EXHIBIT - 99.1
For Immediate Release
NEWS CORPORATION AND CHRIS-CRAFT
RECEIVE DOJ SECOND REQUEST
NEW YORK, NY, November 15, 2000 - The News Corporation Limited
(ASX: NCP, NCPDP; NYSE: NWS, NWS/A; LSE: NEWCP), Chris-Craft Industries,
Inc. (NYSE: CCN), BHC Communications, Inc. (AMEX: BHC) and United
Television, Inc. (NASDAQ: UTVI) today announced that News Corporation and
Chris-Craft each received a request for additional information from the
U.S. Department of Justice in connection with News Corporation's and Fox
Television Stations' pending acquisitions of Chris-Craft, BHC and UTV.
The companies intend to respond promptly to the information request
and do not anticipate that it will delay the pending acquisitions of
Chris-Craft, BHC or UTV, which the companies currently expect to be
completed by the end of News Corporation's fiscal year ending June 30,
2001.
The request for additional information was issued under
notification requirements of the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended.
Company Backgrounds:
Chris-Craft Industries, Inc. is primarily engaged in television
broadcasting. Its television division includes ten stations in top 40
markets, which currently reach approximately 22% of America's households.
The division is operated by 80% owned BHC Communications, Inc., which owns
three stations: WWOR (UPN-9) in New York, KCOP (UPN-13) in Los Angeles and
KPTV (UPN-12) in Portland. BHC's 58% owned subsidiary, United Television,
Inc., owns the remaining seven stations: KBHK (UPN-44) in San Francisco,
KMSP (UPN-9) in Minneapolis, KUTP (UPN-45) in Phoenix, WUTB (UPN-24) in
Baltimore, WRBW (UPN-65) in Orlando, KMOL (NBC-4) in San Antonio and KTVX
(ABC-4) in Salt Lake City.
The News Corporation Limited is one of the world's largest media
companies with total assets as of September 30, 2000 of approximately US$38
billion and total annual revenues of approximately US$14 billion. News
Corporation's diversified global operations in the United States, Canada,
continental Europe, the United Kingdom, Australia, Latin America and the
Pacific Basin include the production and distribution of motion pictures
and television programming; television, satellite and cable broadcasting;
the publication of newspapers, magazines and books; the production and
distribution of promotional and advertising products and services; the
development of digital broadcasting; the development of conditional access
and subscriber management systems; and the creation and distribution of
popular on-line programming.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. These statements are based on management's current
expectations or beliefs and are subject to a number of factors and
uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. The forward-looking
statements in this release address the expected date of closing the
mergers. The following factors, among others, could cause actual results to
differ materially from those described in the forward-looking statements:
failure of stockholders to approve the mergers; inability to obtain or meet
conditions imposed for governmental approvals for the mergers; and risks of
new and changing regulation in the U.S. and internationally.
For a detailed discussion of regulatory factors and other
cautionary statements, please refer to Chris-Craft's, BHC's and UTV's
filings with the Securities and Exchange Commission, especially each of
Chris-Craft's, BHC's and UTV's respective Form10-K for the fiscal year
ended December 31, 1999, and to News Corporation's and Fox Entertainment
Group's filings with the Securities and Exchange Commission.
Where You Can Find Additional Information:
Investors and security holders of Chris-Craft, BHC and UTV are
advised to read the joint proxy statement/prospectus regarding the proposed
mergers when it becomes available because it will contain important
information about the transactions. The joint proxy statement/prospectus
will be filed with the Securities and Exchange Commission by Chris-Craft,
BHC and UTV and by News Corporation. Investors and security holders may
obtain a free copy of the joint proxy statement/prospectus when it is
available and other documents filed by Chris-Craft, BHC and UTV with the
Securities and Exchange Commission at its Web site at http://www.sec.gov.
The joint proxy statement/prospectus and these other documents may also be
obtained for free from Chris-Craft, BHC, UTV or News Corporation.
Each of Chris-Craft, BHC and UTV and each of its executive officers
and directors may be deemed to be participants in the solicitation of
proxies from each of its stockholders with respect to the transactions
contemplated by the merger agreements. Information regarding such officers
and directors is included in the proxy statements of Chris-Craft, BHC and
UTV for their respective 2000 Annual Meeting of Stockholders filed with the
Securities and Exchange Commission. These documents are available free of
charge at the Securities and Exchange Commission's Web site at
http://www.sec.gov and from each of the companies.
Contacts:
News Corporation:
Press: Andrew Butcher - (212) 852-7070
Investors: Reed Nolte - (212) 852-7092
Chris-Craft: Brian Kelly - (212) 421-0200
BHC: Brian Kelly - (212) 421-0200
UTV: Garth Lindsey - (310) 281-4844
