholders will receive between $12 and $14.60 a share for each preferred share, depending on the series of convertible preferred shares they own.

Verizon to Carry Scripps, MTV Networks

Verizon Communications announced last week that it has signed agreements to carry MTV Networks and Scripps Networks on Verizon’s FiOS TV video service. At MTV, the agreement includes carriage of many of MTV’s and BET’s linear channels, as well as MTV Networks’ video-on-demand content, on the FiOS VOD platform. At Scripps, the agreement includes carriage of Home &

Garden Television, Food Network, DIY-Do It Yourself Network, Fine Living, Great American Country and Shop at Home. In addition, Verizon will carry video-on-demand programming, HGTV and Food Network in high definition. The contracts were signed prior to the launch of the FiOS service in Verizon’s first video market, Keller, Texas.