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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
July 15,1999
FOX ENTERTAINMENT GROUP, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-14595 95-4066193
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
1211 Avenue of the Americas
New York, New York 10036
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(Address of principal executive offices)
Registrant's Telephone Number, including
area code: (212)852-7111
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(Former Address, if changed since last report)
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Item 5: Other Events.
The News Corporation Limited ("News Corporation"), the parent company of
Fox Entertainment Group, Inc. (the "Company"), announced on July 15, 1999, the
closing of a transaction pursuant to which it acquired substantially all of
Liberty Media Corporation's ("Liberty") 50% interest in the businesses of Fox
Sports Networks, LLC, formerly known as Fox/Liberty Networks, LLC ("Fox Sports
Networks") and other related businesses.
In exchange for its interests, Liberty received ADRs (representing
preferred limited voting ordinary shares) of News Corporation.
Following consummation of the transaction, News Corporation immediately
transferred the acquired interests to the Company in exchange for 51,759,834
shares of the Company's Class A Common Stock valued at approximately $1.425
billion, thereby increasing News Corporation's equity interest in the Company to
82.8%, up from 81.4%. The Company had held the other 50% interest in the
Fox/Liberty joint ventures.
After giving effect to these transactions, Fox owns substantially all of
the outstanding interests in the Fox Sports Networks businesses. Liberty will
retain its 50% interest in International Sports Programming, LLC, the
international sports programming business in which the Company and Liberty are
partners.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: July 26, 1999
FOX ENTERTAINMENT GROUP, INC.
By: /s/Lawrence A. Jacobs
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Name: Lawrence A. Jacobs
Title: Secretary
