News Saban selling his stake in Fox
posted on 2000-12-27 18:04 EST
Referer: Right Stuff
Haim Saban, CEO of Fox Family Worldwide, has exercised his right to have Rupert Murdoch's News Corp. buy out his interest in the company.
Haim Saban and News Corp. each own 49.5 percent of Fox Family Worldwide (media investment bank Allen & Co. owns 1 percent.) and th esale would give Murdoch full control of the Fox Network.
According to the contract, Saban had until December 31st, 2000 to excercise his option of being bought out of the partnership which was formed in 1995. Representative of Saban and News Corp must meet before January 31st, 2001 to estimate the value of Saban 49.5% stake in Fox. If the figures are within 10% of each other News Corp. must pay Saban the average of the two estimates, otherwise a third party investment bank will be called on to provide a valuation of teh company. Sources close to Saban put his share as being worth $2 billion, however sources in News Corp call that figure a "Pipe Dream".
Saban's contract requires him to stay with the Fox Familly Network for a period of two years after the sale unless Murdoch choses not to have him remain.
Since the Fox Family Channel includes the Fox Kids Network, this could mean that there very well may be a change for the Fox Kids Lineup down the road. Will they continue to show Anime? Only time will tell.