News Corp., through its majority-owned subsidiary Fox Entertainment Group , and Haim Saban each own 49.5% of Fox Family Worldwide; Allen & Company Inc. owns the remaining 1%.
As part of the transaction, Disney will acquire the Fox Family Channel, a fully distributed cable channel reaching 81 million U.S. homes; Saban Entertainment Inc., a production, distribution and merchandising company with one of the world’s largest libraries of children’s programs at over 6,500 half hours; a 76% interest in Fox Kids Europe (Amsterdam Exchange: FKE), which has dedicated cable and satellite channels reaching 25 million subscribers in 54 countries and 15 languages; and Fox Kids Latin America, the second most widely distributed satellite/cable network in the region.
Excluded from the transaction is the Fox Kids Network, a leading children’s broadcast television network in the U.S. News Corp. will separately acquire Haim Saban’s interest in this asset. Terms were not disclosed.
Rupert Murdoch, Chairman and Chief Executive of News Corporation said: Together with Haim, we have established Fox Family as one of the world’s premier family entertainment groups. We’ve enjoyed a close and profitable relationship that has delivered quality programming to children and families around the world. Disney has purchased a first-class collection of assets and I wish them great success.
Saban said: Working in a highly productive partnership with News Corp. and Fox Broadcasting over the last six years, we have realized our original goal of building Fox Family Worldwide into one of the world’s leading fully integrated family and children’s entertainment companies. The talented management team and employees of Fox Family have done a tremendous job in building this company into a powerful global franchise. I have the utmost confidence that going forward, Disney will build on this solid foundation to allow millions of viewers throughout the world to continue to enjoy quality family entertainment while enabling the employees of Fox Family to benefit from new opportunities as part of Disney.
SOURCE: COMPANY PRESS RELEASE
