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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
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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 Form 10-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.
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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
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