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News Corp. to Divest TV Station:

April 12, 2001|Reuters

News Corp. has finalized a pact to sell a Salt Lake City television station to gain regulatory approval for its purchase of Chris-Craft Industries Inc., U.S. antitrust enforcers said. News Corp., which owns Fox television network and 23 U.S. television stations, had foreshadowed the sale in January when it announced that the Department of Justice had closed its investigation into the proposed $5.3-billion deal. Under the agreement, Chris-Craft Industries will divest KTVX-TV, a Salt Lake City affiliate of Walt Disney Co.'s ABC network. The Justice Department said that without the sale the deal would have been anti-competitive, "resulting in higher prices for local or spot television advertising." Before News Corp. can complete its purchase of Chris-Craft, which owns 10 broadcast stations, the companies must still win approval from the Federal Communications Commission.

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