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News > Deals
FCC to approve Fox-Craft
July 20, 2001: 4:31 p.m. ET

Federal regulators set to approve Fox TV buy of Chris-Craft's 10 stations
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NEW YORK (CNNfn) - Federal regulators are set to approve Fox Television Stations Inc.'s buy of Chris-Craft Industries Inc.'s 10 TV stations, press reports said Friday.

But a decision won't come this week. The five members of the Federal Communications Commission will continue the process of considering Fox's $5.4 billion buy of Chris-Craft next week, an FCC spokesman said. The FCC's five members did not vote on the merger Friday, he said.

"It's under active consideration and nearing a decision," said FCC spokesman David Fiske. "When it's done, it's done."

The FCC's five members will likely approve the merger 3-2, along party lines, the Wall Street Journal reported Friday.

The merger is expected to be accepted with virtually no conditions, though Fox will sill one of the TV stations in Salt Lake City as part of a prior pact with the Department Justice, the WSJ said.

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News Corp., parent of Fox, declined to comment.

Last August, Rupert Murdoch's News Corp. (NWS: down $0.75 to $35.50, Research, Estimates) agreed to buy Chris-Craft Industries Inc. and its 10 television stations for nearly $5.4 billion in cash and stock. The buy would give the Australian owned News Corp. leadership in the two largest U.S. TV markets. However, the deal has faced some regulatory roadblocks.

News Corp. is also in talks with General Motors to gain control of DirecTV, the No.1 satellite-television broadcaster. News Corp. is trying to absorb GM (GM: up $0.89 to $65.00, Research, Estimates) unit Hughes Electronics Corp., which owns DirecTV. Murdoch wants to combine DirecTV with News Corp.'s Sky Global Networks, creating a $50 billion satellite company.

Fox's buy of Chris-Craft stations would give News Corp. and its newly created unit NEWCO, control of 13 television stations in the nation's top 10 television markets, including a duopoly or two stations in the top two markets, New York City and Los Angeles.

In January, News Corp. handed over more information to U.S. regulators who had raised concerns about who will own the broadcast licenses acquired as part of its deal to buy Chris-Craft Industries Inc.

FCC officials questioned whether the purchase violates a 1995 ruling by the agency that limited News Corp. to acquiring stations only through its Fox Television Stations subsidiary, which is directly controlled by media mogul Murdoch. graphic

  RELATED STORIES

FCC eyes News Corp acquisition of Chris-Craft stations - Jan. 4, 2001

GM approves DirecTV talks - May 1, 2001





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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.