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Disney Completes Purchase of Fox Kids

October 25, 2001|Richard Verrier

Walt Disney Co. completed its acquisition of Fox Kids Worldwide on Wednesday after News Corp. agreed to lower the purchase price by about $100 million.

News Corp.'s Fox Broadcasting Co. and cartoon entrepreneur Haim Saban sold Fox Family World Wide for $2.9 billion in cash and the assumption of $2.3 billion in Fox Family debt. When the deal was announced in July, Disney was to pay $3 billion in cash and assume $2.3 billion in Fox Family debt.

Disney will take charge of Fox Kids' channels worldwide, including the flagship Fox Family channel in the U.S., which has 81 million subscribers. Disney will rename the channel ABC Family and use it as a secondary outlet for network programming.

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