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FoxTV to buy WPWR-TV for US$425m cash ...

  1. rembrandt

    5,816 Posts.

    Hmmm... Rupert spending up again ...

    From NYSE news ...

    "Fox Entertainment, Fox TV To Buy WPWR-TV In Chicago For $425 Million Fox Entertainment, Fox TV To Buy WPWR-TV In Chicago For $425 Million -2

    6/27/02 5:30pm

    (This story was originally published by Dow Jones Newswires)

    All Rights Reserved

    NEW YORK -(Dow Jones)- Fox Entertainment Group Inc. (FOX) and Fox Television Stations agreed to acquire WPWR-TV, a UPN affiliate in the Chicago television market, from Newsweb Corp. for $425 million cash.

    In a press release Thursday, Fox Entertainment said the acquisition will give Fox Television Group a duopoly in the Chicago market, bringing its total duopolies in major markets to nine. Fox currently operates duopolies in New York, Los Angeles, Dallas, Washington, Houston, Minneapolis, Phoenix and Orlando.

    "The acquisition of WPWR continues our strategy of creating duopolies in major U.S. television markets," said News Corp. Ltd. (NWS), which holds an 85% stake in Fox. "In those markets where we already operate two stations, we've started to see the benefits of our duopoly strategy in the form of increased profit margins, better-quality news and entertainment for viewers and improved offerings to advertisers."

    Fox expects the deal to close in the last quarter of calendar 2002.

    -Carrie Kocik; Dow Jones Newswires; 201-938-5388

    This is only my view ... read the red stuff.

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