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Monday, August 14, 2000

MURDOCH EXPANDS
MEDIA EMPIRE

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$5 Billion Purchase Of Chris-Craft Adds 10 TV Stations To Murdoch’s Gigantic Pile O’ Media
Media magnate rupert murdoch',390,400);">rupert murdoch',390,400);">Rupert Murdoch, moving to expand his television empire in the United States, is expected to announce on Monday (8/14) an agreement for News Corp. to acquire TV station owner Chris-Craft Industries and its subsidiaries for about $5 billion.

News Corp, which is controlled by Murdoch, owns the Fox television network and 22 U.S. television stations, while Chris-Craft owns 10 television stations.

News Corp agreed to pay $85 a share for Chris-Craft and its BHC Communications and United Television subsidiaries.

New York-based Chris-Craft has an 80% stake in BHC, which operates six very high-frequency television stations and four ultra high frequency television stations. BHC has a 58% stake in United Television.

Chris-Craft earlier this year sold its 50% stake in the UPN television network to Viacom, which owns the other half.

News Corp. outbid media rival Viacom, which abruptly announced on Friday it had ended takeover talks with Chris-Craft, sending Chris-Craft shares down 8, or about 11%, to close at 62.

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