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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):
April 5, 1999
FOX ENTERTAINMENT GROUP, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-14595 95-4577574
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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 April 5, 1999 that
it has agreed to acquire substantially all of Liberty Media Corporation's
("Liberty") 50% interest in Fox/Liberty Networks, LLC and other related
businesses.
In exchange for its interests, Liberty will receive approximately 51.8
million ADRs (representing 207.1 million preferred limited voting ordinary
shares of News Corporation) valued at $1.425 billion.
Upon consummation of the transaction, News Corporation will transfer 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 currently holds the other 50% interest in the Fox/Liberty
joint ventures.
The transaction is expected to close by the end of June upon fulfillment of
certain customary conditions, including regulatory approvals.
Liberty will retain its 50% interest in International Sports Programming
Partners, 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: April 9, 1999
FOX ENTERTAINMENT GROUP, INC.
By: /s/ Lawrence A. Jacobs
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Name: Lawrence A. Jacobs
Title: Secretary
